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Bedford (Fort Worth) 817-545-3425 toll free 800-569-2663

Addison (Dallas) 972-685-5202

Estate Planning Professionals Providing Peace of MindCPAs and Attorneys

The basics of estate planning in Texas

When planning your estate, it is possible for you to refine exactly how you want your assets to be used during your life and after you're gone. But, to speak metaphorically, if you want to finely tune the song of your estate, you have to understand the basic instruments.

A will is a foundational document that can clarify the distribution of assets and the estate planner's end-of-life wishes. In the absence of a will, a probate court may end up distributing assets in a way that displeases family members, so it is better to draft a will and possibly re-draft it if your life situation changes.

Some people wonder exactly what is included in an estate. The answer is just about everything: life insurance, retirement accounts, real estate, businesses, savings accounts, cars, boats, inheritances and more. The task is to create a tally, determine the value of the assets and decide how they should be distributed. For example, setting up a trust might be the best way to distribute funds to family members over time, as well as protect the funds from creditors and estate taxes.

Another basic estate planning document is the power of attorney, which allows another person to handle financial matters for the estate owner. Powers of attorney can be written to the specifications of the estate owner, and an attorney can draft this document to the estate planner's liking.

A couple of weeks ago, we discussed the importance of a health care proxy in a Texas estate plan. For more on that subject, go here.

Source: Fox Business, "How to Make Estate Planning Less Complex," Casey Dowd, Aug. 22, 2013

Our Office Locations

The Livens Law Firm
2516 Harwood Road
Bedford (Fort Worth), TX 76021
Phone: 817-545-3425
Toll Free: 800-569-2663
Fax: 817-545-9847
Map and Directions

Addison Office
14135 Midway Rd.
Suite G-250
Addison, TX 75001
Phone: 972-685-5202
Fax: 972-685-5206
Map and Directions

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