Estate Planning Basics
What is an Estate Plan?
An Estate Plan is a reflection of how you live, raise your children, and conduct your emotional relationships.
Why do I need an Estate Plan?
- Having an Estate Plan cuts down on the burden to your family.
- There will be minimal fighting about your property because you will have already planned the “who, what and when” of your estate.
- It will also speed up the process of probate, the court will already know how to divide the estate creating less stress for your family.
- You may also make donations or give gifts with your Will.
At Dodson Legal Group we evaluate Estate Planning based on four levels.
Level 0: No Plan
When a Decedent passes away without a Will the Texas Estates Code provides for the distribution of your assets through Intestate Distribution. Alternatively, there are Direct Beneficiary options available that can be discussed to meet your individual needs.
Level 1: Simple Plan
A basic Estate Plan is typically prepared to provide peace of mind that your asset will be distributed to the appropriate beneficiaries and usually includes a Simple Will, Powers of Attorney, Advanced Directives and other necessary documents.
Level 2: The Trusted Trust
There are many different types of trusts to fit every situation. Some trusts provide asset protection others provide for beneficiaries with special needs. However, a Trust does not fit every situation but can be an estate planning tool that lasts for generations.
Level 3: Corporations
Estate planning on a corporate level offers much more asst protection and while generally utilized for conducting and transacting business, a corporation can be included or the forefront for your long term estate plan.
Contact Dodson Legal Group today at 844-4DODSON to discuss your estate planning needs.