An estate plan is not just a will. An effective estate plan coordinates all the pieces that make up your unique blueprint. An estate plan creates a seamless process for you and your family in the event of your death or incapacity. It gives you peace of mind that your wishes will be met and your loved ones taken care of.
Unless you make your wishes known, the state of Texas has laws in place that will make decisions about your assets and your personal care on your behalf. Estate planning enables you to make vital personal decisions about the management and distribution of your assets, as well as your health if you become unable to do so yourself.
An estate plan can include some or all of the following:
- Wills
- Trusts
- Advanced Health Care Directives and HIPAA Release Form
- Durable Power of Attorney
- Medical Power of Attorney
- Declaration of Guardian
Wills
A will specifies the distribution of your assets to named individuals upon your death. It also names the individual who is responsible for carrying out the wishes in your Will – the executor. Without a will, Texas law determines who inherits from you. If you are unmarried or in a same-sex relationship, drafting a will is especially important to ensure that your assets are distributed based on your wishes following your death.
Trusts
A trust is an incredibly flexible planning tool that can be used to achieve a number of estate planning goals. Whether you wish to avoid probate, maintain privacy around gifts, control how your assets pass after the death of a beneficiary, or create a tool to manage gifts for a minor, a trust can do all this and more.
Advanced Health Care Directives
An advanced health care directive, also known as a living will, is a legal document that allows you to state in advance the end-of-life decisions you would want made on your behalf should you ever become unable to make these decisions yourself. The advanced health care directive allows you to appoint someone of your choosing, an agent, to make health care decisions for you when you can no longer make them for yourself. The authorized agent is allowed to access your medical information.
Durable Power of Attorney
A financial durable power of attorney allows you to name an agent who is authorized to act on your behalf with respect to financial decisions in the event you become incapacitated. The person would have authority to deal with third parties, such as banks, on your behalf.
Medical Power of Attorney
A medical power of attorney allows you to designate one or more persons to make medical decisions on your behalf in case of your incapacity.
Get answers to more frequently asked questions about Texas wills and estate planning.
For information on estate planning services in Austin, Round Rock, and surrounding central Texas areas, contact us.