Estate Planning
Our firm provides some specific packages related to Estate Planning. To review those packages, please follow the link below:
What is Estate Planning?
Estate planning is process of looking forward to the future and planning how your assets will be handled today, how those assets and decisions related to yourself are handled in the event of your incapcity, how your assets are handled at your death, and beyond. It includes, as the name suggests, your “estate.” Your “estate” includes all your belongings and financial assets. It also includes yourself.
Many people do not take this important step in planning. There are many tools at your disposal to plan your estate. You can find a deeper discussion of each of these tools by following the links below. A brief discussion is provide here.
One tool is a Will. This is probably the most common document associated with planning for their estate. Is a document written with the intent to dispose of your assets at death.
Probably just as important as your will is a Durable Power of Attorney and a Medical Power of Attorney. Both of these documents allow another person, a person you choose, to make decisions in your absence or in the event of your incapacity. If you don’t have these documents prepared, then the State of Texas, Judges, and Lawyers will make those important decision(s) for you if you become incapacitated.
Guardianship Designation(s) allows you to decide who will manage your estate and your personal affairs, or your children, in the event you are no longer able or capable of doing so. If you have not prepared a guardianship designation then the State of Texas, Judges, and Lawyers will make this decision(s) for you if you become incapacitated.
Another important tool is a Trust. Trusts are not for everyone and they should not be used or created unless you completely understand the advantages and disadvantages or setting up a trust. When creating a trust you transfer legal ownership of your property to the trust. The trustee then manages the property in the trust in accordance with the trust document.
