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Estate planning can help with a wide range of things

One assumption some might make about estate planning is that estate planning is just about setting up who gets what stuff when you pass away. It is true that post-death asset distribution is one of the major things that wills and other estate planning documents typically touch on. It is also important to not underestimate how important having a clear plan in place regarding such distribution is. Having a well-tailored and legally enforceable plan for such distribution in one's estate plan can help make property distribution issues less complicated for one's family when one passes away and help ensure that the assets one worked so hard for during their life go where they would want upon their death.

However, this issue is not the only important one an estate plan can deal with. It, in fact, is just the tip of the iceberg. Examples of other important issues a well-designed estate plan can touch on include:

  • How protected one's assets will be in the face of unexpected events.
  • What will happen if one becomes incapacitated by a medical condition.
  • What will happen with one's business if something were to happen to them. 
  • What sort of tax liability one's estate will be exposed to. 
  • If one were to pass away while their children still required care, who would care for the children. 

Thus, there are a very wide range of benefits that estate planning can have. This is one of the reasons why it can be very important to not put off estate planning. Another thing that can be important is to make sure that, when an estate plan is being set up, it is being set up correctly. A poorly designed estate plan could result in a person losing out on a lot of the benefits an estate plan is capable of producing.

Our Houston law firm has significant experience in estate planning and is highly knowledgeable of this area of law and the complexities it can have. We strive to use our knowledge and skills to help build strong estate plans for our clients that are well-matched for our clients' needs and goals.

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