Estate Planning Attorneys in Southlake, TX
Providing Counsel Regarding Wills, Trusts, Probate & Guardianship in Tarrant County, Keller, Grapevine & Trophy Club
Matters involving estates can be complicated. Estate planning issues include creating wills, trusts, and other legal instruments, as well as probate administration. These matters require the understanding and knowledge of a legal professional who can help you take appropriate actions that are right for you and the relevant circumstances.
Many people put off estate planning because they don’t understand the estate planning process or don’t want to think about their own death. However, comprehensive estate planning can be a simple process that provides greater peace of mind and protects your wealth. Having Southlake estate planning lawyers on your side can help you navigate the process and include essential estate planning tools for your family’s security and stability.
When you contact our law firm, we’ll explain your options in clear, easy-to-understand terms. We will also listen carefully to your needs and concerns so we can craft the perfect estate planning documents for your unique situation. Don’t delay any longer. Reach out to our estate planning team today at (817) 512-1580.
Why Are Wills Important in a Tarrant County Estate Plan?
Many people are familiar with wills as part of an estate plan. However, most people are unaware of the numerous functions that wills can perform. A will is a legal document that directs who will inherit your real and personal property upon your death. The will is foundational for a Texas estate plan because it indicates your wishes for your property. It also performs the critical function of naming a personal representative who will execute your estate. If you have minor children, you will name a guardian who will be responsible for their care.
If you do not have a legal will prepared, then the laws of the state will dictate how your property is distributed. Often, the property is distributed in a manner contrary to what the deceased would have wanted had they properly executed a valid legal will. Without a will, you’ll be leaving crucial decisions up to a judge who doesn’t know your family. The judge will decide who will retain guardianship of your children, which might not be the person you would have chosen. Further, without a legal will, it is often more difficult, expensive, and time-consuming for the family members to legally transfer the property.
You can protect your loved ones and the wealth you’ve worked so hard to build. At the Law Office of Dana L. White, our team will help to ensure that your assets pass according to your wishes. Contact us today to learn more about wills and for help creating the right will for your needs.
What Happens During Probate in Texas?
The probate process is the formal procedure by which a deceased person’s estate is managed. The probate process involves several steps, including inventorying the estate, notifying creditors and beneficiaries, paying debts from estate funds, filing taxes, and distributing the remaining assets according to the decedent’s wishes.
Probate can take many forms, depending on whether a valid will exists or not, and whether the testator of the will allowed for a dependent or independent administration of their will. In some cases, the decedent can avoid probate if they placed their assets into trusts or other vehicles that separate the property from their name.
Our firm can guide you through the probate process based on the circumstances. We can also represent those involved in disputes related to the will or other aspects of the probate process. If you are in the estate planning process, we can help protect your assets and privacy by assisting you in avoiding probate after your passing.
What Role Do Trusts Play in Estate Planning?
A trust is a legal document that changes the ownership of your assets. When you create a trust, you are no longer the legal owner of your property, and a trustee will manage the assets. Trusts can offer excellent asset protection and provide you with greater control over how your wealth is passed on to future generations. When you transfer assets into a trust, the assets will be distributed to the heirs and beneficiaries according to the instructions outlined in the trust as established by the trust creator.
However, different types of trusts can be confusing and create problems if you go through trust creation on your own. Different types of trusts exist for various purposes, including living trusts, charitable trusts, special needs trusts, and others. Some trusts, such as revocable trusts, can be adjusted as time goes on. Irrevocable trusts offer greater asset protection but are extremely difficult to modify once they are created.
Living trusts are one of the most popular types of trusts, which are created and funded during one’s lifetime. You can become the trustee of the living trust to manage the assets as you see fit. Upon your passing, the trust’s assets are then distributed by your successor trustee per your instructions.
Our team of trust attorneys is ready to help you determine whether trusts are right for your estate plan and to choose the right type of trust for your needs. Contact us today to discuss your situation with our caring and capable legal team.
How Do Guardianships Work in Texas?
Guardianships refer to the legal authority to care for another person. Guardianships can be established on a full or limited basis for an adult person and/or the person’s estate. They are appointed by the courts for adults who can no longer manage their affairs due to age and/or mental or physical incapacity.
The guardian is given legal control over the person’s personal daily affairs, such as housing, food, and clothing. The guardian for the person’s estate is given legal control over the person’s financial affairs, assets, and property.
The ward, or person being cared for, also has certain legal rights that must be respected and upheld. If you are seeking guardianship or have concerns about a loved one who is a ward, please contact our law firm immediately. We’ll discuss your circumstances and provide legal counsel for your unique situation.
What Are Powers of Attorney?
A Power of Attorney (POA) designates someone else to handle whatever matters you assign to them for a limited or unlimited time. There are several options regarding powers of attorney, including the duration of the powers and the scope of the legal authority granted by the POA.
Some examples include temporary power of attorney over finances, such as while you are on vacation. A business owner may grant powers of attorney to a trusted third party, allowing them to manage their company. Springing powers of attorney come into effect if you become injured or too ill to handle your own affairs. Powers of attorney may pertain to finances, day-to-day living, medical powers, and so on.
Durable Powers of Attorney are another commonly seen POA in Texas. A durable POA allows you to name another person as your agent to act in your place should you become incapacitated. Other POAs can be used for specific acts that you may need to do. For example, you can create a POA to transfer motor vehicles used in divorces. Reach out to our law firm to learn more about how powers of attorney can improve your life.
How Can I Use Medical Powers of Attorney in My Estate Plan?
Medical Powers of Attorney allow individuals to name one or more people as their medical agents to act in their place should they become incapacitated. If you do not have a medical POA, your family will likely have to endure the expensive and challenging process of obtaining a guardianship over you to handle your medical care.
These powers of attorney are crucial for many families in Texas as they provide peace of mind in case their loved one is too ill to indicate their wishes. A trusted individual will be assigned to make crucial decisions on your behalf rather than leaving matters up to the family to decide, which can lead to arguing and division.
What Are Healthcare Directives and How Do They Work?
Also known as living wills or advance directives, healthcare directives are documents that inform medical professionals of your wishes regarding end-of-life medical care and interventions, such as life support. These documents are another critical aspect of estate planning because they can help your medical team clearly understand your wishes even if you are too ill to speak for yourself.
Healthcare directives must follow state laws. Writing up a healthcare directive is an act that is best accomplished with the help of an estate planning lawyer like those at our law firm. We’ll ensure that your advanced directive matches Texas law and meets your unique needs and goals.
Should You Hire Our Estate Planning Lawyers?
Choosing the right estate planning lawyer can make a huge difference in your well-being, stability, and peace of mind as you age. These matters impact your financial security, your family’s privacy, and the wealth that you pass on to the next generation. You need a legal team that understands Texas law and is willing to fight for your best interests at every step.
At the Law Office of Dana L. White, PLLC, we are dedicated to finding the best possible solutions for our clients in every case. We are ready to assist with Medicaid planning, probate, wills, trusts, guardianships, powers of attorney, and other critical estate planning matters. You can rely on our knowledge and skill.
Contact our compassionate, experienced team of attorneys at (817) 512-1580 to learn more about how we can help with your estate planning needs.