Experienced Central Texas Estate Planning Lawyers
In life we go through three stages: accumulation, preservation, and finally, the disposition of our worldly treasures. We naturally want to make money and protect what we have accumulated, but we sometimes forget to plan for what happens after we die. Estate planning is extremely important because without proper planning the wrong people may end up with what we worked so hard to accumulate and preserve. After your death, you want to ensure that your estate is distributed according to your wishes. Without a will or some other form of estate planning device, the distribution of your estate will occur based on Texas law of descent & distribution, which may not be what you want at all.
In addition, estate tax laws change frequently. Proper planning is necessary to avoid getting hit with an onerous tax burden. A little advance estate planning now will pay considerable dividends down the road. To protect your right to select who receives your estate and keep your property out of the government’s coffers, speak with an experienced estate planning attorney. In Texas, contact the Pearson Law Firm.
At the Pearson Law Firm, we help our clients plan for the distribution of their assets after they’re gone. We prepare: wills, trusts, medical powers of attorney, property powers of attorney (also known as statutory durable powers of attorney), medical powers of attorney, health care directives (living wills), and many other important estate planning documents.
Wills and Trusts
Having a valid will in place will ensure that those you choose who will receive your assets.
You can avoid going through probate by establishing a living trust. In a trust, property you identify will reside in a financial institution for a fixed period of time, and the person you select as the trust’s beneficiary will receive annual interest or other distributions. In addition to avoiding the probate process, establishing a trust may be useful to save your beneficiaries a significant amount of taxes. We will advise you whether setting up a trust is appropriate in your circumstances. If so, we will prepare the trust documents to meet your objectives.
Property Powers of Attorney
The legal term for this type of document is a “statutory durable power of attorney.” If you are going to be away for a time, or if you become incapacitated, a property power of attorney is extremely helpful to you. With it in place, your named appointee can take care of things for you. It provides for banking, insurance, real estate, investments, and many other powers to handle your necessary business.
Medical Powers of Attorney
A statutory durable power of attorney will cover almost any type of decision that needs to be made, except for medical decisions. Because medical decisions are so significant and can impact you for the rest of your life, the law requires a special power of attorney for a person to make medical decisions on your behalf. It is imperative you choose someone you trust who will keep your best interests in mind when making your health care decisions if you become incapacitated or unable to make those decisions for yourself.
Health Care Directives
If you were unable to communicate your wishes, would your loved ones know what degree of medical care you would want? A health care directive, also called a “living will,” lets you identify the type of care and treatment you want medical professionals to apply and directs them to the person who you choose to make these decisions for you.
We’ll advise you on the standards of care and we’ll prepare the necessary documents for you. In this way, you’ll be that assured your wishes will be carried out. This will also spare your relatives the anguish of trying to guess what you would have wanted.
To learn more about estate planning matters, contact the Pearson Law Firm to set up a consultation.