Estate planning in Wichita Falls and Dallas is more important than most people realize, and contrary to popular belief, it’s not only important for the very rich. In fact, it may be just as important for those who don’t have as much because proper estate planning means preserving every bit you have. Estate planning is multifaceted, meaning it encompasses not only the preservation and distribution of your assets, but it’s also important in terms of you making decisions about your life and medical choices. A proper estate plan takes all of these things into account, and in the end, a well-thought out and thoroughly planned estate plan should accomplish all these things while maintaining the peace in your family.
What a Proper Wichita Falls and Dallas Estate Plan Looks Like
A proper Wichita Falls and Dallas estate plan takes all the above factors into consideration. As such, a really thorough and effective estate plan should involve a number of different documents, including:
- Last Will and Testament. This document will say exactly what you have, who gets what, and who should handle the distribution of those things.
- Statutory Power of Attorney. This document will designate someone to handle your financial matters in the event you can no longer do so yourself.
- Medical Power of Attorney. This document will designate someone to make medical decisions on your behalf in the event you can no longer do so yourself.
- Healthcare Directive. This document will specifically spell out your medical decisions, so that the person designated as your medical power of attorney and your health care providers will have some direction and know what you wanted.
- Trust. Some but not all would benefit from a Trust. A Trust allows your heirs to avoid the expense of probate among other benefits like having more control on how and when your assets are distributed.
In addition to the above documents, a proper estate plan will consider the following:
- Deeds. Some states have Lady Bird Deeds that will transfer to someone upon your death. It’s important to consider what you want to happen to your real property once you are gone.
- Beneficiary Designations. Some accounts like life insurance and retirement accounts allow for beneficiary designations that are not governed by a Will. It’s important to take this into consideration when creating an estate plan.
The above considerations are just brief descriptions of some of the basics of estate planning, but it is important to know for anyone thinking about getting one. When you are preparing for the future and planning for your loved ones, it’s important that you cover all the bases.
Contact a Wichita Falls and Dallas Estate Planning Attorney
If you or a loved one is considering getting an estate plan, contact our Wichita Falls and Dallas estate planning attorney either by calling one of the numbers listed below or by filling out our contact form. For Wichita Falls estate plans, contact us at 940-569-4000. For Dallas estate plans, contact us at 945-295-0014. We will give you a free evaluation of your situation and offer you helpful guidance on what may work best for you.