Why having an estate plan matters

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Texas attorney Shane Kersh believes that overlooking estate planning is one of the biggest mistakes heads of families make. Estate planning is of utmost importance since it deals with all the properties and assets a person has acquired their entire life to and who stands to inherit them.

Contrary to popular belief, Shane Kersh says that estate planning isn’t just for the wealthy. Estate plans exist so that when a person dies, their family won’t have to go through the inconvenience of long, arduous processes to claim what’s rightfully theirs, or worse, lose it.

One of the most important pieces of paper in estate planning is the living trust. This legal document, created by the owner, appoint trustees and beneficiaries. While the owner of the estate is generally the trustee, a successor is also named to take over once the owner either passes away or no longer has the mental faculties to enact the living trust and oversee the reception of the inheritance by the heirs, who are also named.

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Atty. Shane Kersh also mentions the importance of a provision in the living trust that allows for amendment or revocation whenever necessary.

Without a proper estate plan, the people who stand to inherit the assets and properties will most likely have to deal with a hefty tax fee on top of the time lost going to court to await its decision on how the inheritance should be divided.

Family law attorney Shane Kersh is a member of the State Bar of Texas and is the owner and managing partner of the Houston-based Kersh Law Firm, which was established in May 2013. More on Atty. Kersh and his practice here.

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