October 25, 2019

3 Tips for Estate Planning

Death is a scary topic for most people. It is important to plan what happens to your estate once you die. It makes the process of dealing with your assets after you are gone an easier one. Luckily, there are three ways you can keep this process relatively simple without it being a strung-out hassle.

1. Create a Will

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Wills are crucial when dealing with the assets of a lost loved one. These documents make the process smoother by recognizing an executor. This person’s responsibilities are to pay any remaining debt and distribute your estate as you wished it to. It is important to have a will because if no will is found, then specific state laws will determine who is given your estate. For Texas, the state will initiate a probate and an administrator to decide who receives what. In other states, your estate will go to your next of kin, such as children.

2. List Beneficiaries

Listing beneficiaries in a will is essential because some forms of property do not go through the probate process. For example, 401(k) accounts, life insurance policies, and retirement plans do not go through the process. These types of property will go directly to the listed beneficiaries. The same scenario applies to your house. If you die before your spouse, then it is best to have both your names on the deed. They should also be given the right of survivorship, so your portion of the house goes to them. Listing these people will make these people’s lives easier after you are gone.

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3. Hire The Fetty Firm

Hire a lawyer, so when the will is executed, you will have a neutral third-party administering your assets. This keeps from any family members or friends from taking advantage of their power. This may be the last thing you think about when addressing your family, but it is certainly a concern to have. The Fetty Firm can most certainly take the neutral position and execute your will as you wish. You can contact us today by phone, (214) 546-5746, or visit our website for more information.