Estate Planning in TEXAS

Estate Planning

Emphasis on Revocable and Irrevocable Trusts

Are you ready to "get your affairs in order"? HC Law is here to help. From our self-acclaimed "Brunch With a Purpose" to our partnerships with over 50 churches in the state of Texas – named "The Power of Twelve" – the HC Law Firm is proud to have educated over 100 families in 2023. We look forward to helping over 1000 families in 2024 understand the importance of having an All-Inclusive Will Package or, more importantly, a Trust.

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What is an All-Inclusive Will Package, and what does it include?

Firstly, the proper or legal name for this package is a Will Advisor Package. It includes all the necessary documents for an individual or their heir to make decisions on their behalf when they are unable to do so, either while alive but incapacitated or after passing away. Here is the list of documents included:

Will

A Will, or Last Will and Testament, is a legal document that names your executor, specifies your chosen beneficiaries, and outlines how you want your assets and property distributed after your death. It's important to note that a Will must go through probate court by a licensed attorney within four years of death to be solidified.
Medical Power of Attorney with HIPAA Authorization

This grants the authority to make medical decisions if the patient becomes incapacitated.
Durable Power of Attorney

This refers to a power of attorney that typically remains in effect until the principal's death or the document is revoked. The principal can grant an agent the authority to handle "all matters" or "limited matters."
Directive to Physician

Also known as a "living will," this document informs loved ones and care providers about your wishes regarding life-sustaining treatment if you are terminally ill.
Appointment for the Disposition of Remains

This provides the authority to make decisions regarding the body after the individual passes away.
Transfer on Death Deed

This allows the transfer of title or deed to an individual upon the owner's death without the need for probate. The current owner must file the deed before death.
Declaration of Guardian for Self and Designation of Guardian for Minor (or Adult Incapacitated) Child

This is a legal document indicating your preference to the court regarding who you want to serve as a guardian in the event of a guardianship proceeding for you. It addresses preferences for a guardian for minor children.

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In addition to the Will Advisor Package, it's crucial to consider a Trust or Legacy Trust, which provides extensive instructions for the trustee to manage the assets for the benefit of the heirs or beneficiaries. The Trust assures the trustor that assets will be distributed or protected according to the trustee's wishes. Trusts are private instruments and have the authority to avoid probate. A Trust may hold ownership of assets such as a home or property, business, insurance policies, and bank accounts. A Trust also includes an All-Inclusive Will Package as well.

Revocable Trust - Also known as a Living Trust, this can be altered occasionally while the trustor is alive.
Irrevocable Trust - Also called a Testamentary Trust, this is a trust that cannot be changed.

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