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“Maybe the super rich can afford to make mistakes in their estate plan”, says Houston estate planning attorney Will Stafford.
“Everyone else can’t”.
One of the common misconceptions of estate planning, is that trusts and other estate planning tools are reserved for the wealthy.
However, the unexpected happens to everyone.
Ask yourself these questions:
- Do you own a business?
- Do you own a home or real estate?
- Do you have children, a spouse, or a loved one you care for?
If you can answer yes to just one of these questions, creating an estate plan in 2021 should be high up on your list of priorities.
Here’s why:
#1 — Whether you want to accept it or not, you have an estate plan right now. Who gets to be the author is your decision. That is of course if you take action and create an estate plan yourself. If you don’t, the courts and a judge will decide, which means you have no say in what happens to you or your assets if you pass.
#2 — Either you can decide what happens, or that burden gets placed on your loved ones. You have to think about them. Forcing someone to “guess” at what you would want to happen is a horrible situation. No one wants to be in a position to have to make medical decisions or carry out your last wishes when you never gave anyone instructions.
If only a few legal documents could eliminate all of the pitfalls of not having a plan, why wouldn’t you just do it?
“Most people fail to see the urgency in creating an estate plan because thinking about what happens after you are gone can be difficult and it is easy to put off”, says Attorney Will Stafford.
However, if you do not have an estate plan and something happens to you, your estate will enter probate.
What is Probate?
Probate is a legal process courts use to determine how a person’s property will be distributed upon their death, in accordance with intestate succession laws.
The purpose of probate is to:
- Verify that the deceased person’s will is valid;
- Identify what assets the deceased person owned;
- Appraise the value of the assets and property;
- Pay the deceased person’s remaining debts and taxes; and
- Distribute any assets or property to the right beneficiaries
Texas has a process for deciding “who gets what” should a person pass without a living will or revocable trust.
In the absence of these two legal documents, it is up to a judge to decide (based on intestacy laws) how the assets of the deceased party will be distributed to the proper beneficiaries or next of kin.
Ultimately, what this means is a lengthy (and costly) court process that typically requires an attorney and often results in the remaining family fighting over who is the rightful beneficiary.
How Much Does Probate Cost?
When you read the word “estate” it’s easy to conjure up images of mansions and palatial homes. But your estate is larger than you think, and even modest estates deserve good planning – and so do the family members you leave behind.
Probate can cost thousands of dollars, but that is only a small portion of the real cost of going through a probate proceeding. The real cost of probate is the likelihood of conflict between family members, the loss of privacy due to public filings made with the court, and the lack of quick access to your funds when they are needed most.
Estate Planning Questions
Do you have questions about estate planning?
Join Attorney Will Stafford for a FREE Virtual Estate Planning Seminar where you will learn the ins and outs of estate planning. Even if you already have an estate plan, you’re sure to come away with new insights. In fact, you can get a free consultation anytime.
Learn more at https://staffordlawtx.com/
About Stafford Law Firm
Planning for your life or business is no easy task. While you might understand where you are going (or where you want to go), the right path isn’t always obvious. That’s where I come in. I help individuals, families and business owners take the right steps towards securing their legacy and protecting their family from the ”unknowns” of tomorrow.
