Wills And Trusts
Do I Need a Will?
In Texas, a person who dies without a valid Will has their assets distributed in accordance with state law. If your wishes do not match up with these laws, it is possible that your estate will not be passed on as you intended. For this reason alone, you should consider putting a Will in place. Additionally, transferring your assets without the assistance of a Will is often significantly more expensive, as your heirs will be required to demonstrate that no one else is eligible to inherit from you. Finally, a properly drafted Will can provide for the creation of trusts that give your assets crucial protection from creditors.
Do I Need a Trust?
A Trust is a legal instrument created to hold property for a variety of different reasons. Many different types of Trusts exist, and each type has a distinctive purpose. These purposes can include funding a charity, protecting assets, and avoiding probate. The attorneys at Plunk Smith, PLLC, can identify and explain the various types of Trusts and help you determine whether a Trust is right for you.
What Other Documents Do I Need?
When our firm prepares your estate plan, we provide you with more than just a Will. We also give you the following important documents:
- Statutory Durable Power of Attorney (in which you designate one or more persons to handle your business and financial matters in the event of your incapacity)
- Medical Power of Attorney (in which you designate one or more persons to make medical decisions for you if you cannot make them yourself)
- HIPAA Authorization Form (granting your Medical Power of Attorney Designees the right to access your medical records to make informed decisions)
- Directive to Physicians (also known as a “Living Will,” whereby you indicate your desires concerning medical treatment in circumstances in which you are no longer able to express informed consent)
- Declaration of Guardian (in which the persons named as your Durable and Medical Powers of Attorney are named Guardians of your Estate and Person, respectively)
Contact a Frisco-Area Attorney Today
To discuss your specific questions related to estate planning, call or email Plunk Smith, PLLC.