Estate Planning 101: A Few Important Things You Should Know

Many of us don’t often consider what might happen to our belongings after our passing. We might simply assume that family members will distribute them amongst themselves. Or maybe it can all be donated for a good cause. However, the reality is that many times, belongings of a deceased can get mixed up in legal tango.

This means that a court will have final say of who gets what. So those cufflinks that you wanted your son to have? Your brother might get them instead. Or that Cadillac you’d prefer your best friend to own? It might end up going to your nephew.

This can all easily be avoided through a legal process known as estate planning. This is a step-by-step journey that requires a lot of thinking and consideration of how you want your belongings to be handled after your death. In this piece, our attorneys in McAllen will provide some info on the process.

A Closer Look at What it Is

An estate is made up of all of your belongings, including prized possessions, furniture and even money in bank accounts. In today’s age of technology, it can even include your social media accounts! Creating a will is one of the most common forms of proper estate planning. With one of these documents, you can name beneficiaries, or people who’re to receive your possessions. As long as a will is binding, or legally recognized, then it must be respected and followed.

In addition to this simple concept, a thorough estate planning process can:

  • Include your values such as religion, education and hard work ethic to be passed on to your children.
  • Include instructions on how medical treatment should be given should you become incapacitated.
  • Appoint a guardian for your children.
  • Minimize legal fees, taxes and other costs by avoiding a court having to handle your possessions.
  • Provide for the transfer of your business at either your retirement, disability or death.

A Common Misconception

Many believe that drafting a will and going through the process of estate planning are for the wealthy or those with many possessions. This couldn’t be further from the truth. Like we mentioned above, everything you own is considered your estate.

If you’d like for certain members of your family or friend group to have your possessions, then list it in your will. Be sure and do so after going through everything you own. Reach out to those you care for and inform them of your intentions. Also, be sure to reach out to an attorney who’s well-versed in the process.

Our Attorneys in McAllen Want to Help You

When it comes to estate planning, our attorneys in McAllen know exactly how to assist you. We understand that this is one of the most important things that you can do for yourself and your loved ones. If you’d like more info on estate planning, then make sure to contact our attorneys in McAllen today.

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