Estate planning is about more than just legal documents—it’s about ensuring that your wishes are honored and your loved ones are cared for after you’re gone. At The Law Office Of Fred A Medina PLLC, we understand that these decisions carry emotional weight, and we’re here to guide you through them with compassion and clarity.
In this article, you can discover…
- The significance and purpose of estate planning.
- What a will accomplishes, and why you need one.
- The function of a power of attorney and how to select one.
What Is An Estate Plan In Layman’s Terms?
An estate plan is a set of legal documents that outline how your belongings and assets should be handled after you pass away. It typically includes a will to specify who gets what of your belongings and money, a trust to manage your assets, and a power of attorney to designate someone to make decisions on your behalf should you be unable to.
Estate plans help avoid confusion, guesswork, and arguments among family members after you pass away, and ensure that your wishes are respected and carried out. They can also be tailored to your family’s specific dynamics and modified as your wishes or family relationships change.
What Is An Asset, And Which Ones Should Be Included In My Estate Plan?
An asset refers to any valuable property or resources that you own. Assets can include real estate, bank accounts, investments, personal belongings, stocks, and bonds.
Your assets should be distributed by a will as part of your estate plan, which is especially important in the case of property. This would include the home or dwelling and mineral rights underneath your property.
Mineral rights cover the rights to oil, gas, and anything else of value underground within the boundaries of your property. A Texas estate planning attorney can help you understand if your land includes the rights to underground natural resources.
If mineral rights are included with your property, be sure to include them in your estate planning; otherwise, your family will be left with a home and land but no guidance as to how to distribute any proceeds from mineral rights.
What Is A Will, And Why Do I Need One?
A will ensures that your assets are distributed according to your wishes instead of state law. If you don’t have a will in Texas, the courts will decide how your money, land, and goods will be distributed, and the court’s ruling may bear no resemblance to your desires.
If you pass away without a will, you will be forced into the long-drawn-out process of Texas intestacy law. Your children will have to file countless documents with the Court; will have to determine who will be the administrator of your estate; obtain waivers; file affidavits; and in some cases, spend an exorbitant amount of time and money to find distant relatives.
Speaking to an attorney about who you would like to distribute your assets and drawing up a binding will ensure that your wishes are respected, and keeps your possessions with the your loved ones.
What Is A Trust, And How Can It Benefit My Estate Plan?
A trust is a legal arrangement where you designate a trustee to manage your assets for the benefit of your heirs after you pass away. Trusts offer several advantages, including the ability to control and protect your assets. They can be structured or modified to ensure that money is not squandered or released before a beneficiary is mature enough to handle it responsibly.
In addition to asset protection, trusts can help reduce taxation on your estate and provide a way to avoid probate, streamlining the process for your heirs. Trusts can also be created with specific terms and conditions to support disabled beneficiaries, clearly outlining how the assets can be used. This approach ensures their long-term care and protects assets from potential misuse.
Attorney Fred Medina is a focused estate planning lawyer serving Texas; other areas of practice include personal injury, family law, and business law. For 20 years, he’s helped clients just like you carefully put their estate plans in order and ensured their wishes and legacies were respected and protected.
Have questions about estate planning in Texas?
Reach out to The Law Office Of Fred A Medina PLLC at (979) 300-6771 for an initial consultation today.
What Is A Beneficiary And Who Can Be Designated As One In Texas?
A beneficiary is someone who receives assets or benefits from the proceeds of a will, trust, insurance policy, or financial account after the owner has died. Beneficiaries are named in wills, can be able-bodied or disabled, and could include a child, a spouse, friends, or extended family members.
Charities, trusts, and estates can also be listed as beneficiaries if you would like to leave your assets to a cause.
What Is A Power Of Attorney?
A power of attorney is an estate planning document that grants a designated person the authority to make decisions on your behalf if you become incapacitated or disabled due to dementia, stroke, brain injury, or other illness or injury.
The decisions handled by your power of attorney can include financial matters, handling property transactions, or making healthcare decisions.
Power of attorney can be revoked (removed), but this must be done prior to your becoming incapacitated or disabled. It is also a good idea to name a secondary power of attorney if the person you have initially is unable to fulfill the role.
How Do I Select The Best Person For The Role Of Power Of Attorney?
Be sure the person you designate as power of attorney is someone you trust, who is familiar with and cares about you, and who is personally and financially responsible. Examples could include a competent and caring spouse, adult child, or sibling.
Make sure you designate a power of attorney sooner rather than later. If you are found to be incapacitated by the state, the process of designating guardianship begins. This is an incredibly expensive and complex process, so naming someone as your power of attorney or guardian before you become incapacitated is key.
Our Approach to Client Care
As an attorney, I take great care in working closely with each client to ensure they have thoroughly vetted the person they choose as their beneficiary or power of attorney. I have encountered clients who initially wanted to name individuals who, while well-intentioned, may not have the interest, ability, or capacity to fulfill these roles effectively.
Protecting my clients’ privacy is another critical aspect of my practice. I take attorney-client privilege very seriously. Your estate plans, wishes, and the details of your will or trust are strictly confidential, shared only between you and me. If anyone hears about these details, it will be from you, not from your attorney.
At the end of the day, my role is to work closely and personally with you to safeguard what matters most in your life and to protect what you have built. Whether your assets are large or small, the importance lies in the effort and love you have put into acquiring them.
These things you value should go to the people you love, trust, and care about. If something is precious and meaningful to you, it is equally precious and meaningful to me as your attorney, regardless of its size or monetary value.
Still Have Questions? Want To Learn More?
For more information on Estate Planning Terms, 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 focused estate planning lawyer serving Texas; other areas of practice include personal injury, family law, and business law. For 20 years, he’s helped clients just like you carefully put their estate plans in order and ensured their wishes and legacies were respected and protected.
Have questions about estate planning in Texas?
Reach out to The Law Office Of Fred A Medina PLLC at (979) 300-6771 for an initial consultation today.
