Essential Basics on Estate Planning

Feb 20, 14 Essential Basics on Estate Planning

Though ignored by many people, Houston estate planning is a very important aspect of life. It ensures that all your assets are distributed as per your wishes without your presence, minimizes inheritance conflicts, and ensures that your beloved ones are fully catered for. Here are important terms about estate planning.

Estate: Includes all assets, legally owned and controlled by an individual before he dies. For instance, your assets may include ;Real property, powers of appointment, all personal property, businesses and business interest, life assurance and annuity contracts, all benefits, all debts receivable and any claim against others .

Estate Planning is mainly concerned with making arrangements for client assets, assigning powers of appointment and powers of attorney.

General Power of Appointment– In this case, the power of appointment is unrestricted, thus providing access to distribute all your assets.

Special Power of Appointment: This is where a client can only grant decision making power for only certain items/assets.

Power of Attorney: You choose and grant a lawyer or a person both legal and medical decision-making authority on your behalf in case you are unable to make such decisions.

It may be restricted only to certain situations or may also be granted full powers to make any legal or medical decision on certain occurrences or situations.

Houston estate planning is of vital importance not only to you but also to your family, relatives, friends and all other people around you.

Will: A will is a special document that appoints and grants power to someone to control the distribution of your property and a guardian for your minor children in case of death.

When to Start Estate Planning in Houston

The only and best time to do estate planning in Houston is when you are alive and have legal qualifications to enter into a valid contract. This is because we cannot predict what will happen to us and once we are dead, we cannot enter into a contract on estate planning

Proper Estate Planning in Houston

To ensure proper estate planning or distribution of all your assets, you have first to choose a qualified and experienced Houston estate lawyer.

To do this you should first acquire some essential knowledge about estate planning in Houston, estate assets, estate lawyers, wills etc.

After collecting all the required information, you can now go ahead and make an informed decision. This means you can now choose a qualified Houston estate lawyer to distribute your assets or represent you as you wished.

Visit va-medicaid.com to learn more about Houston estate planning on will executer, powers of attorney, terms and conditions on estate planning and estate assets etc.

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