Thursday, March 17, 2011

Estate Planning for Houston and Beyond

Whether you live in Houston or Twodot, Montana, the need for estate planning is the same.  Sure, there are some laws that vary a bit from state to state.  Americans in general, though, need to prepare their estates in order to protect both their assets and those they wish to receive them.

If it mirrors the national average, then estate planning for Houston is only at about 35%.  That means that 65% of Americans have not yet prepared for what will happen to their assets when they die.  These assets might include cash, stocks, bonds, real estate, insurance policies, and even personal items and heirlooms.  Without proper estate planning, none of those things are well protected.

The first step in estate planning is to make a list of your assets.  This can then be used to create a last will and testament.  It’s generally best to meet with a Houston estate planning attorney, especially if minor children are involved.  In addition to figuring out who gets what item, this attorney can help you set up trusts and guardianships for those children.

Whether you have young children, adult children, or none at all, it is also important to create a living will.  This document allows you to make choices about your medical care should you be unable to explain them yourself due to illness or injury.  This explains to doctors the proper course of action to take, according to your wishes, even though you are unable to discuss it with them at the time of treatment. 

Estate planning for Houston residents should consider this vital information, including a power of attorney that officially transfers your decision-making authority to the person of your choice when needed.

Finally, it will be necessary to name someone as the executor of your will.  When you pass away, this person will handle the administration of your last will and testament, as per your instructions.  When conducting estate planning for Houston residents, a qualified estate lawyer will ensure that this executor is given the appropriate legal authority.  In some cases, the attorney may actually be the appointed executor.