Estate planning is the task of arranging for the management of your property in the event you die or become disabled, while minimizing estate, gift, and income taxes. The process can help your surviving family members avoid misunderstanding, extra court expenses, and attorney fees. If you have minor children, estate planning may be necessary to plan for the care of your children in the event of your death.
Estate planning is recommended for all ages, no matter the amount of property you own. At Key Law Office PC, we can guide you through the process, ensuring that your wishes are followed and that your family’s inheritance is secure.
What is involved in an estate plan?
Estate planning involves the preparation of wills, trusts, and other types of planning documents. Our firm can help you complete various documents that are designed to protect your final wishes and the interests of your loved ones. Some of the following documents may be right for you:
- Will – A will sets out how your property should be distributed upon your death, and who should be guardians of your minor children, if any. A will can be updated or modified at any time.
- Trust – In certain cases, trusts can be an important component of the estate planning process. A trust can be created upon your death, or during your life—allowing you to manage your property so that there is an easy transition upon your death. Property placed in trust is managed by one person, called a trustee, for the benefit of one or more other individuals, called beneficiaries.
- Power of Attorney – This document gives another person the right to act on your behalf if you become incapacitated. It can be very broad or limited to specific activities, such as the sale of property. A medical power of attorney gives another person the right to make certain decisions about your health or medical care.
- Advanced Directive – An advanced directive allows you to communicate your wishes regarding your medical care and end-of-life decisions to family and physicians in the event you become incapacitated.
Reach Out to Us for Trusted Support
Don’t have an estate plan in place yet? We encourage you to take action to protect your family, assets, and well-being. At Key Law Office PC, we will help you craft an estate plan that is personalized to your goals and wishes. Our Texas estate planning lawyers take the time to understand your wishes and goals and can help guide you in the right direction.