Houston Estate Planning and Elder Law Attorney Blog
Estate planning is a critical collection of documents that protects one’s assets and property for future generations. An “estate” is the collection of these documents, and it specifies who will protect ones’ wishes and act on them when the time comes. While estate planning is a centuries-old tradition that many people have engaged in, a shift is occurring that is changing the way many people choose to pass down their assets. This new trend is commonly referred to as “values-based” estate planning.
Historically, estate plans were designed to address assets, not personal, familial relationships. However, when familial relationships are on thin ice, a family’s overall wealth can suffer. According to research, many family businesses dissipate after the second generation. This fact highlights the importance of addressing estate plans with a new lens.
Texans who want to pass on their wealth effectively should consider hiring an attorney to gather materials and develop a values-based estate plan. Values-based estate planning involves evaluating the creators’ values, celebrates the life they have built, and creates a fulfilling legacy to leave behind for future generations. These documents help create an atmosphere of trust amongst heirs and help forge meaningful relationships between family members for generations to come.
These values-based estate plans allow one to engage in an earnest reflection of their life and convey wisdom and values to future generations. In contrast to an ordinary will, these documents do not have a distinct format and instead can be created to reflect a person’s unique wishes. In a sense, this portion of an estate can be more overwhelming than the standard documents that one must prepare. However, imparting wisdom and undergoing an honest inquiry into one’s life can be more daunting. However, a values-estate plan can provide immense relief and benefit for future generations.
Some common examples of what to include in a values-based estate plan are imparting a set of life lessons for future generations. Additionally, a Houston values-based estate plan may be as simple yet meaningful as a letter or video created to tell their life story. Further, although values-based plans are meant for any individual, they have unique benefits to people across the wealth spectrum. For instance, for those with a significant amount of wealth, these plans are helpful to impart financial wisdom and philosophies to future generations. These plans can prevent the premature dissolution of family businesses and provide valuable and meaningful wisdom for the indeterminate future.
Contact a Houston Estate Planning Attorney Today
The estate planning lawyers at McCulloch Miller have extensive experience serving families throughout Houston, Sugarland, Katy, Missouri City, Clear Lake and The Woodlands. Our attorneys provide clients with a holistic approach to planning for their future. We handle all types of Houston estate planning matters, including essential estate planning, values-based estate planning, elder law, veterans’ benefits, crisis planning, probate administration., charitable planning, and business succession. Our attorneys can help you make critical decisions and protect your family and loved ones for years to come. Contact our office at 713-333-8900 to schedule an initial consultation with an attorney on our team.