Estate Planning Secures Your Future While Protecting Your Heirs
The pandemic has put illness and the possibility of death on the minds of many. COVID-19 has compelled some people to think about their own mortality and the need to set their affairs in order. Thinking about an estate plan doesn’t necessarily lead to taking action. In a May 2021 Gallup Poll, only 46% of respondents said they have a will, a percentage that has remained steady for three decades. Only 20% of those younger than 30 have one.
What Are The Differences Between A Trust & A Will?
Both trusts and wills are estate planning tools put into place to ensure your assets are protected and then inherited by your appointed heirs in the event of your death. Texans utilize trusts and wills to protect their loved ones for the future and make sure their final wishes are upheld. Today, we review the key differences between a trust and a will and the importance of estate planning.
The Benefits Of Estate Planning
The main advantage of having a valid estate plan in place is to make sure your last wishes are executed upon your death. Without one, your estate is not protected from Texas’s intestate succession laws and the state will determine who will inherit your property and other assets. Not only does a valid estate plan ensure your loved ones will receive their proper inheritance, but it can also help your beneficiaries avoid certain taxes and other legal requirements when it comes to the distribution of property.
Hannah Hembree Bell Featured In Attorneys At Law Magazine
Our very own Attorney Hannah Hembree was recently featured in Attorneys at Law Magazine, discussing her life, career, and the philosophy of our team here at Hembree Bell Law Firm.