Estate Planning Attorneys in Austin, TX

If you are over 18 and have any assets, a will achieves many important goals:

• It allows you to distribute your assets as you wish without a court’s intervention. 
• It can reduce the complexity and cost of probate for your heirs. 
• If you have minor children, you can name a guardian for them and a trustee to manage their finances.
• It names an executor to handle your estate for you. 
• It can minimize the effect of estate and inheritance taxes, if your estate is subject to these taxes.

In preparing a will, the first thing you should think about is who you will want to leave your property to, and if that person or persons should die before you, then who else. Next, you will want to consider who will be the person responsible for making sure your wishes in the will are carried out. This person is called the Executor, and a backup Executor should also be considered. 

If you have minor children, you will need to determine who their Guardian will be in the event both you and your spouse are both deceased. If you have minor children or young adult children who may not be ready to properly manage their finances, you can establish a trust in your will to allow a person to manage those assets until the children reach the predetermined age. This person is called a Trustee. 

When we talk about a living trust, we mean a trust which is created now, as opposed to one contained in your will which comes into existence when your will is probated. We also mean a revocable living trust which can be terminated at any time by the maker of the trust. There are several reasons why a revocable living trust should be considered:

• Real Estate in Multiple States: If you have a living trust which owns all of your assets, including out-of-state-real estate, there will be no need for probate in Texas or any other state.
• Mobility: If you are likely to be leaving Texas in the foreseeable future, a trust may be a better investment than a will.
• Management of Assets: A living trust allows you to pre-settle your estate and allows the trustee to manage your financial affairs if you become incapacitated and are suffering from a debilitating illness.

Your will is not effective prior to your death. While you're still living, a Statutory Power of Attorney (also known as a Financial or Durable Power of Attorney) allows you to name an agent to make financial decisions for you if you are incapacitated or out of the country. This is a powerful document, and you will want to make sure that the agent you name is trustworthy. If you are married, your spouse is the likely agent, but you can name anyone you want.

If you are in a coma or otherwise incapacitated and cannot make your own medical decisions, you can name an agent to make medical decisions for you in a document called a Medical Power of Attorney. Included in that document is the HIPAA authorization which permits sharing of protected health information from health providers and health plans to the person named in the document. 

A Directive to Physicians is also called a Living Will. This is an end-of-life document and expresses your wishes to medical personnel about end-of-life care.