Going through estate planning is crucial for anyone that owns property. This planning is especially important when a person has a child or is married. Estate planning not only allows a person to plan their will, it also allows them to make the important decisions on their last wishes and how their estate will be treated and distributed. Ideally, one should have an estate plan in place in their mid-twenties. As a person ages and their financial and family needs change, changes can be made to the will and plan through an estate planning attorney in Azle TX
When a person meets with an estate planning attorney in Azle TX, they will need to make sure they are able to provide information on their estate. A person will first need to decide who their beneficiary is. If a will is not in place, the state will generally decide on who will receive the inheritance of an estate. The state generally distributes to a living spouse first and then any children. If no living relatives are available, the estate may go to the state. It is crucial a person carefully decides on their will and beneficiary to ensure their estate is divided in the manner they want.
As a part of estate planning, a person will also need to consider placing their assets in a trust. If property is held in a trust, a person’s beneficiaries will not be required to go through probate court. This can help them avoid long delays in being able to receive their inheritance.
A person will also need to set up a health care directive. This directive names the person one wants to be in charge of their estate should they become incapacitated. This person has the power to make decisions when a person is physically or mentally unable.
If you need to go through estate planning, visit thompsonlawtx.com. This site will give you further information on the services the lawyer can provide. Call the office today and allow them to schedule you a consultation appointment so you can get started in the planning process.