FAQs

FREQUENTLY ASKED QUESTIONS

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Estate Planning, Personal Injury, Probate, and Immigration.

Estate planning is the process of arranging for the management and disposal of your estate during your life and after death. It is important because it ensures that your assets are distributed according to your wishes, minimizes taxes, and provides clear instructions for your healthcare and financial affairs if you become incapacitated.

A will is a legal document that outlines how your assets will be distributed after your death and allows you to appoint a guardian for minor children. A trust, on the other hand, is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of beneficiaries. Trusts can provide greater control over when and how your assets are distributed and can help avoid probate.

When choosing an executor, consider someone who is trustworthy, organized, and capable of handling financial matters. It’s also important to choose someone who is willing and able to take on the responsibilities. Sometimes, people choose a professional executor or a trusted friend or family member.

Estate planning can help minimize taxes through various strategies, such as setting up trusts, making charitable donations, and taking advantage of gift tax exclusions. Proper planning can reduce the overall tax burden on your estate and maximize the inheritance for your beneficiaries.

A living trust allows you to manage your assets during your lifetime and specify how they should be distributed after your death. Benefits include avoiding probate, maintaining privacy, potentially reducing estate taxes, and providing for management of your assets if you become incapacitated.

You should review and update your estate plan every 3-5 years, or whenever you experience a major life event such as marriage, divorce, the birth of a child, significant changes in your financial situation, or changes in tax laws.

A power of attorney is a legal document that grants someone else the authority to act on your behalf in financial or healthcare matters if you are unable to do so yourself. It is crucial for ensuring that your affairs are managed according to your wishes if you become incapacitated.

Yes, creating an estate plan is especially important if you have minor children. You can designate guardians for your children, set up trusts to manage their inheritance, and ensure that your wishes for their care and financial support are clearly outlined.

If you die without a will or trust, your estate will be distributed according to your state’s intestacy laws. This means the court will decide how to distribute your assets, which may not align with your wishes. It can also lead to delays and increased costs in the probate process.

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The material presented on this website is not intended to be legal advice. The contents are intended for general information purposes only. Blessing Obieze is licensed by the Supreme Court of Texas.