WILLS AND ESTATE PLANNING
UNDERSTANDING WILLS & ESTATE PLANNING
In Texas if someone dies without a will the assets of their estate are distributed according to the laws of intestacy. This distribution may not be in line with your wishes. Furthermore it may create unwanted conflicts such as multiple siblings having partial interests in a house or car. A valid will ensures that the assets of your estate are transferred according to your wishes and your loved ones will be provided for as you would want them to be. You’ve worked hard to build this estate, it should be devised as you wish. In addition, a valid will makes the probate process much smoother. This can be really important when the people that you have named as executors and/or beneficiaries under the will are still in the grieving process.
I advise clients to revisit their will every few years, especially whenever there is a birth, death, marriage, divorce, or other similar life changing event. In addition to a will, if the client desires I can create other important documents such as a Statutory Power of Attorney, a Medical Power of Attorney, and a Physicians Directive, which is also known as a Living Will. A Statutory Power of Attorney allows you to grant someone else the authority to handle a number of business, legal, or financial issues on your behalf in the event you become incapacitated. A Medical Power of Attorney allows you to name someone else who can make medical decisions on your behalf in the event you are incapacitated. A Physicians Directive, also known as a living will, allows you to advise Medical Authorities as to how you wish to be cared for in the event of a terminal illness.