COVID-19 has made everyone concerned about their family’s health and safety, but it is still important to consider is how your family will be taken care of in the event of an unexpected loss. This is where HooverSlavacek LLP can help, with our estate planning options and services.
Let’s talk about 4 things everyone can do to better secure their family’s future after they are gone.
Draft a Will
Wills are often the first thing people think of with regard to estate planning, and for good reason. Wills are thorough legal documents that allow you to dictate how your assets and belongings are distributed after you pass on. A clear will prevents confusion among friends and loved ones and ensures that your requests are enacted as you intended.
Develop a Trust
Trusts are different from wills in that a trust skips the probate court and can even declare who is to raise your dependents if you unexpectedly pass. Trusts can be more expensive to set up and maintain, but they can also save you legal fees, so take the time to understand if a trust is right for your situation.
Gather All Your Documents and Secure Them
Hurricane season is upon us, and that means a higher risk of damage for your home and the documents inside of it. To avoid losing your will, ownership documents, and asset files, keep them in a secure and waterproof container in your home, or invest in a bank safety deposit box.
Keep Your Family Involved
Sit down with all of the people you plan on leaving your belongings to and come up with a plan that works for everyone. This way, your inheritors don’t have to worry about assets falling through the cracks and you can leave a more equitable inheritance for each individual’s needs.
Estate planning is a complex topic and can be a different experience for families and individuals. Our team has the experience to help you secure your family. Give HooverSlovacek LLP a call today at 713-977-8686 or visit our website to book your appointment with our legal planners.