Key Elements To Consider When Finalizing Your Estate Plan - Part 1

 

Think of an estate plan as an ongoing project that changes as your life changes. It’s never the wrong time to strategize for the management and transfer of your estate after your death. Certain major life events such as marriage, the birth of a child, or a death in the family can move estate planning to the top of your to-do list.

 

A well-thought-out estate plan determines who will eventually receive your assets. It identifies the legal instruments that you will use to accomplish this such as a will and/or trusts.

 

Although it is stressful to consider these matters, finalizing an estate plan can bring a sense of security for both you and your family.

 

This 3 part series will provide a basic overview of the key elements to consider when finalizing your estate plan including:

 

• Essential Parts of an Estate Plan
• Finalizing an Estate Plan
• Executing Estate Documents
• Who To Notify About the Estate Plan

 

Part 1 addresses Essential Parts of an Estate Plan. Part 2 will address Finalizing an Estate Plan and Executing Estate Documents. Part 3 will address Who To Notify About the Estate Plan.

 

Essential Parts of an Estate Plan

 

Since every person’s life is different, every estate plan is different as well. Your estate plan will depend on the assets you own, the person(s) you wish to benefit, the laws of the state in which you live, and your objectives.

 

Most estate plans include one or more of these documents:

 

• Will: A document that sets out who you wish to receive your assets when you die and can name a guardian for minor children and an executor to manage the probate process.
• Trust: A written agreement in which you, the grantor, gives a second person, the trustee, the authority to hold certain assets on behalf of a third person or group of people, called the beneficiaries.
• Power of attorney: A document giving a trusted individual the right to act in your place in financial or legal affairs. This is often called a POA.
• Medical power of attorney: A document giving a trusted individual the right to make healthcare decisions for you if you are not able to do it yourself.
• Living will: A document in which you set out your medical preferences, like end-of-life decisions, which the medical power of attorney must follow. When you address the medical power of attorney and the living will in one document, it is sometimes called an advance health care directive.

 

Call your Amarillo Estate Planning Attorney Today and Get Help With Finalizing Your Estate Plan

 

If you are planning your estate or updating your will, the best thing to do is consult with a local Amarillo Texas estate planning attorney to make sure you are following the laws and regulations of your respective state. Many people have similar questions and go through the same line of questioning when deciding how to make or update their estate plan. It can be and often is critical that you get legal help understanding the basics of this process. The best way to get this understanding is to contact an experienced Amarillo Estate Planning attorney near you. Stop and take a breath and call an Amarillo Estate Planning Attorney who has had decades of experience.  Pick up the phone and call Amarillo Estate Planning Attorney Bill Cornett.  Bill is your choice as an experienced estate attorney in Amarillo and the Texas Panhandle.  Don’t waste another minute.  Call him today.

 

Your most important action may end up being the phone call that you make to your Amarillo estate planning attorney lawyer.  In the Texas Panhandle that call should be to Amarillo attorney Bill Cornett.  Whether you need assistance with a will, administration of an estate or a contested probate, contact the Law Office of Bill Cornett. Be smart…remember these phone numbers (806) 374-9498 or (800) 658-6618.

 

Put Cornett Law Firm’s 50+ years of experience to work for you

 

Bill Cornett, Amarillo Attorney, with Cornett Law Firm, offers affordable, qualified services as an experienced personal injury lawyer and probate attorney. Bill also has experience in estate planning and agriculture law. Sit down with Bill at his office located at 612 S. Van Buren St. in Amarillo TX by calling (806) 374-9498 or (800) 658-6618 TODAY to schedule a free consultation.