Who Knows What’s Best For Your Assets: You or The Government?

Posted by Sean Green on in Wills
  • Hits: 1785_BAM1094You have probably spent your entire life working hard to acquire assets to provide for you and your family. It is likely you have a house, a car or two, bankfinancial-planning

accounts, investment accounts, retirement plans, etc. It is always amazing to me that people spend so much of their time gathering and acquiring assets, yet spend little to no time at all planning on how to pass those assets on to future generations.

Without proper planning, spouses, children, or even grandchildren are left to handle
your affairs. This requires not only court supervision, but costs a great deal
of time and money. Further, while people have their preconceived notions that
the surviving spouse will be taken care of, this is not always the case. The
State of Texas has a predesigned plan for who gets what, how much they get, and
when they get it. While the state’s plan is sufficient for most, it is not a
one-size fits all approach. Additionally, you can count on spending several
thousands of dollars in court costs and attorney’s fees to legally transfer
your assets to the individuals the state has pre-determined.

Why then do so many people fail to make any preparations at all? In my experience, it is
likely due to the fact that people are forced to face their mortalities. We all
know that we are not going to live forever, but the thought of that prospect is
paralyzing for some. My clients have told me for years that they feel so much
better after making an estate plan and can, in fact, rest easier at night
knowing that their wishes will be carried out at their deaths. Couple this with
the fact that no one knows when they are going to die. Deaths occur every day;
some are expected while others are not. If we all knew the exact moment that we
were going to die, we would wait until shortly before that date to get our
affairs in order. Unfortunately, that is far from the case for most people.

For a small up-front cost, you can properly plan who gets what and when they get it. You
can save your family needless heartache and delay. You can save your estate
thousands of dollars, leaving more for your spouse, children, or grandchildren
to enjoy. You can save on taxes and plan charitable gifts to cement your
legacy. You can ensure minimal or no court involvement for your heirs upon your
death.

In a time of grieving, your heirs having to deal with legal issues is an unwanted scenario.
Family members need time to grieve, prepare funeral arrangements, and cope with
the loss they have just suffered. No one wants to have to spend an inordinate
amount of time dealing with a probate judge just to pass on the very assets
that they are entitled to.

Call (806) 548-2953 now to find out the best plan for you and your family. With a little
bit of preparation now, you can ensure that your heirs are left in the most
beneficial position at your death. What preparations have you taken to ensure
that your heirs are left in the most beneficial position?

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