Estate Planning Frequently Asked Questions (FAQs)
Estate planning can be more complicated than you imagine. Not many people even plan their estate, and even fewer have a plan that accurately suits their needs and prepares them for the years to come.
At The Law Offices of William T. Peckham in Austin, we have decades of experience giving our clients the security they and their families deserve. We have heard a number of estate planning questions over the years — these are some of our answers to the more common ones:
- I’m young. Why do I need an estate plan? Anything can happen to you at any time. Especially if you have children or other dependents, you want to make sure they are protected should a crisis strike. And a proper estate plan extends far beyond your assets — making sure your decisions are made according to how you wish, even when you are unable to make them yourself.
- Is a will all that I need? A will is a start, but there are many other tools that a strong estate plan includes. Living wills, health care directives and powers of attorney work to ensure that your medical and financial decisions are made by someone you trust when you are not in the state of mind to make them anymore. After all, an estate plan should be more than just a post-death plan; it should be an end-of-life plan as well.
- Can’t I just give my property away? Gifting property and going through deed transfers may seem easier, but could cost your loved ones much more in taxes. You often need more than just an estate planning attorney for these matters — we are uniquely qualified to administer your estate while minimizing the tax burden on your loved ones, with experience in real estate and tax law as well as estate planning.
- Why do I need a dedicated estate planning attorney? Sometimes, our clients want to see a notary public or other official to plan a simple will or estate. Only a dedicated estate planning lawyer, however, will have the knowledge necessary to ensure nothing goes wrong. By trusting anyone else, you could put yourself or your loved ones at the center of a costly lawsuit, and things may not go your way at all.
Everyone’s situation is unique, and you may have many more questions surrounding your estate planning needs. We offer reduced-rate initial consultations to make it easy for you to get started — call our office at 512-487-7604 to set up an appointment, or reach out online for more information.