Estate Planning Lawyers in Plano, Texas

What is an Estate Plan?

When the end comes, you will probably want to control how your estate is distributed to the people and organizations that you care about the most.  To accomplish this, the law requires very specific instructions as to the who, what, and when of your estate:

• Who – Which persons or organizations do you want to receive from your estate?
• What – What do you want your beneficiaries to receive?
• When – When do you want your family, friends, or other beneficiaries to receive their bequests?

However, setting up your who, what, and whens is only the beginning.  When you die, your estate will have to navigate through court costs, taxes, creditors, and much more before it makes it to the hands of those you care about.   A good estate plan will work to minimize the costs, taxes, and claims that could eat away at your estate. However, a great estate plan will do even more. A great estate plan should:

• Include instructions for your care and the handling of your assets in the event that you become disabled during  your lifetime.
• Govern issues pertaining to your final illness and final directives.
• Pass inheritance to disabled family members without disrupting their government benefits.
• Appoint a guardian or an inheritance manager for minor heirs.
• Protect the inheritance left to loved ones who may be financially irresponsible or saddled with debts.
• Provide for the transfer of your business and investment interests on the event of your retirement, disability, or death.
• Minimize the need for complicated or drawn out probate proceedings.

Lastly, and most important of all, a great estate plan should give you peace of mind in knowing that your values and wishes will be upheld after your passing.

What if You Don’t Have an Estate Plan?

When a person becomes disabled or dies without an estate plan in place, the state and the courts take control of the management and disposition of your assets.  Neither your nor your family have control of your estate at that point; instead, the courts impose a “one sized fits all” scheme that may or may not accord with your wishes.

Is Having a Will Enough?

Having a will is only the first step in an estate plan.  A will only defines the basic who, what, and whens of your estate.  It doesn’t handle the myriad complicated issues of probate, taxes, providing for disability, etc.

How Do I Create a Great Estate Plan?

The first step to setting up a great estate plan is to contact Vecchio | Bloomenstiel PLLC to schedule a free, no-obligation consultation. Our estate planning attorneys are happy to meet with you, discuss your needs, and learn how we can help you to plan for the future.