When the topic of estate planning comes up, many people assume incorrectly that the conversation doesn’t apply to them. They hear “estate” and think we’re talking only to the rich people in the room. Maybe you have thought this, too?
“That’s for people who have a mansion on the hill, a couple of Swiss bank accounts, and a butler – not me,” they say.
Yes, wealthy families and individuals who are retired have detailed estate planning strategies in place (or at least they should). But you have an estate, too. We all do. In our world, “estate” refers to everything you own—no matter how much money or stuff is included or how old you are. Having a carefully crafted plan in place before you die that goes beyond a “who gets what” set of instructions is a conversation you should have sooner rather than later.
At Leigh Hilton PLLC in Denton, TX, we help individuals and families understand the importance of estate planning and create for them a unique plan to pass their wealth, wisdom, and values to loved ones in the most efficient way possible.
Below is a brief breakdown of what we mean by estate planning.
Putting Your Affairs in Order
As we said earlier, your estate is everything you own. This includes your home, cars, boats, furniture, bank accounts, jewelry, life insurance, etc. True estate planning goes beyond possessions and assets, though, and plans for a variety of important factors that right now may seem like they are too far in the future. This includes:
- Determining which loved ones are good at handling money and other responsibilities
- Detailed instructions for your care should you become disabled before you die
- Choosing appropriate guardians or additional care for minors and loved ones with special needs
- How many companies you own will be sold or transferred and proceeds dispersed
- How to minimize taxes and unnecessary fees
- Contingency plans for planned changes as well as unexpected changes
Trust us when we say this is just the short list of what encompasses estate planning. The bottom line is that you need it because you don’t get to take any of your possessions with you when you die, and you can’t do anything about loose ends you forgot to tie up.
Not to mention, putting your estate and how it is handled in the hands of the courts is not a good idea.
Having total control over how that process plays out is invaluable. Estate planning puts your affairs in order, so you have peace of mind knowing your loved ones can carry out your wishes once you are gone.
Call Leigh Hilton PLLC today!!
Have you never done estate planning before? Are you afraid the plan you have in place is outdated or isn’t as comprehensive as it should be? Call Leigh Hilton PLLC in Denton. By working with us, you can be confident that your estate plan will be current, take advantage of the latest planning opportunities, and address your goals using an approach that makes sense to you and a strategy that you can be confident in.
Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.