It is important to consider what will occur to your property, wealth and possessions after your death. Neglecting to consider this can leave your family in disarray. Family tension and stress rise when the division of your estate is at stake. Estate planning is the act of planning and formulating documents that handle every aspect of your estate. Prevent family distress by ensuring that your documents are executed according to your preferences. Many people are under the impression they don’t have an estate. However, nearly everyone has an estate and a probate attorney can guide you in estate planning.
Organize Your Assets
Your estate is the net worth at any point between now and death. It is a compilation of your assets. Your assets include the likes of your real estate, bank accounts and personal possessions. The first step in estate planning is to organize all of your assets. Once they are organized, you can distribute your estate amongst heirs, charities, organizations, etc. Decisions based on distribution are critical but must be made to avoid conflicts within the family.
In estate planning, dictate medical preferences and funeral processions. Inform your doctors and family members of medical specifications if afflicted by a medical condition, incapacitation or trauma. State whether or not you approve of life support or donating your organs. Include your preferences for the funeral arrangements and burial proceedings.
Take the opportunity to leave a legacy or pass on values to your heirs. State your values regarding hard work, religious preferences, and morals. Outline these values for your family so that they honor your legacy and carry on your values. Appoint guardians that will teach your children these values in your absence.
For assistance with estate planning, contact the McAllen probate attorneys of Barrera, Sanchez & Assoc., P.C. at (956) 287-7555.