Through estate planning, you can decide how you want your assets and property to be managed or distributed upon your death or incapacitation. Whether you have a big or small estate, drafting an estate plan can help you prepare for the uncertainties of life and protect your assets, interests, and surviving family members.
Establishing a well-detailed estate plan is crucial to avoid possible issues, disputes, or conflicts when distributing assets to beneficiaries and settling a decedent's estate and final affairs. If you are starting to think about estate planning or need proper guidance when drafting your estate plan, consulting with an experienced Texas estate planning attorney is important.
At The Law Office of Mario Flores, I'm committed to offering knowledgeable legal counsel and reliable advocacy to clients in estate planning-related matters, including wills, trusts, probate, powers of attorney, and advanced directives. I'm available to discuss your unique situation, enlighten you about important estate planning documents, and determine an ideal plan that best fits your unique needs.
My firm - The Law Office of Mario Flores, PLLC - proudly serves clients across Austin, Texas, and surrounding areas of Round Rock, San Marcos, and Georgetown.
Estate planning involves making adequate plans in advance, naming the individuals or organizations you want to receive assets, and indicating how you want your estate to be distributed or managed when you pass away. Here are some reasons why estate planning is important:
- It allows you to prepare for an uncertain future.
- It ensures that your assets, property, businesses, and investments are well protected.
- It gives you complete control over who inherits your property and assets.
- It allows you to choose a dependable person as your personal representative.
- It allows you to provide for your surviving loved ones - spouses, children, dependents, and close relatives.
- It helps protect minor children and ensure that they are rightly cared for.
- It helps you make arrangements regarding business succession or transfer at your retirement, incapacity, disability, or death.
- It helps protect your investments and assets from frivolous lawsuits and creditors.
- It helps your beneficiaries and heirs avoid or reduce gift, inheritance, and estate taxes.
- It helps mitigate possible disputes and disagreements between family members over asset distribution.
- It allows you to avoid the costly and lengthy probate process (with a trust).
- It helps ensure that you do not die intestate (without a will).
Depending on your unique circumstances, here are some vital estate planning documents to include in your estate plan:
A will can be described as a legal document containing specific instructions regarding how you (the testator) want your assets and property to be transferred to inheritors or disposed of when you're no more. You can name a person in your will who can cater to and manage any inheritance left for minors.
A trust can be described as a fiduciary relationship that allows you (the grantor or trustor) to choose another person (trustee or successor trustee) to help manage your final affairs and distribute trust assets - property left in the trust - to beneficiaries and heirs upon your death or sudden incapacitation. Once you are gone, the appointed trustee will step in and administer your estate in accordance with the provisions of the trust document.
A power of attorney can be described as a legal document that allows you (the principal) to appoint a person (an attorney-in-fact or agent) to help manage your property, legal, tax, or financial affairs should you become unable, incapable, or otherwise unavailable to make such decisions by yourself. Such legal authority, duty, and power may be designated to your trusted friend, lawyer, advisor, or close relative.
An advance healthcare directive can be described as a legal document that provides specific instructions about a person's preferred medical care, treatments, and procedures should they become unable to make such decisions on their own, maybe as a result of sudden incapacitation, terminal illness, disability, or other health issues.
Unfortunately, a lot of people put off estate planning because they believe they don't own enough, they're not old enough, or they just don't want to think about it. However, planning for future uncertainties can never be too early. In the event of sudden incapacitation, disability, or death, your survivors can benefit from knowing your true wishes. A knowledgeable estate planning attorney can explore your available estate planning options and help you make intelligent decisions.
Here at my firm, The Law Office of Mario Flores, PLLC, I'm devoted to offering personalized legal services and helping individuals and families navigate the complexities of estate planning. As your legal counsel, I can:
- Help you understand how the estate planning process works
- Explore your possible options and find the right solution for your unique needs
- Help draft enforceable documentation - will, trust, power of attorney, advanced care directives
- Help with estate administration, trust administration, and probate administration
If you need proper guidance when drafting your estate plan or want to understand how the estate planning process works, contact my firm - The Law Office of Mario Flores, PLLC - today to schedule a simple consultation. I'm proud to serve clients throughout Austin, Round Rock, San Marcos, and Georgetown, Texas.