Losing a loved one can be traumatic, especially if the loss is unexpected. It can be made more difficult if family members have to second guess the loved one's wishes. Estate planning can help them avoid this stress. Through documents that deal with everything from the distribution of your property to advance directives, you can have the peace of mind of knowing your last wishes will be clearly recorded and accessible for your family during this emotional time.
The most important way to ease their burden is to create a Last Will and Testament. It is important not only because it states how you want your property and assets divided, but it also names the executor of your estate. The executor’s job is to gather up all of the decedent’s assets, pay off any debts, and distribute the remainder to the beneficiaries named in the Will. This is a big responsibility and the choice should not be made lightly. If you choose someone who can't do the job, it could longer than necessary to close out the estate, and the estate could be responsible for fees charged due to mistakes.
It's important to note that if you die without a will, you will have an intestate estate. That means the state of Texas will determine who inherits your estate and it may not be what you want. Typically, your spouse would inherit everything unless the decedent had children from another marriage or relationship. In that case, all of the children now own the decedent’s half of the estate with the surviving spouse. More often than not, the surviving spouse and the decedent’s children don’t like each other. That makes for a difficult case.
However, if you have no immediate family, the state must follow an intricate framework of distribution, including siblings, parents, aunts, uncles, cousins, ex-spouses, stepchildren, etc. Your cherished possessions, such as family heirlooms or personal collections, may not go to the friends or family members you would've chosen. Creating a Will would prevent this from happening.
In the state of Texas, you do not have to work with an attorney when you create a will. You can download the paperwork you need to file, and there are online resources you can contact. However, once you download the paperwork, you're on your own. There's no one to help if you have any questions, and the online resources are difficult to contact once you've made your transaction. Estate planning laws in Texas can get complicated, and it's best to have an experienced attorney with you to answer any questions. Saving money isn't necessarily worth the stress. Many times, these DIY Wills are not drafted or signed correctly which makes for an extremely expensive and time consuming ordeal.
An estate attorney can also help you with other important documents, such as:
- Power of Attorney – Power of Attorney gives someone you choose the authority to make decisions on your behalf if should you become incapacitated. This includes paying your bills, managing your finances, and handling any other important matters.
- Medical Power of Attorney – While Power of Attorney gives a person of your choice the authority to deal with your finances and other daily issues, Medical Power of Attorney gives the person you choose authority to make decisions concerning your health when you can't. This includes talking to physicians and health care providers about what forms of treatment you will receive and where you will receive it.
- Transfer on Death Deed – This is a document that puts a beneficiary on your house. When you die, all the beneficiary needs to do is file an affidavit of death with the county deed records along with a death certificate and the deed is transferred to your beneficiary. No probate is necessary.
If you have any questions, experienced estate attorney Nancy Perry Eaton would be happy to help you out. She can evaluate your estate and possibly set it up where you won’t have to probate your estate. Call and make an appointment for a free consultation to see how easy it can be to save your family a lot of stress. All it costs is a bit of your time.