Are you losing sleep and stressed out because you have not legally documented what happens after you pass away?
Every adult needs to have an Estate Plan because no one can predict the future.
It is important to have a plan for when you pass so that your legacy and children are taken care of according to your plan, so that there is not additional chaos and burden on your family in forms of lawsuits and family fighting.
Today is the Best Day to Start Making an Estate Plan.
Now is as good of a time as it will ever be to get your affairs in order. Often times people put it off until they are either elderly or seriously ill, creating a situation where it is too late to make a plan. When you make an appointment with our firm, you will quickly learn how to eliminate the fear and confusion and move forward with a process to make sure that your family is not left with a huge mess to deal with after you pass away.
Secure Your Future: Join Our Estate Planning Webinar
Are you prepared for the future? Planning your estate might seem overwhelming, but it's one of the most important steps you can take to secure your legacy and protect your loved ones. To help you navigate this crucial process, our law firm is excited to announce an exclusive Estate Planning Webinar designed to equip you with the knowledge and tools you need.
Five Questions to Think About if You Keep Putting Off Your Estate Planning
Do you actually know what happens to you and your money and your loved ones when you die?
Do you want your family to stay out of court and avoid conflict when you die?
Do you want to leave a plan or leave a mess for your loved ones?
If something happens to you and your spouse today, have you prepared a plan to take care of your children?
Do you have a plan in place so that if your spouse remarries, that the money meant for your children will not go to the new spouse and their family instead?
Top Estate Planning Mistakes to Avoid in Austin, TX
Avoiding common mistakes in estate planning is crucial for families in Austin, TX. An experienced estate planning lawyer in Austin, TX, provides essential estate planning services, including revocable living trusts, living wills, and special needs trusts. With a focus on asset protection and probate law, a board-certified attorney ensures your loved one's estate is managed according to your final wishes. Central Texas clients benefit from legal specialization in elder law, charitable trusts, and financial and medical powers. Contact a knowledgeable estate planning attorney today for a free consultation to secure your family's future and save money on legal fees.
Estate Planning for Unmarried Couples
For unmarried couples, estate planning is crucial to protect both partners' rights. Without the legal protections that come with marriage, planning for joint property ownership and healthcare decisions becomes more complex. A thorough estate plan can ensure that assets like homes or bank accounts are transferred seamlessly and that one partner can make medical decisions in case of an emergency.
By setting up wills, trusts, and healthcare directives, unmarried couples can secure their future and avoid potential legal disputes. Proper planning now can prevent costly court battles later and ensure that each partner's wishes are honored.
Do I really need a Will?
Every person needs a will if you own any property. If you die without a will, your property will not be given according to your wishes, but according to the laws of Intestate Succession in the State of Texas. Making a Will is the only way to ensure that the property that makes up your estate will be distributed according to your wishes.
Regardless of age or stage of life, it's essential to consider your final opportunity to communicate your wishes to loved ones and families. Every individual should have a will, especially if they own property, retirement benefits, or any other assets. Wills are vital legal documents that ensure your estates are distributed according to your wishes, rather than leaving the decision to the State of Texas. Without a will, you risk the court applying a “one-size-fits-all” approach, which may not reflect your intentions. Additionally, dying without a will may result in your property going to the state rather than to a loved one or charity. Moreover, a will allows you to disinherit heirs if necessary.
Creating a will also gives you the opportunity to choose an executor for the administration of your estate and appoint a guardian for your minor children. Without a will, the court may assign an executor or guardian without considering your personal wishes, potentially placing the care of your kids in the hands of someone other than your preferred choice. Given the risks and legal complexities, executing your Last Will and Testament with the guidance of professional attorneys who provide trust attorney services ensures that your legacy is protected. By consulting with estate planning and probate lawyers who are well-versed in estate plans and special needs planning, you can provide low-cost solutions that safeguard your family's future. Texas board-certified attorneys can offer the knowledge and trust attorney services you need to secure your loved ones' future and avoid complications in probate cases.
Who do I want to be my Executor?
Think of who do you want to carry out and handle the administration of your estate. This personal representative acts in accordance with your will to carry out your wishes. They will need to get the will filed with the probate court and distribute your property and assets according to your designated beneficiaries. It is best to have already decided on a burial and funeral arrangements with a prepaid plan so that your Executor can act quickly according to your plans. Most often we see the Executor being the spouse, sibling, adult children, or close friend of the person making the will. No doubt your family will be grieving so it is important to think who can handle these matters during a difficult time. Also, you need to come up with an alternative person to be the Executor in case the person your name either dies before you or is unable or not willing to serve as your Executor.
Who should I choose to be the Guardian for my children?
If you have children under 18 years old, it's crucial to think about who you should appoint as their legal guardian in the event of your death. When you pass away, leaving behind a minor child, you need to designate a person to manage the property, money, and assets of the minor, while also stepping in as their parent. Selecting someone who shares your values, parenting style, and goals is essential when choosing a guardian. It's also important to consider a guardian who is young enough and physically capable of caring for your child until they reach adulthood.
These decisions are among the most challenging aspects of preparing an estate plan, but they are decisions best made by you, rather than being left to the State of Texas. An experienced estate planning attorney, particularly an estate planning lawyer in Austin, TX, can guide you through this legal process. They can also help you establish special needs trusts if necessary, ensuring that your child's future is well-protected. Consulting with a Texas board-certified attorney, who is recognized by the state bar, will provide you with the confidence that your choices are aligned with your wishes. Additionally, seeking advice from professionals with experience in probate cases, including those who engage in speaking engagements and have strong ties to university law programs, can further ensure that your estate plan is comprehensive and up to date.
What happens if I can't take care of my affairs because of accident or illness, but I am still alive?
Unfortunately, we all know the reality that a catastrophic accident or medical crisis resulting in a person permanently unconscious could happen at any time.
You will need a Durable Power of Attorney where you name the person who will act under authority given by you to manage your affairs and finances. Whoever you designate as your Agent will have the various rights and powers set out in the power of attorney. Simply, they act as if they are you, when making decisions under a Power of Attorney.
However, a separate Medical Power of Attorney will be required for another person to be appointed as your health care agent and make medical decisions on your behalf when you are not able to make your own decisions. Also, a Physicians Directive or Advance Directive is a document that tells the doctor or hospital your wishes about the type of medical care that you want to receive if you become incapable of making treatment decisions for yourself. You can request that health care providers administer or withdraw life sustaining treatment, meaning that you have decided to be put on life support or not, so that you can make the decision before hand and not leave some decision to pull the plug as a burden on your loved ones. These can cover late stages of terminal illness or states of unconsciousness where you are not expected to ever recover.
Every adult really needs to put these documents in place, as these are not just for elderly or sick people.
Call Jason S. English Law, PLLC and get a plan for you and your family's future.
Estate Planning FAQ's
I am thinking about an Estate Plan, Do I need both a Will and a Trust?
A will is recommended for anyone who has a spouse, children, or property. For some individuals, a trust may also be helpful in ensuring that their assets are handled and distributed according to their wishes. To learn more about what situations are best for a will or a trust, please click here.
If I already have an Estate Plan, do I really need to update it when I move to the state of Texas?
Texas law contains a number of provisions for simplifying the execution of a will that you may wish to take into consideration. In addition, you may wish to consider completing state-specific forms for such documents as powers of attorney. To learn more about the need to update your Estate Plan after moving to Texas, click here to learn more.
If I have been living with my partner for more than a decade, will Texas consider us married under common law for estate planning purposes?
Texas is a state that recognizes common-law marriage. However, the rules for common law marriage are much stricter than simply living together, and many couples will not qualify for estate planning purposes despite living together for years. As a rule, couples should not count on common-law marriage as an effective estate planning tactic. For more information on Estate Planning for Unmarried Couples, click here.
Curious whether a former spouse has a legal claim on your inheritance?
Texas law generally considers either spouse's inheritance to be separate, rather than community, property for the purposes of dividing assets during a divorce, but how the property is handled after it is inherited can complicate this general rule. After your divorce is finalized, it is time to do your Estate Planning After Divorce.
Why should I make an estate plan, even though I am young or in good health?
Despite the benefits of an Estate Plan, many people hesitate to address the questions that arise in estate planning. They might be afraid to bring them up with family members because these are difficult decisions to face, or because they think disputes may arise. However, waiting until a crisis is already at hand can often be even more problematic because emotions are heightened. Therefore, people may want to consider creating an estate plan while their mind and conscience are clear.
What is the difference between a medical power of attorney an advanced directive?
A medical power of attorney is one type of advance directive. A key aspect of this type is that the person who creates a medical power of attorney selects someone and entrusts that person with the authority to make medical decisions on their behalf in the event that they become incapacitated and are unable to make those decisions themselves.
How do I ensure my children are taken care of if I die or become incapacitated?
Many people wrongly believe a guardian designation in their will is sufficient. In addition to designating a guardian for your children in your Last Will and Testament, a separate document, a Declaration of Guardian of Minor Children, allows a parent to name the person they want to care for their child if they become unable to do so themselves.
What type of estate planning documents does a single person need?
No guide to estate planning for singles would be complete without ensuring that single people understand all the basic estate planning documents. A Last Will and Testament, often simply called a will, is one estate planning document that single people should consider creating. However, single people should also consider a trust, depending on their assets and goals. Single people should also consider a living will and medical power of attorney.
What are the benefits of a revocable trust?
One of the benefits of a revocable trust is that grantors can alter the terms of a at any point in their lifetime. The ability to avoid probate, maintain privacy and provide flexibility for asset management are all benefits of a revocable trust.