Estate Planning

Estate planning means preparing certain legal documents that explain how to preserve and distribute your assets after your death. In addition, many Texas estate plans cover your powers of attorney, healthcare directives, and guardianships. Each plays an important role in protecting and preserving your legacy for your family.

The short answer is yes. Having an estate plan ensures that your assets will be properly managed when you’re gone. Many clients underestimate the complexity of their estate until it comes time to put it all on paper. Hiring a Texas estate planning attorney will help you plan for the future and take care of your loved ones.

Having a forward-looking estate plan can also save your family money in the long run. Probate proceedings can be expensive and may significantly cut into the value of your estate. A will expertly drafted by an estate planning attorney helps minimize these costs. As an added bonus, thorough and properly executed wills also minimize the risk of legal disputes concerning your estate.

Finally, an estate plan gives peace of mind that your family will be taken care of if something happens to you. You can designate a guardian for your children and someone to care for you when you can’t care for yourself.

At the least, an estate plan should include your will, trust documents, and powers of attorney. However, estate plans also often include a healthcare directive, a HIPAA waiver, and guardianship nominations if you have minor children.

WILL AND TRUST DOCUMENTS

Wills and trusts are equally important in planning your estate. Many estate plans use both, and choosing which one to base your estate around is a fundamental decision. A will is a legally enforceable document giving instructions on how to handle your assets after your passing. There are specific formalities wills must meet under Texas law to be valid. Proper execution of your will is especially important because dying with an invalid will is the same as dying with no will at all.

A trust provides an alternative method for transferring your assets. A fiduciary manages the assets you place in the trust for the benefit of your beneficiaries. There are different types of trust depending on how much control you want to retain over the assets in it. Our estate planning attorneys provide the information you need to decide which one is best for your needs.

POWERS OF ATTORNEY

A power of attorney is a legal document that allows you to appoint someone else, called your agent, to act on your behalf. A durable power of attorney remains effective even if you lose the capacity to make decisions on your own.

A financial power of attorney gives your agent the ability to make financial decisions, while a medical power of attorney covers the same authority for medical decisions. Your agent should be someone you trust with your life. An estate planning attorney can advise you on the types of decisions agents are normally called upon to make.

DIRECTIVE TO PHYSICIANS AND HIPAA WAIVER

A directive to physicians allows you to provide specific instructions about continuing or removing life support. The directive to physicians and medical power of attorney work hand-in-hand with the HIPAA waiver, which allows healthcare providers to disclose your medical records to your family or agent.

Massingill provides estate planning services to families in the  Greater Austin, Texas areas. Our 5-Star Google rating is the result of our personalized approach to answering your questions and making you comfortable with the estate planning process. Contact us today or give us a call at (512) 337-4398 to schedule your consultation.