The Livens Law Firm

Steps for well-thought-out estate planning for Texas residents

Estate planning is an important function for most families. Estate planning allows Texas residents to designate how their assets are to be distributed and to whom. There are certain recommended steps to be taken for an estate plan.

One step is to appoint a trusted person to act on their behalf in the event of death or incapacitation. These trusted individuals are generally trustees over the assets or executors of the will, and the individuals will need to know where the estate documents are located. Another step is to write down wishes to make sure intentions are carried out. This can be done through legal documents such as a living will or power of attorney for finances. In addition, assets such as retirement accounts and insurance policies will need to have listed beneficiaries.

Another step is to create an inventory of assets and liabilities. This entails making a detailed list of banking information such as account numbers and contact information. Lastly, protect assets by having permanent life insurance or trusts. This can reduce overall expenses such as estate taxes and make it easier to transfer property and investments.

Not having an estate plan can present future challenges in the event of a death. Texas family members may be subjected to the probate process, or the state may even get involved to distribute assets as it sees fit. Becoming knowledgeable about estate planning techniques and having appropriate guidance may help distribute assets to intended family members and decrease the chances of unnecessary burdens.

Source: Forbes, Northwestern MutualVoice: 6 Essential Steps For Every Estate Plan, No author, March 12, 2014

No Comments

Leave a comment
Comment Information
EMAIL US FOR A RESPONSE

Schedule A Consultation With An Attorney

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

2516 Harwood Road
Bedford (Fort Worth), Texas 76021

Toll Free: 800-569-2663
Phone: 817-545-3425 (FW)
Fax: 817-545-9847 (FW)
Map & Directions

14135 Midway Road
Suite G-250
Addison (Dallas), Texas 75001

Phone: 972-685-5202
Fax: 972-685-5206
Map & Directions

Livens & Reed

Free Initial Consultation | Se Habla Español

Bedford (Fort Worth): 817-545-3425 | Addison (Dallas): 972-685-5202 | Toll-Free: 800-569-2663