Understanding The Benefits Of Estate Planning

 

Estate planning is one of the most important steps any person can take to make sure that their final wishes are honored and that their loved ones are provided for. A comprehensive estate plan can resolve a number of legal questions that might arise following a person’s death. Questions such as:

 

• What is the state of the deceased person’s financial affairs?
• What real and personal property did they own?
• Who gets what?
• Does a personal guardian need to be appointed to care for minor children?
• How much tax will need to be paid in order to transfer property ownership?
• What funeral arrangements are appropriate?

 

This article provides a brief overview of the benefits of estate planning and a definition of basic terminology.

 

What is an "Estate"?

 

Your "estate" consists of all property owned by you at the time of your death, including:

 

• Real estate
• Bank accounts
• Stocks and other securities,
• Life insurance policies,
• Personal property such as automobiles, jewelry, and artwork.

 

What are the benefits of Estate Planning?

 

Regardless of the size or complexity of your estate, an estate plan can accomplish the following:

 

• Identify the family members and other loved ones that you wish to receive your property after your death.
• Ensure that your property will be transferred to those you have identified, as quickly and with as few legal hurdles as possible.
• Minimize the amount of taxes that will need to be paid in order for your property to pass to others after your death.
• Avoid the time and costs associated with the probate process by utilizing estate planning devices like living trusts and "payable on death" bank accounts.
• Dictate the kinds of life-prolonging medical care you wish to receive should you be unable to make your wishes known when the time comes.
• Set forth the kind of funeral arrangements you would like, and how related expenses are to be paid.

 

Call your Amarillo estate planning attorney today

 

Not sure how to ensure your estate planning is the best it can be for you and your loved ones? Don't worry. Many people have similar questions and go through the same line of questioning when deciding how to make their estate plan. It can be and often is critical that you get legal help understanding the basics of the estate planning process. The best way to get this understanding is to contact an experienced estate attorney near you. Stop and take a breath and call an Amarillo attorney who has had decades of experience.  Pick up the phone and call Amarillo Attorney Bill Cornett.  Bill is your choice as an experienced estate planning 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 47+ 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, probate attorney, family law attorney, criminal law attorney, DWI attorney and divorce 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.