Houston Estate Planning Attorney
Giving Clients the Estate Planning Tools They Need to Prepare for the Future
Several legal strategies are involved in estate planning, including wills, revocable living trusts, irrevocable trusts, durable powers of attorney, and healthcare documents. New clients often say that they do not have an estate plan. Most people are surprised to learn that they do have a plan. In the absence of a will, their estate will be distributed after death according to the laws of intestacy in the state of Texas. Of course, this may not be the plan they would have chosen. A properly drafted estate plan will replace the terms of the State’s estate plan with your own. Begin the process and create your estate plan with the guidance of an experienced estate planning lawyer.
Kisch Law Firm, PLLC, is a Houston law firm dedicated to helping clients prepare for the future so their family members can have the peace of mind they deserve. Contact our law office today to schedule a complimentary case evaluation, and we will begin planning a tailored approach to meet your specific needs.
What Should I Know About Estate Planning Services?
Many individuals mistakenly believe that estate planning is only for older adults or the very wealthy. However, estate planning has significant advantages that can prove beneficial for families. For example, estate planning services are designed to help you have a strategic plan in place that ensures your family members will be taken care of after you pass away. A well-crafted estate plan that includes a trust can also help avoid the probate process, make end-of-life decisions in advance, and plan for long-term care.
Unfortunately, many people put off estate planning and decide that it is something that they will do as they grow older. However, time is of the essence in estate planning as you never know when an emergency or a loved one’s passing could affect your children or finances.
Estate planning also ensures that your assets and property are distributed according to your wishes. Failure to create a comprehensive estate plan can cause your heirs and beneficiaries to have to wait for essential financial resources as your estate goes through probate.
What is a Last Will and Testament?
Your last will and testament is just one part of a comprehensive estate plan. If a person dies without a Will, they are said to have died “intestate,” and state laws will determine how and to whom the person’s assets will be distributed. Some things you should know about wills:
- A will has no legal authority until after the death of the testator. Therefore, a will does not help manage a person’s affairs when they are incapacitated, whether due to illness or injury
- A will does not help an estate avoid probate. A will is the legal document submitted to the probate court and acts as an “admission ticket” to begin the probate process
- A will is a good place to nominate guardians (or backup parents) for your minor children in the event they are orphaned. All parents of minor children should document their choice of guardians. If you leave this to chance, you could be setting up a family battle royale, and your children could end up with the guardians you would not have chosen for them
It is worth noting that although a will alone does not offer the benefits of a comprehensive estate plan, it is an essential part of the planning process. If you wish to create a will, it is always best to hire an estate planning attorney who can create a legal document that will withstand legal scrutiny.
What are the Benefits of Creating a Trust?
Trusts come in many “flavors,” ranging from simple to complex, and serve a variety of legal, personal, investment, and tax planning purposes. At its most basic level, a trust is a legal entity comprising at least three parties: the trust maker, the trustee (or trust manager), and the trust beneficiary. Oftentimes, all three parties are represented by one person or a married couple.
In the case of a revocable living trust, for example, a person may create a trust (the trust-maker) and name themselves the current trustees (trust managers), who manage the trust assets for their benefit (as the trust beneficiary). Depending on the situation, establishing a trust may offer several advantages, including avoiding probate court. In most cases, assets owned in a revocable living trust will pass to the trust beneficiaries (or heirs) upon the death of the trust maker (s), as instructed by the trust, with no probate required.
Certain trusts may also provide tax advantages for both the trust maker and the beneficiary. Alternatively, they may be used to protect property from creditors or to appoint someone else to manage and invest property on behalf of the trust-maker(s) and the named beneficiaries. If well drafted, another advantage of trusts is their continuing effectiveness even if the trust-maker dies or becomes incapacitated. Reach out to our estate planning lawyer to find out if you and your family could benefit from establishing a trust.
Why is it Essential to Include Powers of Attorney in an Estate Plan?
A power of attorney is a legal document giving another person (the attorney-in-fact) the legal right (powers) to do certain things for you, the principal. The specific powers granted depend on the terms of the document and your wishes. A power of attorney (POA) can be very broad or very specific. For example, the POA gives your chosen agent the legal authority to act on your behalf and carry out your wishes if you become incapacitated.
Under U.S. law, a general (non-durable) power of attorney terminates if the principal becomes incapacitated, while a durable power of attorney remains in effect even after the principal’s incapacity.
When the intent is to designate a backup decision-maker in the event of incapacity, then a durable power of attorney should be used. It is recommended to review and update Durable Powers of Attorney at least every five years to ensure they reflect current wishes, legal standards, and financial or personal circumstances. Some institutions may also be more likely to honor a recently dated POA.
Another significant advantage of a power of attorney is that it can help the principal avoid the need for conservatorship or guardianship. If you become incapacitated and do not have a POA, the court could appoint someone that you did not choose to manage your personal and financial affairs. No matter what your legal needs are, granting someone power of attorney is a proven method of giving you peace of mind to know that your affairs will be handled by someone you trust.
Why Should My Estate Plan Have Health Care Documents or Advance Directives?
Another essential legal element that anyone should include in their estate plan are healthcare documents or advance directives. An advance directive is a document that specifies the type of medical and personal care you would want should you lose the ability to make and communicate your own decisions. Anyone over the age of 18 may execute an advance directive, and this document is legally binding in the state of Texas.
Your advance directive can specify who will make and communicate decisions for you, and it can set out the circumstances under which you would not like your life to be prolonged if, for example, you were in a coma with no reasonable chance of recovery. A document that goes hand-in-hand with your advance directive is an authorization to your medical providers to allow specified individuals to access your medical information. Without this authorization, your doctor may refuse to communicate with your hand-picked decision-maker.
Including healthcare documents and advance directives in your estate plan also helps prevent your family from having to play guessing games about what you would or would not want regarding medical decisions. Just as with other aspects of an estate plan, healthcare documents can always be modified if your situation changes.
Why Should I Hire an Estate Planning Attorney to Help Me Prepare for the Future?
No one likes the idea of having to plan for their death. Nevertheless, proper estate planning can ensure that your wishes are carried out and that your family’s future is protected for the long term. A qualified estate planning attorney will evaluate your unique circumstances to create a custom-tailored plan that is tailored to meet your goals.
An attorney is familiar with the various legal requirements that must be met to ensure that your estate plan can be upheld should it be challenged in court. However, estate planning does not only mean planning for the time after you pass away. Your attorney can also advise you on various legal options that can provide asset protection for you and your family members.
It is essential to keep in mind that everyone’s needs are different, and any estate plan that is created should always reflect your wishes and the goals you want for your family. Kisch Law Firm, PLLC, is a Houston-area law firm dedicated to helping you protect and plan for your family’s future.
Contact Kisch Law Firm for a Free Initial Consultation
Kisch Law Firm recognizes that many individuals believe they will wait until they are older to start planning for their family’s future or address the legalities of making end-of-life decisions. Unfortunately, no one knows what the future holds, so time is of the essence when it comes to estate planning. One of the most important goals in any well-thought-out estate plan is helping families preserve their financial assets.
When you come to us for help, we will work tirelessly to assist you, ensuring you can face the future with confidence, knowing that your hard-earned assets are protected for those you love most. Our law firm also represents individuals, families, and businesses in Texas who require legal advice on bankruptcy or other types of debt relief.
Please call 844-417-6343 or contact us online to schedule a free initial consultation at our Houston office, and let us help you start the estate planning process.