Round Rock Estate Planning Attorney
Capable Legal Representation in Pflugerville and Throughout Texas
Everyone should consider what will happen to their estate once they pass away. You will need to take specific legal steps to establish enforceable instructions and protect any preferences you may have.
At The J.D. Wilson Law Firm, we are committed to helping you protect yourself, your loved ones, and your legacy. Our Round Rock estate planning lawyer offers personalized guidance and is prepared to accommodate any specific needs you may have. If you are new to estate planning, we can review your goals and help you understand your legal options. We can also help you modify and augment existing estate plans.
Why Everyone Needs an Estate Plan in Texas
Some people mistakenly believe that estate planning is reserved for the wealthy or elderly. The truth is that every adult should take the time to create an estate plan.
Passing away without an estate plan can result in serious consequences. If you pass away without a valid will, you will have no say in how your assets are distributed. Your estate will be subject to Texas’s intestacy laws, which distributes assets to your most immediate surviving relatives.
Estate plans can also help you plan for incapacity. Imagine if you got into a serious car accident and became unable to communicate. Who would manage your assets or advocate on your behalf? Estate planning can help you create plans for these scenarios.
No matter your age, health, or financial situation, it is in your best interest to explore your estate planning options as early as possible. We can assess your circumstances and advise what tools can help achieve your objectives while providing valuable peace of mind.
Many types of estate planning instruments are available. Some will be used to protect your estate after you have passed away, while others will prepare for the possibility of incapacity.
Our Round Rock estate planning attorney can assist you with:
- Wills. Your last will and testament serves as the foundation of your estate plan. With this document, you can decide who will receive your assets, who will serve as your personal representative, and who will care for your minor children. Keep in mind this document becomes a matter of public record during the probate process. Your will must also be witnessed and signed in order to be enforceable. Our team can review your will and ensure it is appropriately validated.
- Trusts. A trust is an asset management vehicle that can be used to avoid probate and more efficiently facilitate the distribution of estate property. When you create a trust, you appoint a trustee to manage trust assets for the benefit of the trust’s beneficiaries. Unlike wills, trusts are private and offer more flexibility and customization. Trust assets are also not typically subject to probate. Several different types of trusts exist: Revocable trusts are modifiable and can function like wills, while irrevocable trusts are not modifiable and are generally used to achieve asset protection and limit the impact of estate taxes. We can help you create trusts from the ground up and can also assist with trust administration.
- Advance Directives. You will want a say in your medical care if you become hospitalized and incapacitated. In an advance directive, you can specify the types of treatment you want to receive or not receive. A medical power of attorney can use your advance directive to ensure your wishes are honored.
- Powers of Attorney. By appointing a power of attorney, you give a trusted agent the authority to act on your behalf within a scope you define. You can also specify that your agent’s authority will only trigger when you become incapacitated. You may wish to appoint a financial power of attorney to manage your affairs and a medical power of attorney to advocate for you in healthcare settings. We can help you draft and execute authorization documents.
- Probate. When someone passes away, their estate must be settled through the probate process. A personal representative of the deceased will need to notify heirs and creditors, inventory the estate, file taxes, pay debts, resolve conflicts, and distribute assets to beneficiaries. Probate procedures can easily overwhelm an already-grieving loved one, but we are prepared to assist with all elements of estate administration.
Updating Your Estate Plan in Texas
Your estate plan should not remain set in stone. It must evolve as your life evolves. Our Round Rock estate planning lawyer can help you review your documents and make any necessary changes.
You should consider reviewing and updating your estate plan if:
- You get married or divorced
- You have a child
- You move to a new state
- Your financial circumstances dramatically change
- Your relationship with a beneficiary, personal representative, or trustee changes
Even if no significant life events occur, you should still look over your plan every few years. Our team at The J.D. Wilson Law Firm can assist you with this effort and is prepared to meet all of your estate planning needs.