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Planning for Your Tomorrow, Today
Estate planning is a legal term used to describe the necessity of preparing for the eventualities of growing older, such as death, chronic illness, or incapacitation. Estate planning has many aspects that involve wills, living wills, trusts, and sometimes power of attorney. There are multiple benefits to estate planning, even for those who don’t have many tangible possessions or who may be young. A well-thought-out estate plan is a loving gift to your family members during the difficult period after your passing or your illness.
As an entrepreneur, estate planning becomes even more critical. Only through careful planning can your business and all your assets remain protected for your loved ones after your passing. Our experienced estate planning attorneys are available to answer any questions. Your future is our business at Rainey & Rainey Attorneys at Law, LP—call (254) 457-5083 for a detailed consultation today.
What is Probate?
Probate is the the legal process an estate must undergo after a person dies. For the probate process to begin, someone must come forward to start it. This obligation usually falls to the executor chosen by the deceased person to oversee their estate affairs once they pass away.
If there is a will, the executor must file it with the probate court. Other forms may be filed, and fees must be paid. If there is one, the will will need to be authenticated, which should be shown as the last word and testament of the deceased. The estate executor can expect their role to last anywhere from six months to one year.
Some types of property are passed automatically under the law, while some are required to go through probate. Texas’s probate process is more time-consuming than most people realize. Effective estate planning can help mitigate some of these headaches.
What is a Succession Plan?
As a business owner, estate planning becomes more complex. Drafting a coherent and precise plan is vital so your heirs and business partners (if applicable) know precisely what you wish for the business. A succession plan is a document that outlines who you want to take over in the event of your absence. For entrepreneurs, one of the most essential aspects of estate planning is creating a succession plan. A strong plan has three parts:
- The first thing to consider is who you would like to take charge if you were to become incapacitated in some way (such as in the event of an accident, coma, or prolonged illness)
- Secondly, think about what you would like to have happen when you retire. Who will take over the day-to-day functions of your business to keep it operational?
- Finally, consider who will assume control at the time of your passing. Our estate planning lawyers are available to help you draft a succession plan that is best suited to the needs of your business and family
Can a Trust Help Protect My Business?
Many types of trusts can be set up to help protect your assets. For entrepreneurs, a grantor-retained annuity trust (GRAT) is an excellent option to consider. A GRAT can be established during your lifetime. A GRAT allows you to maintain an income source while protecting your assets outside your taxable estate. Another thing to consider when setting up trusts for your business is whether they are revocable or irrevocable. Revocable trusts can be changed or terminated during your lifetime, while an irrevocable trust is set once established. Ask our experienced estate planning lawyers can answer any questions you have about GRATs or other available trusts.
Does an Estate Planning Attorney Help with Estate Administration?
Few things in life are more devastating than the loss of a loved one. Creating an inventory of the estate and allocating the estate’s assets to beneficiaries and creditors is known as administering the estate. This can be an emotional and complex process during a challenging period for a family. Our compassionate and understanding estate planning attorneys can guide you through it. We will do everything possible to help make this difficult transition more manageable for your family.
When Should I Call an Estate Planning Attorney
There are few gifts we leave our loved ones that give them true peace of mind after we are gone. No one can ever truly prepare for such an event; it is difficult to think about. The most loving thing we can do is discuss these matters beforehand.
As a business owner, you want to know that your business will be in good hands if you can no longer run it. Strategic planning can mitigate much of the stress for your survivors. Rainey & Rainey Attorneys at Law, LP, has a friendly and knowledgeable legal team available—call 254-457-5083 to schedule your detailed consultation.
