Get Answers To Your Estate Planning Questions

Here are answers to some of the most commonly asked estate planning questions. If you have more questions, contact Brink Bennett Pargaman Atkins & Sanchez PLLC.

Will I need an estate plan?

More than likely, the answer is yes. No matter how many assets you own, you should have an estate plan. Simply put, an estate plan is a security measure that people create to ensure proper distribution of their property and assets and the delegation of their power of attorney.

Is there an expiration date on an estate plan?

There is no expiration date on your plan, but neither is your first estate plan set in stone. As life changes occur, you will want to update your plan to reflect those changes. This is especially important after significant life events like marriage or divorce or the birth or death of family members. It is also important to revisit your plan when there are major life changes, such as inheritance or buying a new home.

What are the components of an estate plan?

The components of an estate plan include wills and trusts that outline delegators, executors, power of attorney and beneficiaries.

I already have a will. Is that an estate plan?

A will is an essential part of your estate plan, but not the whole plan. If you could have only one estate planning document, a will would likely be most valuable. A comprehensive estate plan can include trusts, powers of attorney, a living will and other instruments designed to simplify or eliminate the need for probate and save your heirs time and money.

Will my beneficiaries have to pay taxes?

Your beneficiaries will have to pay the taxes associated with the property or asset. In addition, they may have to pay inheritance taxes. A skilled attorney can explore options for minimizing tax liabilities.

What if I have a prenuptial, postnuptial or community property agreement in place?

Typically, a premarital agreement or a community property agreement will trump what is written in a will. There are exceptions and you will want to consult a lawyer about your specific case.

Ready To Get Started? Contact Us Today

You can contact the Austin, Texas, office of Brink Bennett Pargaman Atkins & Sanchez PLLC by filling out our online form or calling 512-643-3338.