5600 Tennyson Parkway, Suite 382, Plano, Texas 75024

The first step in preparing an estate plan is to make an informal inventory of all your assets. This includes physical assets such as cars and homes as well as financial assets such as checking, savings, investment and retirement accounts. You will want to take this information to your estate planning attorney. Next, you will want to begin the process of deciding where you would like to distribute your assets upon death. Your estate planning attorney should guide you through the rest of the process.If a person dies without a will, their estate, in most cases, will still go through the probate process. The assets of the deceased person will be distributed according to Texas Law.In most cases, the answer is yes. A will allows you to determine how your assets will be distributed upon death and can provide planning to avoid inheritance taxes. Also, a will allows you to control distribution to younger beneficiaries. For example, you can appoint a trustee to manage assets for your children until they reach a pre-determined age set by you. This allows you to ensure that the assets are managed correctly until your children are ready to handle the responsibility.A power of attorney is a document that gives another person the ability to make certain decisions for you. The two most popular are medical and durable powers of attorney. The medical power of attorney appoints a person of your choosing to make medical decisions for you if you are unable to. A durable power of attorney allows a person of your choosing to make financial decisions if you are unable.


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