Four Essential Documents For Your Texas Estate Plan
Estate planning often sounds like a heavy, complicated topic. However, the process need not be scary or overwhelming. There are just four main documents you need when you start your estate plan. Each document is flexible enough that it can be amended and updated as necessary. At the Law Office of Lori Watson, attorney Lori Watson applies her two decades’ worth of legal experience in estate planning with her knowledge of family dynamics gained from practicing family law. The result is estate plan preparation that is forward-looking and individualized. Ms. Watson is an efficient and results-focused estate planning attorney whose main concern is helping you meet your long-term and short-term goals.
The Documents You’ll Need – And Why You’ll Need Them
Each of the four documents that play a key role in estate planning has a different purpose:
- A last will and testament allow you to express your final wishes in clear detail, covering items such as how to distribute your personal property, naming a guardian for your minor children and discussing your funeral and burial arrangements.
- A trust sets up a fiduciary relationship in which you or another person (acting as a trustee) holds title to your assets and directs their use on behalf of a beneficiary. Trusts are excellent vehicles for distributing property or assets without having them pass through probate.
- A power of attorney declaration allows you to name a person (called a proxy or attorney in fact) to make financial or health care decisions for you when you can no longer speak on your own behalf.
- An advance medical directive – also called a “living will” – specifies which health care procedures you want performed if you are critically ill or injured, or if you are facing the end of life.
Each of these four documents can be customized to fit the size of your estate. Together, they provide a significant amount of detail about your final wishes, which can prevent disagreements among family members.
Trust The Georgetown Estate Planning Lawyer Who’s On Your Side
Attorney Lori Watson has more than 20 years of experience as an estate planning attorney. To set up an initial consultation about your estate planning needs, call our office at 512-931-2121. We serve clients across Central Texas, including Austin, Williamson County and the Georgetown area.