If you do not plan your estate, your state will ultimately do it for you and you would surely not like it, would you? It’s simple- if you don’t unnecessarily want to lose out on money and your things, you need to have an estate plan. Without it in place, the state law will dictate what will happen to you and to your belongings. This is because you have failed to take care of those things and thus, the state intervenes.
A simple estate plan will include a will, a durable power of attorney, medical power of attorney (for medical decisions), medical directive or living will (so that no measures are used to prolong life), and a declaration of guardianship-inter vivos or testamentary (that are contained in a will). so, this is what is included in a simple estate plan. Now, let’s come to the comprehensive estate plan which includes one of the following business forms, in addition to the simple or basic plan:
So, there are these two types of estate plans that you can choose from, depending upon your financial, property needs and business needs, and how much you want to save your family during difficult decisions. If you are a small business owner, an estate plan is not optional for you. It is absolutely essential for you if you do not want it to fall apart quickly if something unfortunate happens which might cause incredible hardship for your family. The estate plan will let your business run smoothly.
Looking for the best attorney in Houston?
One of the top estate planning attorneys in Houston, TX offer both these types of estate plans to best represent your business and financial needs.
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