Estate Planning
What is Estate Planning?
Contrary to popular belief, estate planning is not just for the wealthy. Estate planning is essentially choosing the people who will inherit your property and who will be in charge of your property immediately after you die. It also includes planning for your incapacity; for example, naming the person who will take care of you if you become incapacitated with dementia.
As Estate Planning attorneys, our services include preparation of many documents:
- Wills
- Testamentary Trusts
- Revocable / Living Trusts
- Financial and Medical Powers of Attorney
- Advance Medical Directive (a.k.a. Living Will)
- Deeds
- Other Documents that Prepare for Incapacity and Death
Believe it or not, you do have an estate. An estate is compromised of the things you own and can include:
- Real estate, including your home
- Your car
- You bank accounts
- Investments
- Retirement accounts, such as IRA and 401(k)
- Life Insurance
- Personal possessions: furniture, jewelry, guns, etc.
Everyone has an estate – and, therefore, everyone should have a will. It is important to have a plan so that your loved ones to know what your wishes are. Helping clients construct an estate plan that makes sense and fulfills their intended wishes is what we do.
Effective estate planning needs careful attention to what each client’s goals and plans are; this way, we can ensure that the plan works now and in the future. Whether the client requires a simple will, or a more complicated plan, our firm can see to it that your last wishes are carried out.
Do I Need A Trust?
A trust is a financial arrangement in which a client designates a third-party (a trustee) to hold assets on behalf of a beneficiary for a specific amount of time, which can be months, years, or a lifetime.
Many clients who come to our office think that they need a trust. This is because a revocable or living trust can be an important planning tool to avoid probate in certain states that have expensive, cumbersome probate processes. However, in the State of Texas, the average person does not need a revocable or living trust. Despite that, there are some circumstances in which a Texas resident may benefit from having a trust. Our Estate Planning attorneys can help identify those circumstances, and determine whether a trust makes sense for you.
