Although nobody likes to think about dying, it’s important to work on estate planning while you are still healthy. You’ll need an estate planning lawyer in McKinney to help you with will preparation and other aspects of estate planning. Lucé Evans Law can help you with your estate planning needs.
What Is Estate Planning?
Estate planning involves figuring out what you want to happen to your assets after you die and filling out legal paperwork to ensure that it happens. The most common estate planning tool is a will, although there are also living trusts and other tools that people use for estate planning purposes.
A will is a legal document stating that you want certain property to go to certain people or organizations. It’s very important to have a will because if you don’t have one at your death, the state divides your property according to kinship laws; your property may go to people who you didn’t want to have it.
Some people don’t like wills, however, because wills have to go through a probate process. Probate law requires a court to examine the will to make sure it is valid and to appoint an executor; the executor must pay all of the estate’s debts before distributing inheritances. This process can take up to 12 months. Thus, some people set up a living trust or appoint heirs as beneficiaries of life insurance policies instead.
You need an estate planning attorney to help you with all of these estate planning tools. Your attorney can ensure that your will or living trust is legal and valid so that your property is divided the way you want it to be after your death. If you have concerns about estate planning, contact Lucé Evans Law. This law firm’s attorneys are familiar with estate planning and can help you set up your estate properly. Call (972) 632-1300 or contact us online for a free consultation.