Working hard is part of your job as a responsible parent and spouse. You do it to keep a roof over your family’s head and provide them with what they need on any given day. However, if something happens and you die before you create an estate plan, you may leave your family in a financial bind. Drafting an estate plan comes down to making decisions now that will benefit your family when the unthinkable happens. Consider these three essential parts of a comprehensive plan.
1. A Will
The one document estate planning Dallas TX pros will tell you is required is a will. This document goes through the probate court system after your death and is the main way you can delineate who gets what from your financial and physical property. Without a will, your estate may wind up going through intestacy proceedings, a process that may end with people you disapprove of getting a share of your estate.
2. A Healthcare Power of Attorney
At the end of your life, you may want someone you trust to make choices you would approve of. A healthcare power of attorney allows you to express your wishes and name someone to carry them out. When the doctors need someone to sign off on the type of care you require when you cannot, the person you designate will align with your preferences.
3. A Trust
If you want your family to get money faster after your death, you may want to include a trust in your estate plan. This fiduciary tool is used to help reduce your income tax bracket while you are alive by allowing you to transfer assets into it to benefit the trust. It also lets you designate the persons who will assume the trust when you die. A trust does not go through probate court.
An estate plan can give you peace of mind and your family comfort in a time of need. Create one sooner rather than later.