What is an Estate Plan?
An estate consists of everything you own – your home, real estate, personal property, vehicles, checking and savings accounts, life insurance, retirement accounts, as well as other assets. Having an estate plan is the best way to ensure that your loved ones are cared for during difficult times. At The Larson Law Office, our lawyers will work closely with you to draft a customized plan that addresses your specific needs, desires, and concerns. We offer comprehensive estate planning services from creating a Will for the first time to updating your current estate planning. Our services include:
Year End Estate Planning Tips
The end of the year is a popular time for people to either update their estate planning, or to finally get a Will done! Over the next few weeks, we will be posting tips on how to avoid common estate planning errors. The first two are below.
Not Updating Beneficiaries
Failing to name a contingent beneficiary on retirement accounts and insurance policies is a very common mistake. If you fail to name a beneficiary, the result can mean that the proceeds likely will default to your estate.
This means that an asset that would have passed without probate, would now be subject to probate. Also, neglecting to remove a former spouse on these accounts can have significant negative consequences.
Failing to Address Guardianship of Minor Children Who Are Beneficiaries
Who will handle the money and assets for the minor children? And for how long – until they are 18, 25, 30 years old? Do you need a Trust to help in these determinations?
What are your wishes about who should raise your minor children if you pass when they are still small? You should make those wishes known in your estate planning to avoid costly litigation later.
Need to Speak to a Houston Estate Planning Attorney?
At The Larson Law Office, we pride ourselves on offering outstanding, individualized legal service in all aspects of estate planning, Will drafting and Trust preparation. Our family law firm is dedicated to being extremely responsive and committed to help you achieve the goals and results you want and need. To speak with our Houston estate planning attorneys who can guide you through this process, call (713) 221-9088 today.