When most people in Wichita Falls, Dallas, or anywhere for that matter, consider getting an estate planning done, they just
think about getting a Will. Well, proper estate planning involves much more than that. A proper estate plan should aim to cover a variety of situations, some of which deal with when you are gone, in which a Will would come into play, but also some in which you are simply incapacitated, where a Will isn’t much help. It’s for all these various scenarios that people need to plan, and a well-built estate plan will provide for them all.
Incapacitation Planning for Wichita Falls and Dallas Residents
As mentioned above, proper estate planning is much more than just deciding who gets all your stuff when you pass away. A good estate plan also considers who will make financial and medical decisions on your behalf in the event you become incapacitated. These decisions can be effectuated through a durable power of attorney, which deals with finances, and a medical power of attorney, which deals with health care. In both documents, you will dedicate a trusted individual to have the authority to handle your affairs if you are ever in a situation where you cannot handle them yourself.
Another important incapacitation document to consider is a healthcare directive. While it’s great to have a dedicated individual appointed through a medical power of attorney, it’s even better to give that person and your healthcare providers some guidance. You can provide this guidance through a healthcare directive, in which you will lay out your wishes and desires regarding your medical care.
Avoiding Probate for Wichita Falls and Dallas Estates
A lot of people don’t realize that most Wills have to go through probate court. Probate court simply verifies the validity of the Will and ensures the Will is being adhered to. However, probate often will cost your heirs and beneficiaries a lot of time and money. Not only are there courts costs, but you often have to hire an attorney. On top of that, probate can be a lengthy process. Luckily, there are ways to avoid probate.
The main vehicle for avoiding probate is through a Trust. A Trust allows you to put your assets in the Trust’s name and appoint a trusted individual to carry out the terms of the Trust. Another popular way to avoid probate with real property in Texas is through a Lady Bird Deed. A Lady Bird Deed allows you to transfer ownership of your real estate automatically upon your death.
Contact a Wichita Falls and Dallas Estate Planning Attorney
If you or a loved one is considering getting an estate plan, contact our Wichita Falls and Dallas estate planning attorney either by calling one of the numbers listed below or by filling out our contact form. For Wichita Falls estate plans, contact us at 940-569-4000. For Dallas estate plans, contact us at 945-295-0014. We will give you a free evaluation of your situation and offer you helpful guidance on what may work best for you.