You have a car you love the most, a dream house you built, or a saving account for personal savings. Have you ever realized that you can’t take it with you to heaven? All these things are counted as your estate and having a plan to protect it is a good way to start. In case any bad happens you should have a plan as to whom those things are to be given to. To guarantee that your wishes are carried forward, you need to give instructions stating who will get what, who will receive something of yours, and when they are to receive it.
Don McClain Austin Texas says this is to proceed with the slightest amount paid in taxes, legal fees, and court costs.
Estate planning is all about making a plan before in hand, defining the people or organizations who will receive your things after you die, and that would require taking steps as soon as possible rather than later. Nevertheless, good estate planning covers a lot more than that. It also does the following:
- Include directions for your responsibility in terms of care and financial affairs if you become immobilized before you die.
- Include preparations for incapacity income, insurance to substitute your income if you cannot work due to sickness or injury which includes long-term care insurance, and life insurance as help for your family after your death.
- Instructions for the transfer of your business in case of death, retirement, or inability.
- Name a trustee in case of any of your minor children’s care and inheritance.
- Cater for family members with special needs with all government benefits.
- Cater for loved ones who might be careless with money or in case of a divorce handling.
- Minimize taxes, court costs, and unnecessary legal fees if estate planning has not been done before the proper time.
Estate planning, says Don McClain Austin Texas, is also a continuous process and not a one-time affair. You should evaluate and revise your plan as your family and financial circumstances will keep changing over your lifetime.
Don Mcclain Austin Texas 