Regardless of the size of your estate, which refers to everything of value that you own, you likely want it to be distributed according to your wishes upon your death. In fact, the inheritances that you leave for your loved ones could be very important to them moving forward. In other words, your estate is important, which makes estate planning important. 

The experienced Heidenheimer estate and probate attorney at The Law Office of Brett H. Pritchard can help you gain a greater perspective regarding your estate and help you implement the estate planning tools you need. 

The Basic Elements of Your Estate Plans

Your estate plans will be specific to you. But the basic building blocks of estate plans do not vary. 

Assets that Are Not Probated

The only assets that do not go through the probate process include the following:

• Those accounts that assign beneficiaries, such as retirement accounts, some investments, and life insurance policies
• Any property that has a transfer-on-death deed attached
• Anything that is held in trust

These assets will flow directly to the beneficiaries named without going through the probate process. 

The Role of Your Will

Your will is a key component of your estate plans. In it, you will inventory your assets and make it very clear how you would like them to be distributed to your loved ones upon your death. You can also address any of the following that apply:

• The legal guardianship of any minor children 
• Contributions to any charities or organizations that you support
• How you would like family heirlooms that may have far more sentimental value than financial value to be distributed

Your will should also name an executor of your estate. 

The Executor of Your Estate

The executor of your estate will serve a critical role at the point that your estate is probated. They will take on the administrative duties involved, which include all the following:

• Posting a notice to any creditors who have a financial interest in your estate and resolving your debts
• Inventorying your assets and having valuations conducted as needed 
• Notifying your heirs that they are included in your will 
• Paying your final bills, such as the cost of your funeral and burial
• Filing your final tax return

Filing the role of executor is an immense responsibility, and you should choose someone who is up to the task. An important point to make here is that your executor bears a fiduciary duty to your estate and to those who inherit from you. This translates to having a focused responsibility to the financial best interests of both.

Powers of Attorney for Medical and Financial

Two additional estate planning tools are powers of attorney that assign both medical and financial decision-making authority. Both should be chosen with care and should be filled by someone whom you trust implicitly to handle the responsibility well and to do so in accordance with your wishes.

Your medical power of attorney (POA) will be tasked with making important medical decisions on your behalf if you are too ill or injured to make them for yourself. When you couple your medical POA with a living will, which is an advanced directive, it helps to ensure that your preferences regarding medical care will be carefully followed.

Your financial POA will make financial decisions on your behalf in the event you become incapacitated. The person who fills this role bears a fiduciary responsibility to you.

Probate Overview

Finally, your estate will be wound up – or finalized – during probate. This process is guided by the court, with your executor handling those administrative tasks discussed. 

An early step in the process is validating your will, which means it should check all the following boxes:

• It should be in writing, which can mean being in your handwriting, being typed, or being printed
• It should be signed by you
• If it is not in your handwriting, it should also be signed by two witnesses

If your will is notarized and includes a self-proving affidavit, the validation process will be streamlined and virtually guaranteed.  

Once probate wraps up, your executor will distribute your assets to your loved ones according to the terms of your will.

If you do not have a will or do not have a legally binding will, the laws of intestacy in Texas will be followed. And the probate process is likely to be more costly in terms of legal expenses and more time-consuming. 

Discuss Your Estate Planning Needs with an Experienced Heidenheimer Estate and Probate Lawyer

Brett Pritchard at The Law Office of Brett H. Pritchard is a compassionate Heidenheimer estate and probate attorney who will put in the effort necessary to create estate plans that address your needs, reflect your wishes, and afford you the confidence you are looking for. Learn more by contacting us online or calling us at 254-781-4222 today.