January 23, 2023

2023 Guide to Estate Planning in Texas

estate planningThe one thing everyone on this Earth has in common is that they are going to die one day. If you’ve ever had a close friend or family member pass away, you know how many expenses and complications follow shortly after. Despite this being a sad time in a family’s life, they also have to make important financial decisions. Villeda Law Group will go a long way to solving your estate planning needs. When you do your estate planning in Texas with us at Villeda Law Group, you will have a gracious and well-planned exit, and your family will not have to bear the financial and decision-making burden.

Importance of Texas Estate Planning

What makes Texas estate planning so important that you should consider it as early as possible?

Creating an Estate Plan

These are the most crucial steps when creating an estate plan:

  1. Take proper inventory of your assets.
  2. Account for the needs of the family. From assets to a guardian for minors, this is all important.
  3. Get your legal directive taken care of. These include the power of attorney, medical care directives, and a living trust, among others.
  4. Review and update beneficiaries.
  5. Make plans for reassessment after a pre-determined period.

Common Estate Planning Tools

For estate planning documents, everyone should include the following:

How To Avoid Common Mistakes in Estate Planning

As a layman trying to set your affairs in order, you will probably make some mistakes here and there. The common ones are:

Avoidance of such is achievable by engaging an estate planning attorney. Villeda Law Group will make sure your plans are carried out as effectively as possible and that your wishes come true.

Assistance from our Estate Planning Attorney in the Rio Grande Valley

Estate planning isn’t only important for you, it is most significant to your family and loved ones. Younger ones look to their guardians to lead and make plans for difficult times. However, sometimes even adults don’t have all the pertinent information they need and may end up making mistakes.

To avoid putting your family in jeopardy, contact us at Villeda Law Group for an estate planning attorney.

What You Should Include in Your Estate

Power of Attorney

People of all ages should grant power of attorney to a close and trustworthy friend or family member. They can then act on your behalf should you be physically or mentally incapable of making decisions or taking action. A power of attorney enables them to take the following actions and more:

  1. Signing checks from your account
  2. Handling inheritance
  3. Handling issues involving insurance
  4. Filing of tax returns
  5. Paying off some expenses, such as pet care
  6. Managing your business

Health Care Directive

Also referred to as a durable power of attorney, it enables a person you choose to make important healthcare decisions for you. Without this instrument, the wrong person may make decisions that could conflict with the afflicted person’s wishes. This also helps avoid many conflicts within the family regarding who should have the responsibility.

Account Beneficiaries

As a young, employed adult, you may have savings, checking, retirement, and investment accounts. It is critical to name a beneficiary for each. This is the person you choose to receive all the assets in those accounts should you die unexpectedly. Not only does this ensure everything goes to the person you intended, but it helps your family and loved ones avoid many fees involved in the probate process.

Last Will and Testament

Another thing to include in your estate is a Last Will and Testament. It is a document supported by a law stipulating how you want your assets shared after you die. These assets may include real and personal property, including cash, bank accounts, ownership interests in businesses and more. A Will follows important clauses, such as choosing an executor to oversee estate administration.

Estate planning isn’t only for the rich and old but is also important for the rest. Navigating your estate plan without a lawyer can lead you to mistakes. For more information on the importance of estate planning, consult an estate planning attorney at Villeda Law Group.