Serving Denton County Since 1992 | 6021 Morriss Rd., Suite 101, Flower Mound, TX, 75028
972-724-3338
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4 times in life when people really need estate plans
There are so many excuses people can invent to justify procrastinating about estate planning. Most people think that if they are getting ready to retire or don’t have hundreds of thousands of dollars in personal property that they don’t really need to estate plan.
However, there are many times in your life when having an estate plan is crucial for you and the people you love. Having a plan in place when you encounter any of the four situations below will do a lot to provide you peace of mind and protect your loved ones.
When you become a parent
Adding a new remember to your family through birth, marriage or adoption is an incredible experience. All of the joy of new parenthood also comes with the stress of parental obligations.
Your children will need a guardian if anything happens to you while they are still minors. They also will rely on you to leave some sort of legacy that can help them cover their living expenses and basic needs. Estate planning during pregnancy or after the birth of a child is very common.
What are trusts used for?
For many people, trusts are synonymous with the incredibly wealthy. Many people overlook the potential benefits of integrating a trust to their estate plan because they assume that only someone with millions of dollars worth of assets needs a trust.
Trusts are actually powerful legal tools that can help people in everyday circumstances, including those planning their estate or those looking forward to the care they will need at the end of their life. What do people use trusts for?
People use trusts to have control over their legacy
People recognize a trust as a tool that helps people pass on their property to others and financially support their loved ones. Other people may use a trust to set aside resources for a charity.
Some people even use a trust to give property to the local government for the creation of a park or to a local university for a scholarship fund. If someone wants to leave a specific legacy behind, a trust can help by controlling the use of the assets used to fund it.
Whether you need legal assistance with estate planning, have questions about elder law, or are involved in a business litigation case you can trust Colbert Law Group PLLC to handle your case with the personal attention and commitment to a positive outcome that you deserve. From our office in Flower Mound, we serve clients throughout Denton County and Southern Oklahoma.
6021 Morriss Rd., Suite 101, Flower Mound, TX, 75028
972-724-3338
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