Estate Planning &Wills
Most of us have some idea of what we want to happen with our assets and property after we die, but a sound estate plan can impact far more than that. An estate plan can address the well-being of those you care about and the security of their lives in the future, as well as circumstances that you yourself may face in your lifetime. It takes into account both financial issues and the matter of life itself. Working with an experienced estate planning lawyer can help ensure that your intentions translate into the best outcomes for those you care about the most. Talk to us, and we’ll listen to you to learn about who you are, your family’s concerns and your goals.
At our firm, we take the time to get to know you and to help you create an estate plan that addresses all of your needs and goals. Whether you need the basics or want to include more complicated provisions or documents such as special needs trusts or other types of trusts we are here to listen, learn and tailor-make an estate plan that suits you to a tee.
Holistic Estate Planning
Estate planning at its basic is the process of preparing -– during your lifetime – for the management and disposal of your assets both during your life and after you die. But it goes far beyond that. It not only includes planning what happens to your property, but can for example even plan how you will be cared for should you become incapacitated. Proper estate planning also takes into consideration your family situation and your goals, including concerns such as providing for minor children, minimizing taxes, avoiding probate, or providing for more than one future generation. That’s why we call it holistic estate planning, taking into consideration your entire situation, your family’s circumstances and your goals. Reach out to us and we can start that conversation.
Estate Planning For Everyone
Sometimes people believe that because they aren’t wealthy or are still young, an estate plan isn’t needed, but everyone can benefit from a well thought-out estate plan. By creating an estate plan that includes (at a minimum) a will, a power of attorney and a medical power of
attorney, you can control both what happens during your lifetime while protecting the future of those you care about the most. You decide who will care for you if the need arises and you direct the disposition of your assets to maximum benefit, instead of leaving it to the laws of the State of Texas.
A Will Can Be A Central Piece Of A Comprehensive Estate Plan
A will alone can sometimes serve most estate planning needs or it can also be part of a more comprehensive estate plan. Even for people with more straightforward estates, there are some additional documents that can offer a real benefit without adding too much cost to an estate plan.
In the case of your incapacity, documents such as powers of attorney, living wills and other advance directives allow for a trusted person to step in and make important financial and medical decisions or honor your wishes regarding end-of-life care. When you have specific goals, a trust may be the best way to achieve those goals.
Come in and speak with us and we’ll help you decide the most cost-effective approach for you. It could be a will is all that’s required, but we’ll ensure that all of our objectives are met and that your wishes are carried out the way that you envision them.
Carefully Constructed Trusts
When the time comes to create an estate plan, you may realize that you have very specific goals you would like to accomplish beyond simply leaving certain property to a certain person. Trusts can be used to serve a wide range of goals, from protecting your assets now to efficiently passing them to your heirs, while avoiding probate and protecting your privacy. There are many different types of trusts that we can create for you to help meet all of your estate planning needs, including:
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Revocable trusts
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Family trusts
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Life insurance trusts
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Special needs trusts
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Special needs trust for children reaching adulthood
Some of the benefits trusts can offer include the avoidance of probate that both reduces estate tax, gets assets to beneficiaries faster and protects your privacy (unlike probate which is public record, trusts are kept private). You can also control how your heirs manage the benefit, preventing them from rapidly depleting it. Trusts can also be structured to provide assistance for children (even adult children), with special needs so that they are still eligible to receive the disability benefits that they may need. Learn more about the kind of trust expertise that we provide here.
Even if you do not have specific long-term goals in mind, it is a good idea to have a basic plan in place. You can always change it or add to it in the future. A basic estate plan will include the following:
Will
Power of Attorney
Medical Power of Attorney
Directive to Physicians (Living Will)
Designation of Guardian