Estate Planning Lawyers in Houston, Texas in Harris County, TX
Estate planning is not just for the wealthy or those nearing retirement—it’s for anyone in Houston, Texas seeking to protect their future, regardless of their financial status. It’s never too early to start planning. An estate plan can range from a simple will to a more complicated strategy, depending on your specific needs. An estate plan is a legal strategy that ensures your assets are managed according to your wishes in the event of your death or incapacity. For parents of minor children, it also ensures they are cared for by those you trust. To create an estate plan that meets your needs and is legally binding, it’s best to consult with a Texas estate planning attorney.
At Stange Law Firm, our Houston estate planning attorneys focus on helping you create a comprehensive estate plan that protects your family and assets. We understand that every family is unique, so we take the time to understand your specific situation and tailor a plan that best meets your needs.
Estate planning Services that We Offer in Houston, Texas include:
- Wills: A will is a legal document that dictates how your assets will be distributed after death. Without one, Texas law decides how property and debts are divided, which may not reflect your wishes.
- Trusts: A trust holds assets for someone else, helping avoid probate, minimize taxes, and protect against creditors.
- Elder Law: Elder law planning protects seniors and their families through estate planning, asset protection, and long-term care strategies.
- Special Needs Planning: Special needs planning ensures financial and emotional care for individuals with special needs, often through a special needs trust.
With many options to consider, estate planning can feel overwhelming. However, our estate planning attorneys are here to guide you through the process and help protect your assets.
What Are Common Assets to Include in an Estate Plan in Houston, Texas?
We are often asked what types of assets should be included in estate plans in Houston. Our answer typically depends on the specific goals of the individual. Common assets that people in Harris County, Texas, may choose to include in their estate plans are:
- Real estate: Homes, land, rental properties, etc.
- Bank accounts: Checking, savings, and certificates of deposit (CDs).
- Retirement accounts: IRAs, 401(k)s, pension plans, etc.
- Investments: Stocks, bonds, mutual funds, and other securities.
- Personal property: Jewelry, art, collectibles, vehicles, and family heirlooms.
- Life insurance policies: Beneficiaries designated to receive proceeds.
- Business interests: Ownership or shares in family businesses.
- Intellectual property: Patents, copyrights, trademarks, and royalties
While there is no universal example of what assets should be included in an estate plan, the above assets are some of the most commonly included ones.
What Obstacles Are There to Creating an Estate Plan in Houston, TX?
Creating an estate plan can present many obstacles, making the process seem challenging or even impossible. However, with the guidance of an estate planning attorney, you can navigate these challenges and develop a plan that reflects your family’s most important wishes.
Some common challenges include:
- Complexity: Diverse assets, special needs, or minor children can complicate planning.
- Unclear Wishes: Uncertainty about asset division or management roles can create difficulties, and changing preferences can add complexity.
- Lack of Knowledge: Without guidance, individuals may overlook essential elements like wills, trusts, or powers of attorney.
- Family Dynamics: Conflicts over guardianships, inheritance, or executors, especially in blended families, can complicate decisions.
- Failure to Update: Life changes such as marriage, divorce, or new assets require updates to the plan.
- Tax Implications: Overlooking estate, gift, or inheritance taxes can create unexpected challenges.
- Probate Costs: Without proper planning, probate can be lengthy and costly, delaying asset distribution.
- Health Decline: Mental or physical decline, such as dementia, can affect an individual’s ability to execute an estate plan.
Working with an experienced estate planning attorney can help mitigate these obstacles and ensure that the plan is tailored to meet your specific needs and circumstances.
Contact Stange Law Firm in Houston, Texas Today to Schedule an Initial Consultation in Harris County
Creating a comprehensive estate plan is an overlooked part of taking care of your family and protecting your assets. If you have questions about estate planning or need help drafting a plan in Houston, Texas, or anywhere nearby, contact Stange Law Firm today. We are ready to assist you.
Harris County (Houston), Texas Office (346-466-4901) | 3200 Wilcrest Dr., Suite 110, Houston, Texas 77042
