Despite knowing how important an estate plan is, over half of all Americans do not have one in place. A basic estate plan provides for the management of your wealth while you are alive and the distribution of your assets upon death. A comprehensive estate plan, however, can do even more. A well drafted estate plan provides a roadmap for your estate assets that can be followed for the rest of your life and beyond.
At the Mendel Law Firm, L.P. we understand how important your estate plan is, which is why we are dedicated to working closely with you to ensure that your plan accomplishes everything you need it to and more. Don’t leave anything to chance –contact us today by calling 281-759-3213 or by filling out our online contact form.
What Is Estate Planning?
The primary goal of any estate plan is to provide the legal framework by which your estate assets are handed down after your death. In the absence of an estate plan, the State of Texas will decide what happens to your estate assets using the Texas laws of intestate succession. Often, this means that intended beneficiaries, such as close friends, distant relatives, and charities, receive nothing from your estate.
Your estate plan, however, can do much more than just determine what happens to assets when you die. Another important goal of any estate plan is asset preservation and growth. The more assets you preserve and the more growth those assets see the more you will have to pass down to loved ones when you die. A comprehensive estate plan may also include a variety of additional goals and objectives such as:
- Incapacity planning
- Retirement planning
- Special needs planning
- Legacy planning
- Business succession planning
- Pet planning
- Probate avoidance
- Tax avoidance
- Asset protection planning
- GLBT planning
- Farm and ranch planning
All of these areas of concern can be incorporated into your comprehensive estate plan. In fact, failing to coordinate and combine separate areas of concern can lead to confusion and even failure of your plans when the time comes to implement them.
Not only is it important to take the time to sit down with an attorney and create your initial estate plan, but your estate plan needs to be reviewed and updated every few years when life events, such as marriage, divorce, or the birth of a child, dictate a review. At the Mendel Law Firm, L.P. we understand the importance of your estate plan and would be honored to help you work on yours. Contact us today by calling 281-759-3213 or by filling out our online contact form.