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What should you know about estate planning?

On Behalf of | Mar 8, 2021 | Uncategorized |

You can write a thorough, all-encompassing will in Texas, but it only takes one mistake to throw the entire document into question. When you write your will, it’s important to make everything as clear and straightforward as possible so other parties can’t contest your will. Here’s some advice on planning your estate.

What are some good estate planning tips?

When you write your will, don’t assume that anything is “understood” or “guaranteed.” You might have an executor for your will in mind, and you might have even informed that person, but it won’t be official unless you specifically include them in your will. If you’re in doubt, ask your estate planning attorney if you need to include it in your will.

You should also plan for Income in Respect of a Decedent (IRD). During probate, if you died without paying income taxes on 100% of your income, your estate will still have to pay income taxes after your death. This could include income from stocks, incomes, sales and anything else that you would have earned if you were still alive. Ask your attorney how you can plan for this possibility and set aside money for potential income taxes in your will. Otherwise, your beneficiaries might have to figure out how they’re going to pay it off.

What makes writing a will so challenging?

Contrary to popular belief, there’s more to writing a will than dividing up your assets. You’ll have to consider inheritance laws, tax laws, guardianships and everything else that your loved ones might have to deal with after your death. An attorney could help you prepare your estate for virtually any possibility and ensure that your family doesn’t get any unexpected surprises. They could also help you provide a financially secure future for later generations.