Planning your estate may involve making a will, living trust, healthcare directives, durable power of attorney for finances or other documents. It is never too early to plan for this and provide your family with your directions in order to minimize arguments, misinterpretations and expenses after your death. While The Reilley Law Firm does not specialize in Estate Planning, we can provide the basic documents to protect you and your family. If we can't help you we will find someone who can.
A document in which you specify what is to be done with your property when you die and name your executor. Your executor will carry out your wishes with the Reilley Law Firm's assistance. You can also use your will to name a guardian for your young children.
A trust you can set up during your life. Living trusts are an excellent way to avoid the cost of going to court, because the property you transfer into the trust during your life passes directly to the trust beneficiaries after you die, without court involvement. The successor trustee--the person you appoint to handle the trust after your death--simply transfers ownership to the beneficiaries you named in the trust.
Legal documents that allow you to set out written wishes for your medical care -- and to name a person to make sure those wishes are carried out.
A legal document that gives someone authority to manage your financial affairs if you become incapacitated or unable to make decisions. The person you name to represent you is usually called your agent or attorney-in-fact.
You can save a lot of money, potential arguments and hard feelings between those closest to you by preplanning how you want your assets managed when you are now longer able to manage them yourself, and how your property will be pided at your death.
In Texas, you can sign a power of attorney to appoint someone to handle your assets if you become incapacitated or unable to make decisions. At a minimum, a power of attorney should include the power to:
You don't need to transfer any assets at the time you sign the durable power of attorney, but it's a good idea to keep the person you've chosen informed about your ongoing financial matters.
You can also appoint a Power of Attorney for Health Care to make health care decisions for you when you're unable to do so yourself. This person can provide informed consent for treatment, or even refuse treatment for you.
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