The estate planning process can be simple enough for some to complete. For most others, however, the process can be overwhelming, confusing, and full of questions. We want to share a few common estate planning FAQs, so you are in the know. At Fryer and Hansen in McAllen, we know how vital estate planning can be for families. It’s why we’re ready to offer our estate planning in McAllen, no matter how sure or uncertain you feel about it all.
What is Estate Planning?
Estate planning helps ensures:
- Your loved ones are protected.
- Your assets are distributed according to your wishes
- Your healthcare and financial decisions are made by someone you trust
Estate planning is creating documents that specify your wishes for your assets and healthcare decisions in the event of your death or incapacity. These documents may include a will, power of attorney, healthcare directive, and trust.
Do I Need an Estate Plan?
The short answer is a resounding yes. No matter your age, marital status, or wealth, an estate plan should be high on your list of priorities.
Most importantly, an estate plan can make a world of difference for your loved ones once you’re no longer around. Without an estate plan:
- Your assets will be distributed according to state law
- State law may not align with your or your family’s wishes
- Failing to create an estate plan can result in a lengthy and expensive probate process for your loved ones.
What Documents are Included in an Estate Plan?
An estate plan typically includes the following:
- A healthcare directive outlines your wishes for medical treatment if you cannot decide.
- A will is A legal document that outlines how you want your assets to be distributed after your death.
- A trust is a legal entity that holds your assets and allows them to be managed and distributed according to your wishes.
- A power of attorney grants someone the authority to make financial and legal decisions on your behalf if you become incapacitated.
Learn these Estate Planning FAQs and Planning in McAllen
The estate planning process can produce many questions, some of which we have just discussed. Stay tuned for a future article in which we will cover even more valuable information. In the meantime, contact Fryer and Hansen to learn how to get started.