Estate planning directly relates to inheritance. At the end of your life, you’d like your financial legacy to pass to those who mean the most to you, and your estate plans are your opportunity to make this happen. Two fundamental truths of inheritance laws in Texas and elsewhere are that it is both legally and emotionally complicated. By taking a big-picture approach and having an experienced Georgetown estate and probate attorney at The Law Office of Brett H. Pritchard backing you up, you can proceed with the confidence that comes from knowing you are on the right track.

The Difficult Journey Forward

The thought of leaving your family members when the time arrives is not an especially pleasant topic, and you may be inclined to ignore it. This, however, is a shortsighted approach. Estate planning focuses on how the wealth you’ve amassed – regardless of size – will pass to your loved ones. It is also, however, your opportunity to clearly demonstrate your care and concern for them.

Attaining Peace of Mind

By reframing your estate planning efforts as an opportunity, you can help yourself get the job done. And once you do, you may be surprised by the peace of mind it affords. 

Avoiding Conflict

When a family member passes, it is only natural for those who are left behind to experience emotional turmoil. And it is not uncommon for this to translate to conflict in relation to inheritance. 

By carefully considering how you want your assets to be distributed between your family members and creating a will that reflects your wishes, you make your decisions clear. Ultimately, these efforts can serve as a map forward when you’re gone. And this can, in turn, help your family members avoid the kind of friction that is all too common.

Creating a Will

A building block of your estate planning is your will. In it, you will outline your assets and how you’d like them to be distributed. Your assets include everything of value other than accounts that assign beneficiaries, properties that have distribution on death designations, and anything that is held in trust. 

While most of your assets have financial value, some may have sentimental value attached. For example, family heirlooms can have immense sentimental value along with financial value. These are items that also require careful consideration, and you have the option of gifting them to your loved ones during your lifetime or including them in your will. 

Your will allows you to directly address each of the following important concerns:

• Your assets and how you want them to be distributed
• The person whom you want to manage your will through the probate process, or the executor
• The matter of guardianship of your minor children

After you have created a legally binding will that names an executor, you can expect your wishes to be upheld and can expect the probate process to move forward effectively and efficiently.

It’s important to note that the will you create now is not set in stone. If you choose to modify it at any time, that is well within your rights. You can also nullify your current will and begin all over again. The bottom line is that your will should reflect your current wishes, and your diligent estate and probate lawyer will help to ensure that happens.

The Probate Process

The probate process is the legal process that will ultimately wind up your estate and distribute your assets. The probate court oversees the process, and the executor of your estate will guide your will through it. Because the process is exacting, it is important to have well-considered plans in place, which makes having skilled legal representation the best approach. 

The Steps Forward

The probate court will administer your estate from start to finalization, which includes each of the following steps:

• Your named executor files your will with the probate court, which begins the probate process 
• The court validates your will and appoints your named executor to the role, which requires that they be considered fit to serve
• Your executor notifies creditors and resolving your remaining debts
• Your executor pays off your final expenses, including your funeral and burial bills, as well as files your final federal tax return
• Your executor will distribute your remaining assets to your heirs according to your wishes

Create Solid Estate Plans by Consulting with an Experienced Georgetown Estate and Probate Lawyer

Brett Pritchard at The Law Office of Brett H. Pritchard is a focused Georgetown estate and probate attorney who is well-equipped to guide you through the estate planning process. Our knowledgeable legal team has a wealth of experience helping clients like you develop well-considered estate plans, and we’ll do the same for you. Learn more by contacting us online or calling us at 254-781-4222 today.