At Brink Bennett & Fort PLLC, our attorneys use their skill and experience to provide legal solutions for our clients.
Here are answers to some of the most commonly asked estate planning questions. If you have more questions, contact Brink Bennett & Fort PLLC.
More than likely, the answer is yes. No matter how many assets you own, you should have an estate plan. Simply put, an estate plan is a security measure that people create to ensure proper distribution of their property and assets and the delegation of their power of attorney.
There is no expiration date on your plan, but neither is your first estate plan set in stone. As life changes occur, you will want to update your plan to reflect those changes. This is especially important after significant life events like marriage or divorce or the birth or death of family members. It is also important to revisit your plan when there are major life changes, such as inheritance or buying a new home.
The components of an estate plan include wills and trusts that outline delegators, executors, power of attorney and beneficiaries.
A will is an essential part of your estate plan, but not the whole plan. If you could have only one estate planning document, a will would likely be most valuable. A comprehensive estate plan can include trusts, powers of attorney, a living will and other instruments designed to simplify or eliminate the need for probate and save your heirs time and money.
Your beneficiaries will have to pay the taxes associated with the property or asset. In addition, they may have to pay inheritance taxes. A skilled attorney can explore options for minimizing tax liabilities.
Typically, a premarital agreement or a community property agreement will trump what is written in a will. There are exceptions and you will want to consult a lawyer about your specific case.
You can contact the Austin, Texas, office of Brink Bennett & Fort PLLC by filling out our online form or calling (512) 407-8888.