5 Tips to Remember When Planning your Estate

People tend to think that talking to an estate lawyer, Tyler, Texas is something that should only be done when you’re old, or when you’re on the brink of death. Nothing can be farther than the truth. Life is fleeting, and the last thing you want is for the laws of Texas to decide things for you because you have unexpectedly met your end and were unprepared for it. A team of lawyers in Tyler rounded up these tips to help you plan your estate better.

Write a will

With the help of an estate lawyer, Tyler, Texas write out a will detailing how you would like your assets to be distributed should you, or you and your spouse unexpectedly die. This might seem morose, but the truth is that nothing is more practical than this especially if you have a blended family, have minor children, or if you have existing debts. The will can also include what you would like to be done with your body once you die. Would you like to have a wake which is open to the public, or a very private one? Would you like to be buried or cremated?

The things stated in your will are your wishes which you would still like to express post mortem. You can also include wishes to donate your organs once you die. Of course, it is necessary to talk to an estate lawyer about this instead of just leaving a paper somewhere because you would want things official. The lawyer will also make sure your wishes are carried out to the last dot.

Consider a living will

A living will is necessary if you have prepared healthcare arrangements before you met an accident, or had an unfortunate sickness, for example. Your living will allow your preference for healthcare possible. It also allows you to advise your loved ones about insurance policies you have made before the incident which could be very hard to track down without this living will.

Consider a life plan

Life plans protect you and your loved ones from unnecessary expenses after an incapacitating accident or your demise. A life plan can also shoulder existing debts after you die, provided you died from causes that were not self-inflicted.

Power of Attorney

This is not necessarily a lawyer too, but the individual you are giving your power-of-attorney too could carry out your wishes in your absence. For example, if you die, this person could be the one handling the distribution of your assets to your chosen beneficiaries. Without the power-of-attorney, the court will have to decide on how your assets will be distributed. Legal heirs are, of course, a priority, so if you are unmarried and would like to name a partner a beneficiary, a POA and a will are necessary.

Minimizing the cost

Another reason why you must contact an estate lawyer while you are still young is to make sure that passing on these assets won’t cost the beneficiaries too much money. If you have minor children, you would want to make sure that these assets are put in a trust, to be given to your children once they are of legal age. Of course, you would want to be able to choose who their guardians will be. Aside from the cost, estate lawyers also minimize the possibility of family disagreements while your assets are being distributed to your heirs.

Vance E. Hendrix is an estate lawyer, Tyler, Texas who can help you if you’re considering estate planning. Contact us today to set an appointment.

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