Wills & Trusts
Estate Planning
"An ounce of prevention..."
"...is worth a pound of cure." That adage was never truer than when applied to estate planning. Probate can be a costly, stressful "cure" for circumstances that are easily preventable. A few preventative measures can ensure that your wishes are honored and your loved ones are protected in the event of incapacity or death.
Dealing with the loss of a loved one is painful enough. Having to cope with loss while managing the estate of one who died without a will leaves grieving loved ones with unnecessary expense and hardship. Just a little planning can save your family from added cost, stress, and grief.
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A few simple steps can yield numerous benefits, such as . . .
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protect your beneficiaries
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ensure your children are cared for according to your wishes
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ensure your property goes where you want it to go
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save the estate -- and, thus, your beneficiaries -- money
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save your beneficiaries time and stress
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protect family relationships by reducing the chance of conflict and lawsuits
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avoid guardianship proceedings
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avoid or minimize costly, lengthy probate
. . . to name a few.
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Misconceptions
about Estate Planning . . .
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Estate Planning is expensive. Not true. The cost of estate planning typically is far less than the cost of probating an "unplanned" estate.
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Estate Planning is for Seniors. Again, not true. Every adult -- and their beneficiaries -- benefits from basic estate planning. And if you have a family, like the picture-perfect Shutterstock family to the right, you owe them the peace of mind and security of proper planning in the event of your incapacity or untimely death.
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Estate Planning is for the wealthy. Wrong. Estate planning is for any adult with assets they want to pass along.
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Estate Planning is complicated. In most cases, it's not. It can be more complicated for high net worth individuals, but estate planning is fairly straightforward for most people.
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I don't need an attorney, I can just download a will online. You can, but that downloaded will isn't valid in Texas.
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I already have a will, I don't need a trust. That's probably not true. A trust functions differently than a will. A will ensures that the probate court will cause your property to pass according to your wishes. A trust can keep that property out of probate altogether, saving money. And a revocable trust allows you complete control over the property in the trust as long as you're alive.