What is Estate Planning?

“Estate Planning” is the method by which people provide for disposition or distribution of their assets once they are no longer capable of handling them. Generally, this means preparing a Will and related documents to describe how assets should be handled after a person dies, as well as preparing powers of attorney and related documents to describe who will be in charge of a person’s assets in the event that he or she becomes mentally or physically incapacitated. The lack of a comprehensive estate plan often means that provisions have not been made in the event of a lengthy illness or incapacity prior to death, resulting in the depletion of your assets before they can pass to your spouse or children. Furthermore, dying without a will can result in unintended, and expensive, consequences.

What is Probate?

“Probate” is the set of legal procedures by which a deceased person’s property passes to others following his or her death. It applies to persons who died with a will (“testate”) or without a will (“intestate”). By way of a partial summary, Probate allows the court to identify whether someone needs to be appointed to manage the deceased’s affairs – not every estate requires such “administration.” For example, if the deceased had no debts or limited debts of a certain type (such as a residential mortgage, car note, or similar items), his estate likely does not require administration, and Probate could be expedited through a variety of procedures available in Texas. Although many people will advise you to takes steps during your lifetime to “avoid probate,” Probate is an essential and very important process. It clears title to real estate and other property. It settles legitimate debts and wipes out others. It establishes a new income tax basis for the deceased’s property. By careful estate planning during your lifetime, and consultation with an attorney following your loved one’s death, the process of probate administration can be carefully managed to provide for closure of almost every estate as quickly and economically as possible.

What is a 'Living Will'?

Many people are concerned about the best method to protect themselves, and their loved ones, in the event of future injury, illness, or incapacity. Everyone has known or heard of a family that was torn apart by disagreements about how best to care for loved ones who were no longer able to make medical decisions for themselves. The Texas Legislature has created a variety of statutory methods for handling such matters. For example, Texas recognizes the “living will,” which is more formally known as a “Directive to Physicians.” This document allows a person to describe their own wishes concerning medical intervention and care in a manner that legally binds her doctors and family members. Under a living will, you describe, in advance, the types of life-saving treatment that should be provided to you, as well as the circumstances under which medical professionals should stop using life-saving measures and simply provide treatment that will allow you to remain as comfortable as possible. By expressing your desires in advance, in the statutory form, you can provide your medical providers and family with clear guidelines and avoid potential conflict