It’s not uncommon for people to put off estate planning—believing there will always be time to do it later. Failing to plan may leave distribution of your assets and the fate of your family in the hands of the state and the Texas probate court rather than carrying out your wishes.

What is estate planning in Texas?

Estate planning in Texas entails developing a plan to distribute your property and assets to your heirs upon your death. A key factor that your Texas estate planning attorney will look at when developing your plan is how state and federal tax laws can affect your estate and potential tax consequences. An estate plan should also include instructions in the event that you become incapacitated and unable to manage your own affairs. Things to consider in preparing your estate plan include:

Texas estate planning documents

Common documents that an experienced Texas estate planning law firm may use include:

• Will. A Will is used to distribute your assets, funds, and personal property to your heirs. A Will allows you to designate a person to manage your estate after your death and/or manage the property for underage beneficiaries until they reach legal age.
• Durable Power of Attorney (DPOA).       A power of attorney allows you to designate another person (known as your agent) to act on your behalf regarding legal, business, and personal matters. In a DPOA you may designate specific powers for your agent or grant all powers, without limitation.
• Medical Power of Attorney (MPOA). This document designates the person to whom you grant the right to make medical decisions on your behalf.
• Living Will. This document dictates specific medical and healthcare instructions in the event that you become incapacitated and cannot make those decisions for yourself and may include items such life support and Do Not Resuscitate (DNR) orders.
• HIPAA Release. The Health Insurance Portability and Accountability Act (“HIPAA”) is a federal law that makes all your health and medical information private and restricts disclosure to others without your authorization. A HIPAA release authorizes the release of your medical information to your designated Medical Power of Attorney agent so he or she can make informed decisions affecting your health.
• Guardian for Minor Child Designation. This document designates a guardian to handle the financial affairs, living arrangements, and healthcare of your minor children in the event of your death or incapacitation.
• Revocable Transfer on Death Deed. This document automatically transfers title to real property to a designated person upon your death, effectively eliminating the need to go through probate. Such a document might be used to transfer the family home to a surviving spouse or child. To be valid, all deeds must be filed with the county clerk prior to death.

Let our estate planning experience be your guide

Our experienced Texas estate planning lawyers can help you determine how to best protect your property and your heirs after you have passed. We work closely with you to address the unique needs and goals of your family. We’ll take the time to show you how a will, living will, trust or other estate planning options can best provide for your family. Contact us or call (972) 832-8058 today to schedule a consultation and learn how we can best help you with your estate planning needs.

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1420 West Exchange Blvd., Ste. 190
Glendover Professional Center, Bldg. C
Allen TX 75013