Most Americans don’t have an estate plan memorializing their wishes. In Texas, this oversight can end up being a costly mistake. An effective estate plan can ensure that your wishes are carried out while minimizing the court costs, attorney fees, and unnecessary taxes that might diminish your estate. Setting up an estate plan can also reduce conflict among your beneficiaries and set them up for success after you have passed. Even young people should put a plan in place to protect themselves and their loved ones if tragedy strikes.
Estate planning is often associated with the wealthy. However, everyone can benefit from having an estate plan in Texas. An estate plan is about more than just deciding who to give material possessions to. It can also help you provide long-term security to your loved ones and make sure that your wishes for your own medical care are honored. A Round Rock estate planning attorney can help you draft an estate plan that is tailored to your unique needs and goals.
Why You Need an Estate Plan
A well-crafted estate plan will accomplish many goals that might be overlooked if you pass on or become incapacitated without a plan in place.
Without an estate plan, your assets will be distributed according to Texas intestate succession laws. These laws might pass property to people you didn’t want to give property to, or they might exclude people you did want to give property to. Probating an intestate estate can also be more time-consuming and costly.
Additionally, you can appoint a guardian for your minor children in your will to make sure that someone you trust will care for them. Appointing a trustworthy guardian ahead of time can prevent more uncertainty for your children during an already difficult time.
Finally, an effective estate plan includes a power of attorney and an advanced healthcare directive. These documents help you protect your interests and make your healthcare preferences known if you become incapacitated.
Why You Should Hire a Round Rock Estate Planning Lawyer
With the proliferation of do-it-yourself wills, you might wonder why you should hire an attorney. Do-it-yourself wills are templates that capture the average person’s needs and fail to account for more complicated estates. Further, most fail to account for the nuances of state law.
Most families have complicated dynamics that a do-it-yourself will won’t capture. In the worst cases, mistakes on a do-it-yourself will can invalidate your estate plan entirely and be extremely costly.
An estate planning attorney in Round Rock will be able to understand your goals and preferences and make sure your will accurately reflects your wishes. They will ask important questions about your family and property to ensure that nothing falls through the cracks. An experienced attorney will also make sure that your documents comply with state law so that your estate plan is enforceable.
What Documents Should Be Included In Your Estate Plan
An estate plan should include several documents to fully provide for your needs. An estate planning lawyer in Round Rock, TX, can draft each document in a way that clearly articulates your wishes and protects your interests.
A will is the most basic estate planning document. Wills can accomplish several goals. First, they dictate how you wish your assets to be distributed upon death. They also allow you to appoint guardians for your children and pets. It’s essential to ensure that your will is valid under Texas law.
Power of Attorney
A power of attorney is a document that allows you to appoint someone to manage your affairs if you are unable to. A power of attorney grants important legal privileges to the appointee, so it’s essential to choose a trustworthy person and tailor the powers granted to your needs.
An advanced directive sets out your medical preferences if you become incapacitated. They accomplish this by allowing you to appoint someone to make medical decisions for you. Advanced directives also let you articulate your medical care preferences ahead of time.
Revocable Living Trust
A living trust places your assets under the ownership of a trust and the management of a trustee. Living trusts can save your estate the time and expense of going through probate. They can also give you more control over how you wish to administer your estate after your death.
Other Documents to Consider
Other documents might be part of an estate plan, depending on your needs. These documents include the following:
- Tax documents;
- Digital information, such as accounts and passwords;
- Insurance policies;
- Titles and deeds;
- Financial information; and
- Funeral arrangements.
A Round Rock estate planning lawyer can help you determine which documents you should include in your estate plan.
Robbins Estate Law Can Help
If you’re looking for an estate planning law firm in Texas, Robbins Estate Law is here to help. Our firm understands that estate planning is about families, not money. Our team collaborates with families to effectively achieve all their estate planning goals. We will carefully craft your plan to fit your family’s needs, and we offer payment options that will fit your budget. Schedule a consultation with Robbins Estate Law today so that we can help you plan for the future.