Elder law and estate planning are closely linked services. Addressing these ongoing and connected concerns in tandem is one of the best ways to manage your current and future needs, review your financial goals, and head off concerns and problems before they turn into significant headaches for you or your family. An experienced Dallas estate planning attorney can guide you through the process. They’ll also provide critical peace of mind during a situation that can be challenging and confusing.
Understanding Estate Planning
Estate planning is the legal process of arranging and managing the distribution of assets and property held in an individual’s estate in the event the person is incapacitated or passes away. It’s a common misconception that it’s only a concern for older adults. Instead, it’s a process that can be initiated at any time with help from an experienced and knowledgeable Dallas estate planning attorney who can help you understand your options.
Estate planning can involve drafting a comprehensive plan that addresses your wishes and concerns, making it easier for family or beneficiaries to manage your estate after death. It also involves utilizing numerous tools, including:
Having an estate plan in place can offer you peace of mind, and your family can deal with fewer complications and stress after your passing.
What Is Elder Law?
Elder law is related to estate planning but covers different circumstances and concerns. Elder law focuses on helping seniors and older adults find legal solutions to common issues such as healthcare planning, estate planning, public benefits, and protection from financial abuse. In a nutshell, elder law helps individuals manage legal issues related to aging. With an elder care plan, individuals can feel confident that their interests get upheld even when they cannot physically or mentally care for themselves or make decisions on their behalf.
One of the most significant ways elder law can impact an individual is by protecting their assets in preparation for the potential need for long-term care. Qualifying for Medicaid to help pay for long-term or nursing home care can be challenging. An elder care plan can help protect assets and prepare an individual for long-term care, especially when you may need Medicaid to cover the cost of your nursing home and healthcare expenses.
Medicaid is a needs-based healthcare program. To qualify, you must meet specific eligibility requirements in addition to financial and income requirements. While someone may not have the money or assets to pay for expensive long-term care, they may have too much income or property to qualify for Medicaid. An integral part of elder law may be addressing the costs associated with long-term care by protecting assets to pass to your family while allowing an individual to still meet income eligibility requirements for Medicaid.
How Are Estate Planning and Elder Law Connected?
Estate planning and elder law work hand-in-hand to protect your interests now and into the future. Some common estate planning tools like power of attorney and health care directives play into addressing your wishes and concerns about how you manage your healthcare and financial decisions as you age, not just in the event you become incapacitated in an accident. Other estate planning tools like trusts may also benefit those looking to protect their assets before applying for Medicaid coverage. However, due to Medicaid’s look-back period, you must address estate planning and elder law solutions sooner rather than later.
You can use elder law and estate planning tools and resources to create a comprehensive plan that protects you and your family today and after you pass away. These tools help you manage your health and finances even when there comes a time when you can’t manage them on your own. You still retain control of what matters to you, making your voice heard, even when you reach an age where you may not be able to stand up for yourself.
Why You Need an Estate Planning and Elder Law Attorney
Elder law and estate planning shouldn’t be separate concerns. An experienced Dallas estate planning attorney with Staubus, Blankenship, Legere and Walker PLLC can help you address all your needs and concerns related to estate planning and aging. We dedicate ourselves to helping you every step of the way, putting the power to control your assets and express your wishes in your hands.
Estate planning doesn’t have to be confusing or complicated. Call our office today at (214) 833-0100 or contact us online to arrange a confidential consultation with a knowledgeable estate planning and elder law lawyer.
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When Should I Create an Estate Plan?
Losing a loved one brings overwhelming emotions and countless responsibilities. In the midst of the grieving period, many families find themselves wondering about the timeline for transferring their loved one’s property and possessions. How long do you have to transfer property after death? In Texas, there’s no single answer to how long this process takes. Every situation differs based on the estate planning tools your loved one put in place and the types of property involved. An experienced Dallas probate attorney can help you understand what to expect and guide you through the property transfer process.
Factors That Determine How Long It Takes to Transfer Property
Several key elements affect the timeline for transferring property after someone passes away.
For instance, whether your loved one left a will, created a living trust, or used tools like Transfer on Death Deeds can significantly affect how quickly property can change hands. A well-structured estate plan typically allows for more efficient transfers.
The complexity of the estate will also influence the timeline. More modest estates generally settle more quickly. Larger estates with diverse assets, multiple beneficiaries, or complex tax situations often require more time to settle properly.
Two other factors to consider are transfer methods and types of property. Each of these subjects is worth examining more thoroughly.
Common Transfer Methods and Their Timelines
Understanding the different ways property can transfer after death helps set realistic expectations for the process:
Probate Process
The traditional probate process in Texas typically takes six to twelve months for straightforward estates. More complex situations may require up to two years. During probate, the court oversees the process of identifying assets, paying debts, and distributing property to beneficiaries according to the will or state law.
Transfer on Death Deeds
These powerful estate planning tools allow property to transfer quickly outside of probate. Upon filing the death certificate with an affidavit of death in the county records, the property is transferred to the named beneficiary.
Living Trusts
Property held in a living trust can often transfer to beneficiaries within weeks or months after death, bypassing court involvement. The successor trustee named in the trust document manages the distribution process according to the trust’s terms.
Specific Property Types and Their Transfer Requirements
Different types of property come with unique transfer requirements:
Bank Accounts and Investments
Accounts with designated beneficiaries can typically transfer within weeks of providing a death certificate to the financial institution. Accounts without beneficiary designations must go through probate.
Real Estate
Property held in joint tenancy often transfers to the surviving owner quickly. Property passing through probate requires additional steps, such as:
- Filing necessary court documents
- Obtaining court approval
- Recording new deeds
- Updating property tax records
Vehicles
The Texas Department of Motor Vehicles has specific requirements for transferring vehicle titles after death. With proper documentation, these transfers can often occur within a few weeks.
Personal Property and Household Items
While formal transfer requirements vary, families can often distribute personal belongings according to the deceased’s wishes or mutual agreement, assuming no conflicts arise.
Particular Circumstances That May Extend Transfer Times
Several situations can lengthen the property transfer process:
- Contested estate matters – When family members dispute the will or property distribution, resolving these conflicts through the court system can add months or years to the timeline.
- Complex debts or liens – Creditor claims against the estate must be addressed before the property can be transferred to beneficiaries.
- Tax considerations – Estates subject to federal estate tax may require additional tax return preparation and IRS review time.
- Missing heirs – If beneficiaries cannot be located promptly, the transfer process may face delays while search efforts continue.
Working with an experienced Texas probate and trust litigation attorney can be especially helpful if you face these challenges.
Taking Action to Protect Your Family’s Future
The uncertainty surrounding the timing of property transfers after a bereavement can lead to increased stress levels and even tensions among family members. While timelines for transferring property after death vary significantly, proper estate planning can help streamline the process for your loved ones. Creating a comprehensive estate plan now can reduce delays, minimize costs, and provide clarity during a difficult time.
Our experienced attorneys at Staubus, Blankenship, Legere and Walker PLLC can help you understand your options for transferring property efficiently after death. We can also assist if you’re dealing with property transfers after losing a loved one. Call our law firm today at (214) 833-0100 or contact us online for a confidential consultation, and let us put our more than 100 years of combined experience to work for you.
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Essential Estate Planning Documents Checklist
Estate planning ensures that your assets, loved ones, and final wishes are protected according to your desires. In 2024, changes in tax laws, estate laws, and financial strategies make creating a comprehensive plan more important than ever. Whether starting from scratch or reviewing your existing documents, use this estate planning checklist to ensure you cover all the essential steps.
1. Take Inventory of Your Assets
Your estate plan should start with a clear picture of your current assets. These include your bank accounts, retirement funds, property, business interests, and valuable personal belongings. Be sure you also include life insurance policies, investment portfolios, and other items contributing to your net worth. A detailed inventory ensures that your estate plan addresses all your financial interests.
Action Items:
- Create a list of all bank accounts, property titles, and business ownership documents.
- Gather recent statements from any retirement or investment accounts.
- Include valuable items like jewelry, art, or collectibles in your inventory.
2. Draft or Update Your Will
A will is the cornerstone of any estate plan. It outlines who will inherit your assets and who will be the executor responsible for managing your estate after you pass. If you already have a will, review it to ensure it reflects your current wishes and life circumstances. Changes in family dynamics, new children, or marriages often warrant updates to this crucial document.
Action Items:
- Draft a will if you don’t already have one.
- Update your will to reflect any changes in beneficiaries or assets.
- Designate an executor who is reliable and capable of managing your estate.
3. Establish a Trust
For many individuals, trusts offer more control over how and when assets are distributed to beneficiaries. They can also help avoid the probate process, saving time and reducing legal fees for your loved ones. Consider whether a revocable living trust or an irrevocable trust fits your needs.
Action Items:
- Decide whether a revocable or irrevocable trust is right for you.
- Name a trustee who will manage the trust according to your wishes.
- Fund the trust by transferring assets into it to make it legally effective.
4. Assign Power of Attorney and Healthcare Proxy
Assigning power of attorney allows someone you trust to manage your financial and legal affairs if you cannot do so. A healthcare proxy grants someone the authority to make medical decisions on your behalf. Without these documents, decisions about your care and finances could be left to the court.
Action Items:
- Select a trusted person to act as your financial power of attorney.
- Assign a healthcare proxy to make medical decisions for you.
- Ensure both documents are signed, notarized, and shared with your designees.
5. Review Beneficiary Designations
Many assets, such as life insurance policies and retirement accounts, pass outside your will or trust through beneficiary designations. It’s important to regularly review these designations, especially after major life events like a divorce, remarriage, or childbirth, to ensure that your assets are distributed according to your wishes.
Action Items:
- Review the beneficiary designations on all retirement accounts and insurance policies.
- Update any outdated designations that no longer reflect your wishes.
- Make sure your estate planning documents align with your beneficiary designations.
6. Plan for Estate Taxes
Estate taxes can take a significant portion of your estate if you’re not prepared. While the federal estate tax exemption is high, it’s still important to consider how your estate will be taxed, especially if you own a large estate or live in a state with an estate tax. Work with an estate planning attorney to develop strategies that minimize tax liability, such as gifting or establishing certain trusts.
Action Items:
- Consult a tax advisor to understand potential estate tax liabilities.
- Consider gifting assets during your lifetime to reduce the taxable estate.
- Explore trusts and other strategies to minimize the tax burden on your heirs.
7. Keep Your Estate Plan Updated
Creating an estate plan isn’t a one-time task. As your life changes, your estate planning checklist should evolve with it. Regularly review your estate planning documents—especially after major life events like marriages, divorces, the birth of a child, or a significant increase in assets. Keeping everything up-to-date ensures that your plan continues to reflect your current wishes.
Action Items:
- Set a reminder to review your estate plan every three to five years.
- Update your plan after any significant life changes.
- Inform your loved ones of your estate plan’s location and key details.
Final Thoughts on Your 2024 Estate Plan
Addressing these steps in your estate planning checklist can give you peace of mind, knowing your assets and loved ones are protected. Estate planning is about more than passing on wealth—it’s about ensuring your wishes are respected and your family is taken care of in the future.
Call Staubus, Blankenship, Legere and Walker PLLC at (214) 833-0100 or contact us online for legal guidance. Our experienced Dallas estate planning attorneys can help you create a comprehensive estate plan that addresses all your needs. Schedule a consultation today to get started.
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Understanding the difference between an estate plan vs. a will is crucial when planning for the future. While both tools help manage your assets and protect your loved ones, they serve different purposes and offer varying levels of control. A will outlines your final wishes. An estate plan, meanwhile, encompasses a broader strategy for managing your assets and health decisions.
Understanding Wills
A will, also known as a last will and testament, designates beneficiaries for your assets, appoints an executor to oversee the distribution of your estate, and names guardians for your minor children. It is a fundamental part of any estate plan, but you shouldn’t mistake it for an estate plan in its entirety.
If you pass away without a will (also called dying while intestate), the state of Texas determines who gets your assets. That process can be long, expensive, and stressful for your family. Plus, your assets might benefit people you didn’t want to have them. These are just some of the many reasons it’s important to establish a will while you can – there’s no time that’s “too early” to handle this step in creating your estate plan.
Estate Planning: A Comprehensive Approach
A comprehensive estate plan goes beyond a simple will, offering various tools to help manage your assets, health care, and end-of-life wishes. By including these additional components, you can ensure your wishes are honored and that your loved ones are cared for in a time of need. Below are some key elements to consider when creating a thorough estate plan:
- Trusts – Trusts allow you to manage and distribute assets to beneficiaries, often reducing estate taxes and bypassing probate. They can also provide financial support for loved ones over time.
- Health Care Power of Attorney – This document designates someone to make medical decisions on your behalf if you become incapacitated.
- Financial Power of Attorney—This tool gives a trusted person authority to handle your financial matters if you cannot do so.
- Living Will – Also known as an advance directive, this outlines your wishes for medical care and life-sustaining treatments.
- Beneficiary Designations—Ensuring your accounts, such as life insurance or retirement plans, have named beneficiaries helps avoid probate and ensures quick access for loved ones.
Who Can Benefit from Having an Estate Plan?
Anyone with assets, loved ones, or specific end-of-life wishes can benefit from having an estate plan. Estate plans are not just for the wealthy – they help people at all income levels protect their families and ensure their final wishes are honored. Individuals with children can designate guardians and set up financial support through trusts. Those with health care concerns can use advance directives and powers of attorney to guarantee their medical preferences are followed. Estate plans also prevent disputes by clearly outlining how you want your assets to be distributed, saving time, money, and stress for surviving family members. Whether single, married, younger, or older, having a well-organized estate plan provides peace of mind and protects the people and things that matter most.
Average Cost for Will and Estate Planning
The cost of creating an estate plan varies depending on its complexity and the professional services involved. Factors such as the need for trusts, powers of attorney, and other specialized documents can influence the overall cost. Consulting with a Dallas estate planning attorney ensures a well-crafted plan that meets your needs.
Estate Planning and Wills Checklist
When considering estate planning and wills, following a checklist is helpful to ensure you cover all necessary aspects. Here are some key points to include:
- Inventory your assets, including property, investments, bank accounts, and personal belongings
- Determine your beneficiaries and decide how you want your assets distributed
- Choose an executor for your will and trustees for any trusts
- Appoint guardians for minor children if applicable
- Draft a durable power of attorney for financial matters
- Create a health care power of attorney and a living will
- Update beneficiary designations on life insurance, retirement accounts, and other assets
- Review and update your estate plan regularly to reflect changes in your circumstances or wishes
Contact an Estate Planning Lawyer in Dallas
Working with a qualified Dallas estate planning attorney who understands Texas laws and can create a plan for your specific needs is one of the most effective steps you can take when initiating the estate planning process. The attorneys at Staubus, Blankenship, Legere and Walker PLLC bring significant experience in estate planning and probate concerns to our work with clients like you. We’re here to help you create a clear estate plan that protects your assets, fulfills your goals, and ensures your wishes are honored. Contact us today at (214) 833-0100 for a consultation.
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Pros and Cons of Having a Will
After you pass,
estate planning is critical to caring for your family and ensuring they honor your wishes. However, many hesitate to start the process because they wonder, “How much does estate planning cost?” While these concerns are understandable, there are many reasons why the value of having an experienced
legal team craft your estate plan far outweighs the expense.
Why You Need an Estate Plan
Before wading into the potential costs of hiring a lawyer to create and manage your estate plan, it’s crucial to understand why you need an estate plan. First and foremost, an estate plan is essential for everyone, regardless of age or wealth. It helps ensure that your family fulfills your wishes after you pass and receive the items and assets you wish them to have. Without an estate plan, state laws will decide how your assets are distributed, which might not align with your preferences.
An estate plan can also help your family avoid disputes once you’re gone. Outlining who gets what can prevent misunderstandings and conflicts among your heirs. It also makes closing your estate smoother and less stressful for your family during a difficult time.
Additionally, an estate plan can save your loved ones time and money by reducing the costs and delays associated with probate—the process of distributing your estate. It can also help minimize estate taxes, ensuring more assets go to your beneficiaries. By planning ahead, you take control of your legacy and provide peace of mind for yourself and your family.
DIY Estate Planning vs. Hiring an Attorney
A DIY approach to estate planning might seem like a good way to save money upfront. However, it can lead to costly mistakes and complications down the line. Without professional guidance, you might miss important details or fail to consider all your options.
Hiring an attorney is crucial to crafting a thorough and legally enforceable estate plan. An experienced lawyer can help you address complex legal issues, avoid errors, and tailor your plan to your situation. In the long run, this can save you and your loved ones time, money, and hassle and provide peace of mind.
What Lawyers Charge for Estate Planning Services
Regarding estate planning, each lawyer has their own way of charging for their services. Generally, estate planning attorneys use two fee structures: charging by the hour or a flat rate.
In the former arrangement, lawyers bill you for the time they spend working on your case. This can include meetings, drafting documents, and answering questions. The hourly rate can vary depending on the lawyer’s experience and location.
On the other hand, some lawyers charge a flat rate for specific and relatively straightforward estate planning services, such as drafting a will. This means you’ll pay a set fee for the entire service, regardless of how much time the lawyer spends. This can be beneficial for clients who prefer knowing the total cost upfront. Both fee structures have advantages, and the right choice depends on your personal preferences and the complexity of your estate planning needs.
Factors That Affect the Cost of Estate Planning Services
How much you can expect to pay for estate planning services will depend on several factors, including the following:
- The Complexity of Your Estate: The more assets you have and the more complicated your financial situation, the more time and effort your attorney will need to create a comprehensive estate plan. This can increase the cost of legal services.
- The Type of Documents Needed: Basic documents like simple will typically cost less than more complex documents like trusts or advanced directives.
- Your Attorney’s Experience: More experienced attorneys might charge higher fees due to their advanced knowledge and reputation within the field.
- Your Geographic Location: The cost of legal services can vary depending on where you live. Estate planning services in larger cities or high-cost areas may be more expensive than those in smaller towns.
- Any Specialized Needs: Addressing complicated arrangements, such as planning for a family member with special needs or anticipating complex tax situations, can increase the cost of legal services due to the specific knowledge and additional work involved.
Contact a Dallas Estate Planning Lawyer Today
At Staubus, Blankenship, Legere and Walker PLLC, our Dallas estate planning attorneys want to take the mystery out of the estate planning process. We provide a range of services to fit different needs and budgets. Whether you need basic documents like a will or more complex planning like a trust, we can deliver robust legal guidance at a competitive price. Contact Staubus, Blankenship, Legere and Walker PLLC today at (214) 833-0100 for a consultation, and let’s discuss your estate in detail.
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The estate planning process enables individuals to manage and distribute their assets in a way that reflects their wishes, meets their goals, and protects their loved ones. One of the tools available for estate planning is trusts, which offer several benefits to those who want the peace of mind that comes with knowing their estates will be managed and distributed according to their desires. A Dallas trust and estate planning attorney can help you identify the type of trust that best suits your needs and goals.
What Is a Trust?
A trust is a legal arrangement in which the person who establishes the trust (the grantor) transfers assets to the trustee, who manages these assets on behalf of the trust’s beneficiaries. Trusts can be either revocable or irrevocable. A revocable trust, also known as a living trust, can be changed or terminated by the grantor during their lifetime. Modifying or revoking an irrevocable trust once established is far more difficult.
Types of Estate Planning Trusts
Lawyers can employ several different estate planning tools on behalf of their clients. Each serves distinct purposes and meets specific needs:
- Revocable Living Trusts— This type of trust allows the grantor to control their assets and make necessary changes. It helps avoid probate and provides a seamless transition of assets upon the grantor’s death.
- Irrevocable Trusts – These trusts are difficult to modify or terminate once established. They offer greater asset protection and can help reduce estate taxes, as the assets are not part of the grantor’s taxable estate.
- Testamentary Trusts – Created through a will, these trusts take effect upon the grantor’s death. They are often used to manage assets for minor children or other beneficiaries who may not be capable of handling large sums of money.
- Special Needs Trusts— A special needs trust provides for individuals with disabilities without affecting their eligibility for public benefits. It ensures beneficiaries receive the support they need while preserving access to essential government programs.
- Charitable Trusts – Established to support charitable causes, these trusts offer tax benefits to the grantor while ensuring that their philanthropic goals are met. Charitable remainder trusts and charitable lead trusts are two common types.
Trusts for Different Life Stages and Needs
Many individuals have unique circumstances that influence their estate planning needs. Trusts can be structured to meet the needs of beneficiaries at various life stages. Trusts ensure financial security for minor children by managing assets until they reach a specific age. Special needs trusts provide for individuals with disabilities while enabling them to access government benefits, enhancing their quality of life.
In elder care planning, trusts manage assets if the grantor becomes incapacitated, thus providing for their needs. For legacy planning, charitable trusts allow individuals to support causes that mean the most to them while receiving tax benefits.
Benefits of Trust and Estate Planning Services
If you’re looking for a way to manage your estate, a knowledgeable Texas estate planning lawyer can help you select the trust options that will most efficiently and effectively provide the benefits you need. Some of how a trust can enhance your overall estate plan include:
- Avoiding Probate – Trusts help bypass probate, ensuring a more efficient and private distribution of assets. Probate can be time-consuming and expensive, making trusts an attractive alternative.
- Privacy – Unlike wills, the contents of which become a matter of public record, trusts keep estate matters private. This can be particularly important for individuals who value confidentiality.
- Flexibility and Control – Grantors can specify detailed instructions regarding the distribution of assets to beneficiaries. This level of control ensures that trustees manage assets according to the grantor’s wishes.
- Protecting Assets – Trusts can safeguard assets from creditors and legal challenges, providing peace of mind. This protection is especially valuable for beneficiaries facing financial or legal difficulties.
- Reducing Estate Taxes—Certain trusts can help minimize estate tax liabilities, preserving more wealth for beneficiaries. Irrevocable life insurance trusts (ILITs) and grantor-retained annuity trusts (GRATs) are examples of trusts that offer tax advantages.
Contact a Dallas Estate Planning Attorney to Protect Your Legacy
Trusts are vital to estate planning, providing significant flexibility, control, potential tax benefits, and peace of mind. Whether you want to establish a new trust or review an existing one, the Dallas trust and estate planning attorneys at Staubus, Blankenship, Legere and Walker PLLC are ready to help. Don’t leave your legacy to chance. Contact us online or call (214) 833-0100 to schedule a consultation. We’ll work with you to create a customized trust and estate plan that protects your assets and provides for your loved ones according to your wishes.
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Estate planning law forms a crucial part of legal practice, focusing on preparing for managing and transferring an individual’s assets in the event of incapacity or death. At Staubus, Blankenship, Legere and Walker PLLC, we understand the importance of proper estate planning and its impact on your family’s future. This blog post will explore the definition of estate planning law and its key components to help you better understand this essential legal field.
What Is Estate Planning Law?
Estate planning law encompasses the legal strategies and documents used to manage an individual’s assets during their lifetime and distribute them after death. It involves creating a comprehensive plan to ensure your wishes are carried out, your loved ones are cared for, and your assets are protected from unnecessary taxes and legal complications.
Critical Components of Estate Planning
Some key components of estate planning include:
Wills
A will serves as the foundation of most estate plans. This legal document outlines how you want your assets to be distributed after your death. Additionally, it allows you to name a guardian for minor children and specify your final wishes. Without a valid will, state laws determine how your assets will be distributed, which may not align with your intentions.
Trusts
Trusts offer a flexible way to manage and distribute assets. They can help you avoid probate, reduce estate taxes, and provide for beneficiaries with special needs. Revocable living trusts are particularly popular as they allow you to maintain control of your assets during your lifetime while ensuring an effortless transfer after your death.
Powers of Attorney
Powers of attorney are vital estate planning documents. They designate someone to make decisions on your behalf if you become incapacitated. There are two main types:
- Financial Power of Attorney: Allows your chosen agent to manage your finances and property.
- Healthcare Power of Attorney: Empowers someone to make medical decisions for you if you cannot do so.
Advance Healthcare Directives
Also known as living wills, these documents specify your wishes for end-of-life care. They guide your healthcare providers and family members about your preferences regarding medical treatment in various scenarios.
Beneficiary Designations
Many assets, such as life insurance policies and retirement plans, pass to beneficiaries outside the will or trust. Regularly reviewing and updating these beneficiary designations is important to ensure your assets are distributed according to your wishes.
Business Succession Planning
Business owners must incorporate business succession planning into their estate plans. This involves determining how the business will be managed or transferred in the event of their retirement, incapacity, or death.
Tax Planning Strategies
Estate planning law also involves strategies to minimize estate taxes and other tax liabilities. These may include gifting strategies, charitable donations, and using certain trusts.
Avoiding Probate
One of the primary goals of estate planning is to avoid the probate process whenever possible. Probate can be time-consuming, expensive, and public. Strategies to avoid probate include:
- Creating revocable living trusts
- Using joint ownership with the right of survivorship
- Designating beneficiaries on accounts and policies
- Making lifetime gifts
The Importance of Regular Updates
Estate planning is not a one-time event. Life changes such as marriages, divorces, births, deaths, and significant financial changes can impact your estate plan. Regularly reviewing and updating your estate plan ensures it aligns with your current wishes and circumstances.
How Staubus, Blankenship, Legere and Walker PLLC Can Help
At Staubus, Blankenship, Legere and Walker PLLC, our experienced Texas estate planning attorneys can guide you through the complex process of creating a comprehensive estate plan. We take the time to understand your unique situation, goals, and concerns to develop a tailored strategy that protects your assets and provides for your loved ones.
Our services include:
- Drafting and reviewing wills and trusts
- Creating powers of attorney and advance healthcare directives
- Developing tax-efficient estate plans
- Assisting with business succession planning
- Helping you avoid probate when possible
- Regularly reviewing and updating your estate plan
Don’t leave your family’s future to chance. Contact Staubus, Blankenship, Legere and Walker PLLC today at (214) 833-0100 to schedule a consultation with one of our experienced Dallas estate planning attorneys. We’ll help you create a comprehensive estate plan that gives you peace of mind and protects your legacy for generations.
Remember, proper estate planning is one of the most thoughtful gifts you can give the people you love. It provides clarity, reduces family conflicts, and ensures your hard-earned assets are distributed according to your wishes. Help secure your family’s future by working with the experienced team at Staubus, Blankenship, Legere and Walker PLLC.
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Estate planning involves creating legal documents outlining your healthcare, financial affairs, and property management preferences. These documents are crucial as they guide your family in making decisions on your behalf should you become unable to do so. They also clarify your intentions for distributing your assets and property after passing away.
Even though you can verbally tell your family what you want, estate planning documents have legal weight and can be enforced in court. If you’re wondering what documents are needed for estate planning, you’ve come to the right place.
Last Will and Testament
In Texas, a last will and testament, or “will.” serves as your roadmap for distributing your assets after you pass away. It lets you decide who inherits your property, who manages your estate, and who looks after any minor children you have.
If you need to change your will, you can add a codicil. You must follow the same strict rules you used to make the original will. This way, you can update your wishes as your life evolves without starting from scratch.
Dying without a will means you leave the distribution of your assets up to Texas intestate laws. What does that mean for you? If you pass away “intestate,” the state steps in and divides your investments based on a preset formula, which might not reflect your wishes and can especially complicate things for non-traditional families or unmarried partners.
Draft a will that clearly describes your desires to ensure your assets go exactly where you want them. This step keeps you in control rather than leaving critical decisions to impersonal state laws.
Having a will in place prevents stress for grieving people by eliminating complications that can arise without an estate plan.
Durable Power of Attorney
In Texas, a general power of attorney grants someone the authority to handle your affairs, such as financial transactions or property management. However, this power typically ceases if you become incapacitated.
In contrast, a durable power of attorney (DPOA) remains effective even if you face medical or other conditions that lead to mental incapacity. This feature makes a DPOA an essential tool in estate planning, ensuring that your chosen agent can continue managing your affairs without interruption, regardless of your health status.
Under a DPOA, you can grant your agent a wide range of powers, including:
- Managing your financial assets
- Making investment decisions
- Handling real estate transactions
- Dealing with government agencies, like the IRS
This broad authority helps ensure that someone you trust is always in charge and ready to act in your best interests.
Texas recognizes two types of durable powers of attorney: immediate and springing. An immediate DPOA takes effect when you sign it, giving your agent the authority immediately. On the other hand, a springing DPOA only activates under circumstances you specify, such as a medical doctor declaring you incapacitated.
By choosing the right type of DPOA for your needs, you can achieve continuity in managing your affairs, providing peace of mind for you and your family.
Medical Power of Attorney
In Texas, a Medical Power of Attorney (MPOA) is a legal document allowing you to appoint someone to make healthcare decisions on your behalf if you cannot do so. This vital estate planning tool ensures that your healthcare preferences are honored, even when you can’t voice them yourself.
With an MPOA, you grant your designated agent the authority to make various medical decisions. These can range from choosing medical treatments and accessing your medical records to deciding on your admission to or discharge from a healthcare facility. Importantly, this agent can also make decisions about palliative care and end-of-life treatment, aligning any medical intervention with your personal values and preferences.
Having an MPOA in Texas is crucial as it places control in the hands of someone you trust, helps prevent family conflicts, and aligns decisions regarding your health with your wishes.
Get Your Estate Planning Started Today
The estate planning documents checklist here covers only the basics. To ensure your plan is comprehensive and tailored to your needs, avoid relying on online documents. Instead, consult a Dallas estate planning lawyer at Staubus, Blankenship, Legere and Walker PLLC, which boasts over a century of combined experience drafting and defending estate planning documents in Dallas and throughout Texas. Contact Staubus, Blankenship, Legere and Walker PLLC online or by calling (214) 833-0100 to experience big-firm benefits in a boutique atmosphere and get personalized, professional attention to every detail of your estate plan.
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Are you planning your estate in the Lone Star State? If so, familiarizing yourself with Texas estate planning laws can help you determine what actions you may need to take to pass down your legacy according to your wishes.
A Texas estate planning attorney familiar with Texas law is a critical guide through this complicated process. They can advise you on the current rules and align your plan to meet any changes to estate tax laws. In the meantime, this overview covers some of the essential elements of Texas estate planning.
Powers of Attorney in Texas
A “power of attorney” (PoA) is a document drafted by one party (the principal) that grants another party (the agent) the right to make certain decisions on the principal’s behalf. These powers vary from document to document but could include:
- Making business decisions
- Managing financial affairs
- Making medical decisions
There are two main types of PoA:
- General Powers of Attorney, which allow the agent to take any legal action the principal could
- Limited Powers of Attorney, which allows the agent to make only specific decisions on the principal’s behalf, and often with an expiration date
Some powers of attorney will sunset if the principal becomes incapacitated. Chapter 752 of the Estates Code allows for the establishment of durable power of attorney. Unlike other powers of attorney, a durable PoA will either go into or remain in effect when the principal suffers the effects of injury, illness, or age. You might establish this type of PoA so that someone can make important decisions on your behalf when you can no longer.
You can choose what types of powers to grant when establishing a PoA. For example, you may want to establish a medical power of attorney so someone can make health care decisions on your behalf while not granting them the right to make financial decisions.
Intestacy in Texas
If you die without a will in the State of Texas, intestacy law will determine who inherits your estate. Here’s how that works under a variety of scenarios:
- Your spouse automatically inherits your estate if you’re married.
- If you don’t have a spouse, your children and their descendants will automatically inherit your estate.
- Your estate passes to your father and mother if you have no spouse, children, or descendants. If you only have one surviving parent, that parent and your siblings (and their descendants) will inherit the estate. Your one surviving parent will receive the entirety of your estate if you have no siblings.
- If you have no spouse, children, descendants, or surviving parents, your estate will pass to your siblings and their descendants.
The law further defines how assets will be distributed if none of the parties described live. Creating a will or trust lets you exercise more control instead of letting the state decide what happens to your assets.
Wills and Trusts in Texas
Creating a will allows you to exercise some control over the distribution of assets after your passing. However, with a will, your beneficiaries must go through the probate process before collecting what you’ve left to them. A probate court will also have to be involved, meaning information about the distribution of your assets will be public record.
You may help your beneficiaries avoid probate by establishing a trust. Like other states, Texas allows you to set aside assets in a trust that a trustee controls on behalf of the beneficiaries named in the trust. With a revocable living trust, you can still maintain control of the assets in the trust during your lifetime. With an irrevocable living trust, you separate the assets from your estate.
A trust can let beneficiaries receive their inheritances more quickly. Setting aside assets in a trust may also shelter those assets from estate taxes.
In addition, there are many types of specialized trusts you could establish. For example, you may create a spendthrift trust if you want to leave an inheritance to someone who might be irresponsible with money. This type of trust allows another party to control the trust’s assets.
Discuss your options with a professional. Speaking with an estate planning legal pro can give you peace of mind when making future plans.
Contact a Dallas, TX, Estate Planning Lawyer
Working with a Dallas estate planning attorney is the first step to developing a rock-solid estate plan. At Staubus, Blankenship, Legere and Walker PLLC, our Texas estate planning laws knowledge can help you better understand your options and select the right choices for your goal. Learn more about what we can do for you by contacting us online or at (214) 833-0100 today.
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Estate planning in Texas involves making decisions about issues like what type of life insurance policy to buy. An option you might consider if you’re married or in a similar formal relationship is a survivorship life insurance policy. How are survivorship life insurance policies helpful in estate planning? Although these policies aren’t for everyone, they can play valuable roles in estate planning.
What Is Survivorship Life Insurance in Dallas, TX?
Survivorship life insurance is a type of insurance you might consider if you wish to cover yourself and a spouse or partner under the same life insurance policy. Individual life insurance covers one person and pays out death benefits when they die.
A survivorship life insurance policy is different. When one spouse or partner covered by a policy dies, the policy doesn’t pay out until the surviving spouse or surviving partner under the policy also passes. In other words, a survivorship life insurance policy’s death benefit doesn’t pay out until both policyholders pass.
How Are Survivorship Life Insurance Policies Helpful in Estate Planning?
A survivorship life insurance policy offers many potential benefits to a married couple in Texas. This type of policy can be used by people in a civil union, partners who live together, or business partners. The cost of a survivorship life insurance policy may be less than that of two policies for two partners, although this isn’t always the case.
A survivorship life insurance policy can also be helpful for estate planning purposes. Consider the following examples:
Helping cover estate tax costs
The unlimited marital deduction prevents an estate tax from being levied on a married person’s estate after they pass before their spouse. When one spouse dies, as long as their spouse is the sole beneficiary, the surviving spouse can receive the entirety of their estate without paying taxes. When the second spouse dies, an estate tax may apply if the total of the estate they pass to their beneficiaries meets or exceeds the estate tax exemption amount. The death benefit from a survivorship life insurance policy could potentially help cover estate taxes and administrative costs in this scenario.
Reducing the tax burden
A survivorship life insurance policy’s death benefit may be greater than an individual policy’s benefit. Because a life insurance policy’s death benefit isn’t taxable in Texas unless the beneficiary is an estate or other non-person, this option may offer a tax-efficient way to leave more money to beneficiaries.
Planning to enjoy retirement
Some assume a survivorship life insurance policy is only helpful for couples with large net worths. This isn’t necessarily the case. If retirees wish to spend their savings enjoying themselves during retirement but don’t want to worry about leaving behind nothing for their heirs, a survivorship life insurance policy could offer some peace of mind.
Providing for a dependent with special needs
A survivorship life insurance policy can also be helpful when a couple has a child or other dependent with special needs. The payout from the policy could help provide for the needs of a dependent either directly or through a special needs trust.
Funding a business
A survivorship policy is also an option to consider if you own a business and wish to ensure its survival after your passing. The death benefit from a survivorship life insurance policy could go directly to your business partners, helping them keep the company running during a critical transition phase. Alternatively, you could leave the death benefit to your children, providing the funds they may need to take over the organization smoothly.
The specific way you use this type of policy in estate planning will depend on the specifics of your situation. Upon further review, you may decide this type of policy isn’t right for you.
Potential Drawbacks of a Survivorship Life Insurance Policy in Texas
You should know the potential disadvantages of a survivorship life insurance policy. For example, you must consider that a policy won’t pay a death benefit until you and your spouse or partner pass. That might not be ideal if you want your beneficiaries to receive the money sooner.
You may also consider the possibility that you’ll get a divorce. If you do, splitting a survivorship life insurance policy could be complicated. These are essential factors to account for when reviewing your options.
Contact an Estate Planning Lawyer in Dallas, TX
You don’t need to determine whether a survivorship policy is right for you on your own. A Dallas estate planning lawyer from Staubus, Blankenship, Legere and Walker PLLC can help you sort your options. We’ll work closely with you to develop a plan that’s right for your goals. Get started today by contacting us online or at (214) 833-0100.
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You should know the potential disadvantages of a survivorship life insurance policy. For example, you must consider that a policy won’t pay a death benefit until you and your spouse or partner pass. That might not be ideal if you want your beneficiaries to receive the money sooner.
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