Call Now At (979) 300-6771
In this article, you will discover:
The foundational document of any estate plan is a will. This document ensures that when you pass away, your wishes regarding your real property are respected. Your real property includes your home, bank accounts, vehicles, personal items, stocks, bonds, and any other assets that you own.
Your will should also designate a set amount for burial funds and include instructions on what type of funeral, burial, or cremation you would like.
The next document to have in place is a trust. This estate planning tool helps you tailor the distribution of assets. For example, you could design a trust to release assets once a beneficiary reaches a certain age or meets a certain milestone (such as graduating from college). Trusts can also ensure that special-needs loved ones are cared for and protected after you’re gone.
A revocable living trust allows you to manage your assets during your lifetime while ensuring your loved ones can skip probate and inherit assets more quickly.
You should also have a durable power of attorney, medical power of attorney, directive to physicians (also known as a “living will”), and HIPAA authorizations. These documents can ensure that your healthcare wishes are known and carried out should you become incapacitated and allow loved ones to access important information about your health in an emergency.
A durable power of attorney gives someone you trust the authority to make financial decisions on your behalf should you become incapacitated. This authorization only becomes valid should you be physically or mentally unable to take care of your finances.
Attorney Fred Medina is a seasoned lawyer based in Bryan, TX, who has helped countless clients just like you navigate the intricacies of estate planning law. With 20 years of experience, he is prepared to assist you in preparing an estate plan that clarifies your intentions, protects your assets, and provides for your heirs.
Still have questions? Ready to get started? Contact the Law Office of Fred A. Medina PLLC today to schedule an initial consultation.
Ideally, you should choose a responsible and willing family member to be the executor of your estate. If there is animosity among your family members, it would be best to pick a trustworthy, independent third party to serve as your executor.
It is also best to choose an executor who is younger than yourself; should you choose someone your own age, they may pass away before you, forcing you to appoint another person to that role.
You should also make sure that you name three parties who are willing to take up the role: your executor, a secondary trusted person to act as a backup, and a third trusted person should your first two choices be unavailable.
To avoid disputes, your will must be valid. If your will is printed, you must initial each page, and two disinterested parties must witness your signature for the document to be valid. One of these witnesses can be a notary. To ensure a hand-written will is valid, a notarized affidavit must be attached.
One important step that can potentially save your family disputes over your estate is to include an interim clause in your will, stating that anyone who disputes or contests the document will not inherit anything.
Having said that, a beneficiary can still legally contest your will’s validity if they suspect that you were unduly influenced or not of sound mind when you drew up your will. In this case, even if you have excluded that person as a beneficiary because of their objections, they still have the right to go to court over the issue. If they do contest your will but can not prove what they are alleging, they will lose everything that your will left to them.
Another key step is to work with an experienced estate planning attorney who can help mediate any disputes. I’ve worked with many families over the years who have had at least one beneficiary who was suspicious of a will’s validity. I was able to work proactively with those parties to allay their fears and help the family avoid a court battle and move forward with far less stress.
Many clients find it difficult to talk about their passing, but one of the cornerstones of my legal practice has always been a willingness to listen with compassion. It’s always an honor and deeply meaningful for me as a lawyer when people are frank with me about their fears and anxieties. I’m here to listen, understand what your wishes are, and make sure that your personal funeral plans, legacy, and intentions for your assets are respected.
This can be a difficult, sensitive time, and my main objective is to be sure you know that I can be trusted to accomplish what you desire and keep the peace in your family after you’ve passed.
For more information on creating an estate plan in Texas, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (979) 300-6771 today.
Attorney Fred Medina is a seasoned lawyer based in Bryan, TX, who has helped countless clients just like you navigate the intricacies of estate planning law. With 20 years of experience, he is prepared to assist you in preparing an estate plan that clarifies your intentions, protects your assets, and provides for your heirs.
Still have questions? Ready to get started? Contact the Law Office of Fred A. Medina PLLC today to schedule an initial consultation.
