Lewisville Last Will Lawyer & Trust Attorney

Why Wills & Trusts Are Necessary For Everyone 

• Wills & Trusts – The primary goal of estate planning is to protect your family 
  Most people are familiar with a Last Will and Testament. This legal document ensures that the Testator, the party creating the Last Will and Testament, can leave their property to their loved ones how they see fit. It is a legal tool used for protection in the event of death. Everyone, regardless of whether they are young or elderly, should have a Last Will and Testament. When a person fails to execute this necessary legal document, chaos is often left behind.

An effective estate plan typically includes not only a Last Will and Testament but also a comprehensive approach involving trusts and other essential legal documents. Living Revocable Trusts, for example, offer several benefits beyond what a simple will can. They allow for the management of your assets both during and after your lifetime, shielding your estate from lengthy probate processes and maintaining privacy since trusts are not public records upon death.

Living Revocable Trusts are equally important to protect the family that is left behind after a loved one passes. When prepared by a Haugen Law Firm attorney, this document provides safety, peace of mind, and security. Preparing for death is a necessary element of life, and the Haugen Law Firm can provide skilled representation while meeting the goals of each client. Our firm believes in providing guidance through the complex process of estate planning by safeguarding estates from improper handling in the future.

The Role of Joint Wills and Trusts: In situations where both spouses wish to coordinate their estate planning, joint wills and trusts can be effective tools. While a joint will is a single document serving two individuals, joint trusts allow couples to simultaneously manage the collective assets, addressing both estates' needs.

1. Powers of Attorney – Strategic Planning Results in Peace of Mind 
   While there are many different types of Powers of Attorney, among the most important are the Statutory Durable Power of Attorney and Medical Power of Attorney. These legal documents allow a loved one to make financial and medical decisions on your behalf, should you be unable to do so. For example, if tragedy were to strike, you would have already selected who may continue to manage your financial and medical affairs. It is important to understand that these documents are only used in the event of legal incapacity. You will continue to manage your financial and medical decisions until a medical doctor verifies that incapacity.

Securing Power of Attorney can be a crucial aspect of ensuring your wishes are respected. The Statutory Durable Power of Attorney offers flexibility in dealing with various financial matters, from managing or selling property to overseeing investments and other assets. Meanwhile, the Medical Power of Attorney ensures that healthcare decisions fall into the hands of someone you trust should you be unable to communicate your preferences.

According to the Texas Probate Code, section 601(14), an incapacitated person is any of the following:

1. A minor;

2. An adult who is unable to provide for his or her own food, clothing, physical health, financial affairs, or sheltering needs because of a physical or mental condition; or

3. A person who must have a guardian appointed in order to receive funds from a state or federal government source.

Understanding these definitions is crucial, as it assists in making informed decisions about who you choose to act on your behalf. Especially in Texas, where probate laws can be complex, having knowledgeable legal guidance from a last will attorney in Lewisville ensures that documents are crafted to withstand legal scrutiny.

Developing a full estate plan includes planning for possible incapacity in the future. You will be able to decide, while fully competent, which loved one is best suited to manage your financial and medical decisions. Failure to properly plan may result in the Texas Courts deciding on your behalf. 

Common Questions About Wills & Trusts

What is the Difference Between a Will and a Trust?

A will and a trust are both essential components of estate planning, but they each serve unique purposes. A will is a legal document that expresses your wishes regarding the distribution of your property and the care of any minor children. It becomes effective only after your death and must go through the probate process, where a court oversees the distribution of your estate. In contrast, a trust is a legal arrangement in which a trustee holds and manages assets on behalf of beneficiaries. Trusts can be structured to manage your assets during your lifetime and continue after your death, allowing for the management and distribution of your assets without the need for probate. In Lewisville, understanding the local probate process and how a trust can help avoid it can be critical in estate planning. Trusts offer more privacy, as they do not become part of the public record.

Why Is Having a Living Will Important?

A living will, sometimes referred to as an advance directive, is crucial as it outlines your preferences for medical treatment should you become incapacitated and unable to communicate your wishes. It helps ensure that your healthcare choices are respected and reduces the burden on your family during challenging times. Having a living will allows you to dictate specific medical interventions you do or do not want, such as life support or resuscitation, ensuring that your medical care aligns with your values and desires. In Texas, including Lewisville, a living will is a part of a comprehensive estate plan that helps avoid potential conflicts among family members and provides clear guidance to healthcare providers. This document ensures peace of mind, knowing that your medical treatment preferences will be honored, even when you are unable to advocate for yourself.

Haugen Law Firm, P.C. is dedicated to the individual needs of each client and focuses on preparation. Probate law requires preparation and is best handled by a detail-oriented lawyer like attorney John Haugen. Speak with us today by filling out our case evaluation form to set up an appointment.