Under the Texas Estates Code an “estate” means a decedent's property, as that property:
(1) exists originally and as the property changes in form by sale, reinvestment, or otherwise;
(2) is augmented by any accretions and other additions to the property, including any property to be distributed to the decedent's representative by the trustee of a trust that terminates on the decedent's death, and substitutions for the property; and
(3) is diminished by any decreases in or distributions from the property.
In other words, an “estate” is everything comprising the net worth of an individual, including all land and real estate, possessions, financial securities, cash, and other assets that the individual owns or has a controlling interest in.
Estate planning involves determining how an individual’s assets will be preserved, managed, and distributed after their death. But estate planning isn’t just a process that needs to be done to prepare for what happens when you pass away. A critical component of estate planning includes documentation in the event you become incapacitated.
Here is a list of some key estate planning documents the Rideau Law Firm can help you with:
Rideau Law Firm, PLLC
204 South Main Ste.115, Keller, Texas 76248
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