Life Insurance Can Be A Valuable Estate Planning Tool

Life insurance comes in many forms and some of them can be used effectively in your estate plan. Some life insurance lake Variable Universal Life Insurance can be quite complicated and aren't really a do it yourself investment vehicle.

The most common form of life insurance is Term Life Insurance. You buy the coverage for a fixed length of time (ie. a term) and the rates are based primarily upon your age. You can even get online term insurance rates just be visiting a web site.

Again, life insurance CAN be a smart component to add to your overall estate plan, but be sure to work with a professional estate planning expert before buying any new coverage.

Appropriate Investments For Assets In Holding

During times of asset transition (like probate) it is wise to "park" money in super safe investment vehicles to preserve their current worth. The name of the game is to minimize risk but to still collect some investment interest especially if the money is going to be held for any length of time. Asset categories that make sense range from standard bank accounts, to CDs and even a high interest rate certificate of deposit if there is a reasonable goal to increase the value of the assets.

You will likely want to stay away from any asset that isn't liquid or that has a maturity date significantly beyond the likely time frame when the money will be needed or transitioned to a new owner. Again, be smart with the money, avoid risk and avoid locking it up for extended periods of time.

Finding a good Texas Will Attorney

The best way to find a good attorney to help you write you will is to ask people that you know and trust who the recommend. Other good places to look/ask are:

• Other professionals that you know (financial planner, banker, doctors, etc)
• Local chamber of commerce
• The Texas State Bar association

Texas Wills - A Good online resource

I found a good web site that covers the fundamentals of Texas Wills. The site covers information about writing your own will, specific info regarding Wills In Texas and more. From good definitions of wills, trusts, probate, powers of attorney and more. I hope you find it helpful.

The good and bad of Writing your own will

Pros and Cons of Writing your own will...

Good:

• Save money
• Learn all aspects of of your will
• Might get it done faster than other alternatives if you stick with it

Not good:

• Easy to screw it up and have it ruled not valid
• Easy to make mistakes that are costly to your estate
• Will take you a significant amount of time to learn and complete your will
• You might not ever finish if you get overwhelmed with the work it requires

Alternatives to Do It Yourself Wills

• Hire an attorney - this is the BEST option if you can afford it. They are often less expensie than you might think for a straight forward will. They will also suggest alternatives that are mughh better for certain types of assets.
• Complete your will online with LegalZoom or other similar service
• Buy Will Making Software and have it guide you through the process of writing your own wil

Texas Wills - Why they are important

Why a will is important?

Wills give explicit legal instructions about your intentions. Even people with modest means should have a will and it is critical for parents of young children to have a valid will. Without a will, your property will be distributed according to the probate law of your state and while the probate codes are reasonable for most cases, they can direct assets counter to your wishes.