The Livens Law Firm

Estate planning can save substantial funds for one's family

One of the most compelling reasons to do estate planning is that it can save thousands of dollars prior to and after death. However, it's not something to do with some pumped-up forms on the Internet. A Texas resident will always do better by using experienced professional assistance in estate planning matters that involve the application of the law to one's personal and financial circumstances.

After all, estate planning is done at least in part to cover that potential time when a person may become mentally incompetent and unable to act on his or her own behalf to conduct the affairs of daily living. Think about whether it would seem better to have your plans followed according to the terms of your own power of attorney and health care directives in such a situation, or whether you would prefer to have the state take over control of your person and appoint a guardian to act on your behalf. Presumably, you will choose the first option, especially since the appointment of a guardian and the administration of a guardian's affairs may cost you thousands of dollars.

Significant funds can be saved also, if appropriate planning is carried out during one's lifetime to avoid the necessity of a probate estate after death. This is usually engineered by one's estate planning and elder law planning attorney. The attorney will prepare living trusts to suit the person's situation.

By placing one's assets into the living trusts during life, there will often not be a need to open a probate estate. The probate estate in Texas and other states may cost substantial sums in expenses, fees, and death or state inheritance taxes. Therefore, with proper estate planning, a sizable chunk of money can be saved for the use of one's immediate family that would have instead been turned over to the state and others.

Source: uppermichiganssource.com, "Estate planning can save you thousands", Jessica Stevenson, Feb. 2, 2015

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