How to Secure Your Legacy: Your Guide to Estate Planning in Houston, Texas

When you think about estate planning, the words "morbid" or "unnecessary" may come to mind. However, estate planning is not just for the wealthy or the elderly. It is something every adult should consider to ensure their assets and wishes are protected in the event of unexpected circumstances. In this guide, we’ll go over the basics of estate planning, including why it’s essential and how to get started, all while focusing on the specific considerations of those living in Houston, Texas.

Understanding Estate Planning

Estate planning is the process of preparing for life events that require the transfer of your assets, such as death or incapacity. It involves ensuring your assets go to whom you want, how you want, and when you want. Without an estate plan, your assets could end up in probate, leaving it up to the state to decide how to distribute them.

Estate Planning in Houston, Texas

Estate planning in Houston, Texas, has its unique considerations. Understanding these will help you tailor your estate plan accordingly. One thing to keep in mind is that estate planning laws vary significantly from state to state. The state of Texas follows community property laws, meaning any property or assets acquired during the marriage are considered community property. This distinction is critical because it can impact how your assets are divided in the event of divorce, separation, or death.

Key Documents in Estate Planning

As part of the estate planning process, several critical documents you should consider, including:

a. Will or Trust: A will is a legal document that outlines how you want your assets distributed when you pass away. A trust is a legal tool that can be used to manage and distribute your assets both during your lifetime and after your death.

b. Power of Attorney: A power of attorney is a legal document that designates someone to make decisions on your behalf if you become incapacitated.

c. Advance Directive: An advance directive outlines your wishes for medical treatment if you become incapable of making such decisions.

d. Beneficiary Designations: Certain assets such as retirement accounts and life insurance policies allow you to designate beneficiaries. Make sure you review these designations regularly to ensure they align with your overall estate plan.

Finding the Right Estate Planning Attorney in Houston

Finding the right estate planning attorney in Houston is a critical part of the estate planning process. Look for an attorney who specializes in estate planning and has experience working with clients in Houston. You should also consider their background, education, and reviews from previous clients. A reputable attorney should be able to walk you through the process, provide guidance on laws that might impact your estate, and tailor their services to your unique situation.

Reviewing Your Estate Plan

Creating an estate plan is not a one-and-done task. As your life circumstances change, you need to update your estate plan regularly. Significant life events such as marriage, divorce, children, illness, and relocation may require changes to your estate plan. Review your estate plan annually to ensure everything is up to date and to incorporate any changes in laws that may impact your plan. We at, Texas Estate and Probate Lawyers, are here to help with any of your Estate Planning needs.

Let’s Sum This Up:

Estate planning is essential to ensure your legacy is secure and your loved ones are protected. Regardless of your age or financial standing, estate planning is something every adult should consider. Use this guide to get started on your estate plan, and remember to tailor it to your unique situation and the laws in Houston, Texas. Lastly, don't forget to review and update your estate plan regularly to ensure it aligns with your current circumstances. Get in touch with us if you need any help.