You likely do not need another gentle reminder about your estate plans. You may, however, need guidance regarding the best steps forward. It is important to keep in mind that you are not alone out there – help is available, and it can make all the difference. Turn to an experienced Moody estate and probate attorney at The Law Office of Brett H. Pritchard for the help you are looking for. 

First Things First: Your Will Is a Great Place to Start

Your will is a fairly straightforward estate planning tool. With it, you can accomplish many things, including all the following:

• Distributing your assets to the people who mean the most to you when you are gone
• Addressing the matter of your minor children’s legal guardianship if they were to lose both parents prior to reaching adulthood 
• Assigning the role of executor of your estate to someone whom you trust to manage the challenging administrative tasks involved

Your estate includes everything of value that you own. This means your cash, bank accounts, investments, possessions that have financial or sentimental value, and digital assets such as cryptocurrency, online photo collections, and social media accounts.

The only assets that do not move through probate are the ones that are already assigned to beneficiaries. These include beneficiary-based assets like life insurance, properties that have transfer-on-death deeds, and anything that is held in a trust.

The Role the Executor of Your Estate Will Fill

The executor of your estate will guide it through the probate process, which is where the matter will be wound up –  or finalized. The steps forward are exacting, and your executor will need to patiently move through each. 

It should be noted that your executor fills a fiduciary role. This means that their sole focus must be on the best financial interests of your estate and your heirs. 

The Probate Process in Moody, Texas

At the time of your death, the executor of your estate will file your will with the probate court. At this point, the court must validate your will – or make sure that it is legitimate in the eyes of the law – and must determine if the executor you nominated is fit to serve. Once these matters are both established, the court will need to resolve any conflicts that arise, while your executor will handle each of the following:

• Inventorying your assets and having valuations conducted as needed
• Posting notice for any creditors with a financial interest in your estate
• Resolving all outstanding debts
• Paying your final bills and filing your last tax return
• Notifying your heirs regarding their inheritances
• Distributing your remaining assets according to the wishes expressed in your will

Making Medical Decisions: The Medical Power of Attorney

When you assign medical power of attorney (POA) to someone, you grant them the authority to make important medical decisions on your behalf at any point that you are unable to do so. For example, if an illness or injury leaves you unable to make your own medical decisions, you can trust your medical POA to make them on your behalf and to uphold your related wishes in the process.

By also creating a living will, which is an advance directive, you ensure that any medical decisions that do need to be made for you will be effectively addressed. A living will is a legal document that allows you to list common medical treatments and procedures and whether or not you would like to accept or reject them if a medical professional issues orders.

Making Financial Decisions: The Durable Financial Power of Attorney

By assigning someone the role of a durable financial POA, you grant them the authority to make financial decisions if you become incapacitated. Durability here means that the POA remains in effect until you modify or cancel it. The authority granted is only triggered, however, if you are incapacitated, and any additional parameters you set regarding when they make decisions will also apply.

Your durable financial POA has a fiduciary responsibility to you. This means that, like the executor of your estate, they must champion your financial best interests rather than their own. They are also required to make decisions that align with the financial preferences you shared with them.   

An Experienced Moody Estate and Probate Attorney Appreciates the Opportunity to Help You

Brett Pritchard at The Law Office of Brett H. Pritchard is a compassionate Moody estate and probate lawyer who takes immense pride in his solid reputation for helping clients like you create estate plans that serve them and their families well. We are here for you, too, so please do not delay in reaching out by completing our online form, or by calling us at (254) 220-4225 for more information about what we can do to help you today.