Why Estate Planning Is Important

 

When it comes to estate planning, people tend to believe it is all about the distribution of an individual's assets and other property when he or she passes away. It is true that this consideration is a major part of any estate plan, however, there is a good deal more that a person can do to ensure that his or her intentions and wishes are honored.

 

Why is it so important that every person have an estate plan

 

Estate planning allows a person to make and document their decisions and desires regarding such things as medical treatment care options and the distribution of their assets and property when he or she passes away. Life situations change over time therefore estate planning is intended to be a living exercise that can be amended as needed when decisions and desires change.

 

What are the risks of not establishing an estate plan

 

A person who doesn't establish an estate plan runs the risk of family members fighting over property and over decisions such as end-of-life care. Any time a court gets involved in deciding disputes over an estate, relationships can be strained, the process can be painfully slow and expenses can add up quickly. Without an estate plan, real estate holdings can be particularly difficult to divide especially if there is debate over selling and dividing proceeds versus dividing the real estate itself.

 

Things that must be considered when creating an estate plan

 

Estate planning involves the distribution of real property, bank accounts, insurance policies, investments, and/or other assets a person owns when he or she passes away. Estate planning also includes trusts, school tuition accounts, and other plans. In addition, medical care and end-of-life decisions are also forms of estate planning.

 

One type of estate plan may provide advantageous tax benefits compared to another plan. In addition, certain requirements may apply to one type of estate plan but not to another. Along with the federal government, states have their own estate laws that may apply. Understanding how all of these laws apply to your situation is very important when you begin your estate planning efforts. The goal is to establish an estate plan that documents your desires and at the same time minimizes costs and tax burdens.

 

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.