What is Estate Planning?
Estate planning is the process of sitting down and determining how you wish to dispose of your assets at the time of your death. Setting up a trust or will, powers of attorney, all sorts of things that will assist you in guiding your family when you may or may not be incapacitated and then when you die on how you wish to have your assets administered.
Who needs Estate Planning?
Everyone needs estate planning. If you have anything that you want to have control over after you die you need to get an estate plan done. It is essentially the last chance that you have to make a decision about where your property will go at your death. If you don't have an estate plan then your assets will be distributed according to the laws of distribution in the state of Texas which is contained in the Probate Code. If you're okay with that disposition of your assets then that's fine but if you wanna have some control over it then you should get in an estate plan in place.