What is an estate plan?

An estate plan is a set of legal documents that allow an individual to set up and manage their assets and property in accordance with their wishes. This includes instructions on how the assets should be distributed upon their death. It also includes any measures taken to reduce the risk of taxes or other legal burden to one’s loved ones after they’ve passed away. The most basic form of an estate plan for Texas residents is a Last Will and Testament. This document outlines how the listed individual’s assets should be distributed upon their death. If the individual has minor children, the Will can also be used to appoint a legal guardian to take care of the children until they are legally adults. In addition to a Last Will and Testament, other documents you may need to create an estate plan are a Living Will, a Durable Power of Attorney, and an Advance Directive. A Living Will describes the kinds of medical treatment you would or would not want to receive if you are unable to express your wishes in the future. A Durable Power of Attorney establishes a person of your choosing to make decisions on your behalf in the event of illness or incapacity. An Advance Directive allows you to appoint a health care agent to make medical decisions on your behalf, if and when the need arises. In addition to these documents, an estate plan for Texas residents could also include a Transfer on Death Deed or a Revocable Living Trust. A Transfer on Death Deed is a deed that allows you to avoid probate by transferring ownership of real estate after your death, while a Revocable Living Trust is an instrument that allows you to manage your assets during your lifetime and after your death. No matter what estate planning documents you decide to include in your plan, it is important to consult with an experienced attorney who specializes in Trusts and Estates Law in Texas to make sure your wishes will be carried out upon your death.

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What is an estate plan?

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