For whatever reason, families may hesitate or hold off on estate planning. We have heard all the reasons why people do not want to have this conversation now. Although this is not a pleasant topic, and it may involve addressing difficult matters, it is an investment of time and money that you absolutely must make now. The alternative is stress and uncertainty for your family during an already emotionally taxing time.
What you think of as an estate is just one part of estate planning. How your property is passed down and divided may be the first thing you think about, but it is far from the only thing you will need to address. Estate planning can and often includes more than just a standard will, and can help protect you in the event of a disability or incapacity. Overall, estate planning is a way to ensure your wishes are adhered to during times when you are unable to make decisions for yourself or after your death.
The Basics of an Effective Estate Plan
An effective estate plan will accomplish the following:
- Ensure an orderly winding up of your estate or passing down of your assets
- Provide a framework for decisions made regarding your health and finances when you can no longer make those decisions
- Set out both guidance and the financial means to take care of loved ones or dependents after you pass away
The ease with which your assets are passed down – along with communicating any desires about your healthcare and end-of-life decisions – are key considerations for you and your family. Navigating the best way to provide clear instructions for what you want can best be achieved with the help of an experienced estate planning attorney.
At Towson Law, we can help you with the eight essential documents comprising a comprehensive estate plan, including:
- Last Will and Testament
- Statutory Durable Power of Attorney
- Medical Power of Attorney
- HIPAA Release Authorization
- Declaration of Guardian
- Advance Directive to Physicians (sometimes referred to as a “Living Will”)
- Appointment of Disposition of Remains
- Transfer on Death Deed
The Consequences of Not Having an Estate Plan
We understand that nobody wants to think or talk about their own mortality. As hard as the topic may be, this is an essential process. If you do not have an effective estate plan, your family may have to deal with the following:
- Guardianship proceedings when the court needs to get involved after you have become incapacitated or if you leave behind a minor child
- Appointment of an administrator and the court deciding how your property will be divided as outlined by the Texas Estates Code
- Strife and conflict when each family member may have their own opinion about what should happen (instead of your wishes being known, memorialized, and followed)
Once you put your wishes down on paper and execute the documents, they become legally binding. Your estate plan should be determined in close consultation with your family members. You should have these conversations now, even if it may not be the first thing you want to talk about, in order to avoid confusion and tension during a stressful time.
Options for Your Estate Plan
In any estate plan, you have a number of tools at your disposal. Your estate plan may include the following:
- A valid will that will distribute your assets to your loved ones after your estate goes through probate
- Any one of a number of types of trusts that could both protect your assets and ensure that certain loved ones are cared for when you die
- Powers of attorney that state who can make what decisions regarding your medical care and finances
- Directions on how your children should be raised if you are no longer here
- Advanced directives outlining your wishes about your medical care in the event of a life-threatening or life-ending illness or injury
Depending on the complexity of your estate and specifics of your family makeup, there are a variety of options available in constructing your estate plan, including multiple types of trusts. Generally speaking, estate planning is not “one size fits all” and should be discussed with an estate planning attorney to ensure all of your estate’s needs are being met.
You Must Review Your Estate Plan
Your estate plan is an ongoing endeavor for your family. Once you have set your initial estate plan, you must review it periodically, especially after major life events. Your circumstances, and even those of your family members, may change, and your estate plan must be kept current to reflect that. For example, you should review your beneficiaries on accounts, your executor, and your powers of attorney every few years to ensure they are still accurately reflecting your wishes. The last thing you need is for your estate plan to be out of date at a point in time when it is necessary.
How an Experienced Estate Planning Attorney Can Help
When you are ready to begin your estate plan, your first call should be to an experienced estate planning lawyer. Your attorney can add the following value to your estate plan:
- Learning the specifics of your situation to help you tailor an estate plan (there should be no such thing as a pre-populated, off-the-rack estate plan)
- Outlining the various options that can help you reach your goals
- Explaining the ramifications of various choices and advising you on the best possible choices for your particular situation
- Preparing the paperwork and executing the documentation to ensure it is done correctly according to Texas law
Most importantly, your attorney can help get you focused on starting this process and making the right decisions. Estate planning is not something that you should attempt to do on your own. Many families have paid a price because they attempted a DIY estate plan using pre-populated documents that did not reflect their own particular circumstances. Estate plans are not an area where you will want to try to fit a round peg into a square hole, especially since estate planning documents are legally binding in most instances. Your family may also incur additional legal expenses or struggle to make decisions they aren’t prepared to make.
Contact a Texas Estate Planning Lawyer
If you are struggling with an estate plan and do not know where to begin, or if you have an idea and need help putting it into action, Towson Law provides experienced and constructive legal counsel. We work with families to get the right estate plans in place so you have the peace of mind that your family is protected. Call us today at (817) 856-0270 or message us online to start this critical and indispensable process. We help you make the right decisions now to minimize your family’s burden later.
Practice area
Wills
Your will is one of the most important legal documents you can sign. It is your way of having some control over what is important to you when you can no longer verbally state your wishes in a way that protects your family.
Practice area
Trusts
A trust allows you to maintain more control – even after your eventual death or incapacitation. Towson Law works with families just like yours to devise and execute an estate plan that will protect them in difficult times.
Practice area
Directives / Powers of Attorney
The documents detailing who should be appointed to handled your medical and financial decisions in that event are just as important as your will. We are here to help.