Estate Planning
Basics
Estate Planning is the overall process of planning for what happens to your estate if you are prevented from being able to manage your own assets by death or incapacitation.
Life, and death, happen whether we want to think about it or not. In the unfortunate event of your death, who will distribute your assets to your surviving relatives? How would you want those assets distributed? If you become incapacitated while you are still alive due to an injury or illness, who will take care of you, pay your bills, or make your medical decisions?
Without proper estate planning, the state of Texas would decide.
Below is practical information you should be aware of when considering your options. At Rob Rhyne Law, our Estate Planning attorneys can help.
Planning for Death
Will Preparation and Review
Trusts Creation and Management
Trusts Creation and Management
A Will provides a way to distribute your property in a manner you want after your death, assign who will look after your children, and pick who you want to act out your wishes (Executor). Having a Will prevents your assets from being distributed according to the default laws of the state.
Ensuring your Will is drafted clearly and properly can limit the family disagreements and disputes during a stressful time and can streamline the probate process.
Additionally, having a Will provides you with flexibility to change your wishes while you are alive, and gives you peace of mind that your loved ones will be taken care of after you are gone.
Contact us to ensure you have this vital Estate Planning document in place.
Trusts Creation and Management
Trusts Creation and Management
Trusts Creation and Management
A Trust is a legal agreement where a person (or people) put assets into an "account" where a Trustee holds and administers those assets for the named Beneficiaries. Upon creation of a Trust a specific Trust purpose is defined, which the Trustee must follow when considering their actions.
Trusts can be complex but depending on the type of Trust, Trusts can provide benefits like tax savings, the transfer of assets (while alive or upon death), and avoid the probate process.
Whether revocable or irrevocable, testamentary, spendthrift, generation-skipping, or charitable, Trusts are an essential part of an Estate Plan to consider.
Contact us to ensure you understand your options and what a Trust can do for you.
Probate Services
Trusts Creation and Management
Probate Services
Probate is the process used by courts to administer the distribution of deceased persons assets (the estate), whether under a Will or without a Will.
With or without a Will an estate should be probated to ensure your loved one's assets are distributed properly and to prevent disputes in the future. Probate allows a court to determine the validity of a Will, if there is one, and oversee the legal distribution of the estate.
If the deceased has a Will, the court will validate the Will and assign an Executor per the Will, if the Will named one. If the Will did not name an Executor, the court will appoint one. The Executor will be responsible for distributing the estate per the Will.
If the deceased did not have a Will, or the court deems a Will presented to the court invalid, the estate is said to be "intestate". In this situation, the court will appoint an administrator to legally distribute the assets of the estate in accordance with the state laws. This will require the administrator to identify and notify heirs of the deceased.
Whether or not your loved one had a Will, probate is important to ensure the deceased property is transferred to the correct heir. If this does not happen, it can open up family members of the deceased to lawsuits.
Contact us today to understand how this process works.
Planning for incapacitation
Power of Attorney and Medical Directives
A Power of Attorney allows a designated person to make decisions for you around your property, finances, and/or medical care.
A Durable Power of Attorney grants a named person (or persons) the right to act as if they are you in relation to your property and can be valuable if you are unable to execute certain transaction on your own, whether unavailable or incapacitated. Examples of powers that can be granted include:
- transfers of property,
- banking and financial transactions,
- claims and litigation,
- tax matters, and
- receipt of benefits.
A Medical Power of Attorney grants a designated person (or persons) the right to make decisions on your behalf around your medical and health care. A Medical Power of Attorney is valuable if you become incapacitated and are unable to make medical decisions for yourself.
Contact us to discuss what options are available to you and your loved ones.
Guardianship Services
A Guardianship is where a designated individual (Guardian) is granted the right to make decisions for another adult (Ward) who is unable to make their own decisions due to incapacity.
A Guardian is appointed by the court to act in the best interest of the Ward regarding their personal, medical and/or financial choices. A Guardianship can be appointed for the person, the estate (assets), or both. Guardianships can be permanent or temporary, and full or limited.
The process involves identifying to the court the extent of the Ward's incapacitation, the reasons, presenting evidence to the incapacitation, appointing a Guardian, and identifying the assets of the Ward's estate. Once a Guardian is appointed, they are required to provide an annual accounting to the court of the Ward's assets.
A Guardian has a legal obligation (duty) to act in the best interest of the Ward.
Contact us today to understand how this process works.