The matters of your will, probate, and everything else related to estate planning are not only weighty but are also legally challenging. In fact, many people have no idea where to start. The good news is that the time to get started is now, and that an experienced McLennan County estate and probate lawyer at The Law Office of Brett H. Pritchard can help. This includes establishing your priorities and translating these into solid estate plans that reflect your wishes and honor how important your loved ones are to you. 

Who Should Engage in Estate Planning?  

Even the term estate sounds like something that only the wealthy would have. In reality, however, your estate simply refers to your assets and possessions, which means that virtually everyone has an estate. 

If you have preferences regarding how you would like your estate to be resolved at the time of your death, you are an excellent candidate for estate planning. This is regardless of whether your estate is immense or far more modest. 

Those who fall into the following categories should also put some effort into their estate plans:

• Anyone with minor children – you can address the matter of their legal guardianship in your will
• Anyone who has concerns about who will make financial decisions for them in the event they become incapacitated
• Anyone who has definite ideas about the medical care they do or do not want in a medical emergency

Now is a good time to explore your estate planning needs and the tools that can help you effectively address them. 

Your Will and the Probate Process  

A primary building block of your estate planning efforts is your will. This is a legal document that allows you to outline your wishes regarding how your assets and properties will be distributed when the time comes. For your will to be legally binding, you will need to follow state requirements, which include that you are of sound mind and that your will is in written form.

The Role Filled by Your Executor

In your will, you should name an executor of your estate who will take on the administrative duties involved. This includes not only filing your will with the probate court but also handling many of the steps forward, including:

• Posting a notice for anyone who may have a financial interest in your estate
• Resolving your remaining debts
• Notifying the beneficiaries named in your will
• Filing your final tax return and paying off your final bills
• Distributing your remaining assets according to the wishes outlined in your will

Your executor will bear a fiduciary duty to your estate. This means that their sole focus must be on your estate and your heirs’ financial best interests.

The Probate Process

The probate process is notoriously complicated, and it can seriously delay the winding up of your estate through the final distribution of your assets. In order to help ensure that your estate flows effectively and efficiently to those whom you want to benefit from it, all the following are of critical importance:

• Having a well-crafted will in place that is both legally binding and clear regarding your wishes
• Choosing an executor who takes the job seriously and is well-suited to the challenging role
• Working closely with a seasoned estate and probate lawyer in the creation of your estate planning tools

The probate court is responsible for validating your will, determining that the executor you have named is fit to serve and assigning them the authority to do so, and resolving any conflicts that occur. 

Powers of Attorney 

You should also consider the roles that powers of attorney can fill. A durable financial power of attorney (POA) can make financial decisions for you if you are not physically available or if you are unavailable as a result of incapacitation. Like the executor of your estate, your medical POA has a fiduciary responsibility to your best financial interests. 

You can also create a medical POA, which is someone who will make medical decisions that reflect your wishes in the event that you cannot. Having a living will that spells out specific treatments or forms of care that you do or do not want, and a medical POA, is the most comprehensive approach to addressing medical decisions.

You Need an Experienced McLennan County Estate and Probate Attorney on Your Side  

Brett Pritchard at The Law Office of Brett H. Pritchard is a proactive McLennan County estate and probate lawyer who implements the full scope of his decades-long experience for every client he works with, and this includes you. We are here to help with your planning needs to ensure your intentions are secured. Please do not hesitate to reach out by completing our online form or calling our office at (254) 220-4225 for more information today.