Planning your estate in Texas doesn’t need to be a costly hassle. You may well be concerned about your business and what will happen to it after you pass. If you are a dentist, you also have specific considerations that need to be addressed.
Estate planning begins with a will
The will that you create is the cornerstone of modern estate planning. Your will is the document that gives you the ability to control how your assets are distributed.
When crafting your will, it’s a good idea to make a complete list of all of your assets and liabilities as they currently stand. This will be the best way to ascertain the current value of your estate. You can then name an executor to distribute them to your heirs.
Make sure your estate plan is flexible
It is true that even the best estate plans may need to be subject to changes from time to time. This is why you should take steps in advance to keep your estate plan as flexible as possible. If you divorce your current spouse, you want to make sure that they are not still receiving their current level of assets. These are items that should pass into the hands of your next spouse should you remarry.
Likewise, you also want to provide for any new children or grandchildren that are born after you draw up your plan. You need to make the terms of your plan flexible so that they can be included for a share of your assets. You will also desire to make their inclusion as clear as possible so that it will not be disputed by your other heirs.
Finally, you should also consider the disposition of your practice after you have passed. If you have a spouse, child, or other relative who is also a licensed dentist, you can transfer ownership to them. Otherwise, you will need to consider very carefully how the assets from your practice will be distributed to your remaining heirs.