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Estate Planning

What is estate planning? Estate planning is the process of deciding what will happen to your assets after you pass on. This includes who gets them, who manages them, how they are invested, and where they are kept. Do you want to help determine these things? If so, read on.

When working with Wealth Standard Financial, especially during the process of estate planning near Houston, TX, the focus will be on creating a personalized plan tailored to your needs. The first step is identifying or creating a list of revocable trusts or a Will and other relevant documents needed in asset distribution.

<b>Understanding Estate Planning</b>

Understanding Estate Planning

It is important you understand the process of how your assets will be distributed, preserved, and managed after your death. The practice is not a preserve of senior citizens, but everyone is invited to make the vital decision of estate planning.

The first step is identifying an estate planning financial advisor to help you highlight financial obligations that may arise in case of death or disability. It is important to plan on providing for your spouse and funding your children's education to leave a sustainable legacy when you are gone.

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Why Should I Have an Estate Plan?

You may not have considered it, but an estate plan is essential if you have a family or anyone else to consider. It can reduce conflict and confusion about your final wishes while ensuring that your assets are handled the way you want.

If I Don't Have a Lot of Money, Will I Need an Estate Plan?

Even if you're young and not thinking about this kind of thing yet, you should be. You may not need a drawn-out estate plan like someone who has assets worth hundreds of thousands or millions. But, there are still things to consider and decisions that must be made.

Assigning an Executor

What is the value of having someone manage your money after you are gone? You can appoint a legally recognized executor to oversee the running of your assets when deceased. An executor is required to estimate the value of a property by either using date of death or the value as required by the Internal Revenue code.

Estate Taxes

Estate planning helps lower the amount of taxes applicable to assets before they are distributed to beneficiaries. Since death often results in huge liabilities for a family, planning on wealth transfer helps lower tax payment obligations.

<b>What Is the Difference Between a Will and Estate Planning?</b>

What Is the Difference Between a Will and Estate Planning?

Estate planning guarantees proper liquidity management where some documents take effect during your lifetime and others take effect after you are gone.

A will is a document showing how you want your assets distributed after you are gone. With minors, a guardian is appointed and will name an executor to be in charge of the distribution process.

Writing a Will

One of the most notable and important steps in estate planning is writing a will. A will is a document recognized by law showing detailed instructions on how a person's property should be managed after their death.

Writing a will involves expressing your wishes in a document and giving the names of executors and trustees of your estate. For instance, when writing a will, you determine whether a trustee is created after your death.

Who Needs an Estate Plan?

Everyone needs an estate plan regardless of their age or social status. Find a way to talk to your parents about their wishes when they are gone for better legacy planning of their assets and businesses.

When Should I Start Estate Planning?

Our first priority is helping you take care of yourself and your family. We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk. Long-term relationships that encourage open and honest communication have been the cornerstone of my foundation of success.

What Should Be Included in Estate Planning?

When creating your estate plan, it's important to understand what goes into it. There are several basics of estate planning that you'll want to be sure to include:

  • Will or trust;
  • A durable power of attorney for finances;
  • Advance medical directive(s) (healthcare proxy, living will); and
  • Funeral planning documents and arrangements, organ donation registration, etc.

Next, you'll want to make sure you understand the benefits of each piece and what they mean to your loved ones and assets after you're gone.

Final Thoughts

Estate planning is truly worthwhile and goes a long way in ensuring your family's happiness and well-being. It also prevents any potential disputes or problems that may arise if something happens to you.

So, do not wait for old age to start the process. Engage an experienced financial advisor to start the journey of estate planning to preserve your legacy and for stress and anxiety reduction when you are gone.

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