attorney or lawyer
As a Houston estate planning attorney, I know it’s important to have your affairs in order and to know what will happen to your assets after you pass away or become incapacitated. However, the majority of Americans don’t have wills and it can be extremely difficult to know where to begin when creating one. In this guide, we’ll help you answer all of your questions about wills in Houston and what you need to do before you finalize yours.
Even if you don’t have a lot of money, your estate could be worth something. That means that even if you don’t live in one of America’s largest cities, there are still certain professionals that you need on your side. An estate attorney is an important asset for anyone who owns property or has any kind of retirement account. Estate planning is an essential and complicated process and should not be taken lightly; as such, it’s best to work with an experienced attorney from your area. Any wills you may have will become invalid if they aren’t properly executed. The attorney will help create a will and guide you through the probate process. They’ll also provide counsel on legal concerns and tax issues like determining inheritance taxes, capital gains taxes, gifts between spouses, income tax exemptions for minors, and much more.
Estate planning can be difficult because it involves personal choices about what happens to your assets after death. Do you want to leave all of your assets to someone? Should some go into a trust? These are all questions that will likely come up during the initial consultation meeting with an attorney or lawyer. However, once you’ve decided which option suits your needs, most estate attorneys will draft a customized document for you to sign and execute. There are three basic types of documents: Wills: A living person decides how their assets will be distributed at the time of their death by writing out instructions in this document that must be signed by two witnesses. Trusts:
A person places property into trust with another person (usually someone who agrees to manage it) before he or she dies, giving them power over the property until he or she dies. Living trusts usually take effect when the grantor becomes disabled and unable to handle his or her own affairs without assistance. At this point, he or she becomes legally disabled under state law. Powers of attorney are typically created when someone is first diagnosed with a condition that might result in becoming incapacitated. Durable powers of attorney generally last for six months or less and do not require court approval. There is also a springing durable power of attorney – meaning it does not come into effect unless and until the individual becomes incapacitated – which requires court approval. Last but not least, an incompetent person who lacks the capacity to make decisions can petition a court for the appointment of a guardian to protect his or her interests during the period where he or she lacks capacity