Handling the legal intricacies of estate planning can be overwhelming, and many people simply do not know where or when to start. Breaking down the basics can help you determine the best approach for you. Once you sort through the myths and mysteries of estate planning, you will be far better prepared to get started, and an important early step is consulting with an experienced Middle Crossing estate and probate attorney at The Law Office of Brett H. Pritchard. 

What It Means to Have an Estate Plan 

The assets, possessions of value, and items with sentimental value, like family heirlooms that you own, make up your estate. In other words, you needn’t be wealthy to have an estate. Your estate simply refers to the assets you have worked hard to acquire, and estate planning allows you to determine how they will be distributed on your passing.

Your Will

In your legally binding will, you can address all the following:

• The distribution of your assets according to your wishes
• The legal guardianship of your minor children 
• The nomination of someone whom you trust to guide your estate carefully through the probate process

Wills are probated, but legally binding wills determine how the involved assets will be distributed, tend to streamline the challenging probate process, and can limit the related legal expenses.

Decision-Making Authority

There are also estate planning tools that allow you to assign decision-making authority in the event you are incapacitated. 

Living Will and Medical Power of Attorney 

For medical decisions, there are living wills that determine the medical procedures, interventions, and care that those with clear preferences can implement. In addition, you can assign a medical power of attorney to someone whom you trust to make the medical decisions that lie outside the scope of your living will. 

These go into effect only if you are injured or ill to the degree that you cannot make the decisions for yourself. And your medical POA must make decisions that align with the choices you shared with them.

Durable Financial Power of Attorney

With a durable financial power of attorney, you choose someone to make financial decisions for you in the event you are incapacitated. This helps to ensure that your financial investments will be handled the way you would have done, if you could. Ultimately, your medical POA has a fiduciary responsibility to you, which means their sole focus regarding these decisions is your financial best interests.  

If You Do Not Have a Will

If you do not have a will, the laws of intestacy in Texas will apply. This means that the State of Texas will determine how your assets will be distributed according to its inheritance chart. This means your wishes will not be taken into consideration because you did not make them available to the court in the form of a legally binding will. 

Assets that Avoid Probate

There are also assets that avoid probate altogether, which means they will flow directly to the beneficiaries you named on your death. These include anything with a beneficiary designation, such as retirement accounts and life insurance policies. The same is true of anything held in trust and any property with a transfer on death designation.

The Probate Process

The probate process in Texas is complicated, but having a will and nominating an executor of your estate puts your estate in a good position to proceed smoothly forward. The basic steps involved include the following:

• The person you named as your executor will file your will with the probate court.
• The probate court will validate your will and, once it deems your candidate for executor fit to serve, will grant them the legal authority necessary to act on behalf of your estate.
• Your executor will post notice for any creditors with a financial interest in your estate and will proceed to resolve your final debts.
• The court will address any will contests or disputes among potential heirs.
• Your executor will pay your final bills, file your final tax return, and notify your heirs.
• Your executor will distribute your assets according to your wishes.

A final note to make here is that your executor has that same fiduciary responsibility to your estate as your financial POA does.

Speak to an Experienced Middle Crossing Estate and Probate Lawyer Today

Brett Pritchard at The Law Office of Brett H. Pritchard is an esteemed Middle Crossing estate and probate attorney who has the experience, legal insight, and concern to help you establish the confidence-inspiring estate plans you are looking for. Having solid plans in place can make a serious difference in your outlook on the future, which is one of the best gifts you can give yourself. Learn more by contacting us online or call us at (254) 220-4225 today.