Estate Planning

Many individuals overlook the profound importance of estate planning or underestimate its far-reaching benefits. As a result, they often defer or neglect the process altogether, inadvertently creating substantial challenges for their loved ones. Thoughtful and strategic estate planning offers a myriad of advantages, ensuring not only the protection of assets but also the preservation of familial harmony and the smooth transition of wealth across generations. Here are some key benefits of comprehensive estate planning:

• Control over asset distribution: Ensure that your assets are allocated according to your specific wishes, rather than leaving it to the state to determine who inherits your property.
• Appointment of a trusted fiduciary: Ability to appoint a reliable person to oversee your estate should you become incapacitated or pass away.
• Authority over financial and healthcare decisions: Decide who will have the legal authority to make critical financial and healthcare decisions on your behalf when necessary.
• Child custody planning: Designate a trusted guardian for your children to ensure they are cared for by someone you know and trust.
• Avoiding probate delays: Help your loved ones avoid the lengthy probate process, allowing them to access your assets more quickly.
• Minimizing estate taxes: Reduce the taxes your estate will owe after your passing, ensuring more of your wealth stays within your family.
• Succession planning: Ensure a smooth transition of leadership for your business by identifying who will manage it in the future.

There are numerous estate planning products available today that claim to allow consumers to prepare legal documents, such as a Will, online or through generic forms without the need for an attorney. Even if a form is advertised as “valid in all 50 states,” it may fail to include provisions required by state law—such as those specific to Texas—that ensure efficient and cost-effective estate administration. Moreover, preparing a Will without personalized legal counsel can lead to the oversight of critical details in your unique situation, potentially resulting in complications and additional costs down the road. The cost of correcting or administering a deficient Will or Trust often exceeds the expense of having a properly prepared document in the first place. While it may seem like a cost-saving option, do-it-yourself Trusts and Wills often cause more problems than they solve. Wills are complex legal documents that should be prepared by an attorney, and living trusts are even more intricate. The most prudent approach is to consult with an attorney for your estate planning needs.

Our estate planning process involves several key steps designed to ensure that your assets are managed and distributed according to your wishes in the event of your incapacity or death. Here’s an overview of what the process typically looks like:

• Level II Consult.The estate planning journey begins with an in-depth consultation where we explore your goals, assets, family dynamics, and any specific concerns you may have. This meeting allows us to gain a comprehensive understanding of your unique circumstances and offer tailored advice on the most effective estate planning strategies. Complete and upload the Estate Planning Intake Form to MyCase prior to your consultation. Do not email this form.
• Document Preparation. Once we have a clear understanding of your needs, we will carefully draft the necessary legal documents, including Wills, Trusts, Powers of Attorney, and Advance Directives. We ensure that each document is thorough, precise, and in full compliance with legal standards.
• Review and Approval. Following the preparation of the documents, we will meticulously review them with you to confirm they align with your wishes. Any necessary revisions will be made, and we will walk you through the implications of each document, ensuring you fully understand their legal impact.
• Execution and Notarization. The final step is the formal execution of the documents. Depending on the type of document, you will sign the paperwork in the presence of a notary public and any necessary witnesses to ensure its legal validity.
• Ongoing Review and Updates. Estate planning is an ongoing process, not a one-time event. It is essential to periodically review and update your estate plan, particularly after significant life changes such as marriage, divorce, the birth of a child, or the acquisition of substantial assets. FOREVER LEGAL is dedicated to assisting you in keeping your estate plan current and effective, ensuring that it continues to reflect your wishes and protect your legacy.

A trust is a legal arrangement for managing property, where a trustee holds legal title to the property and manages it according to the rules set by the trust’s creator, known as the settlor. The beneficiary, on the other hand, holds the beneficial right to use and enjoy the property. A living trust is a trust established while the creator is still alive (as opposed to a testamentary trust, which is created upon the creator’s death through a will). A living trust can be either revocable, meaning the creator can modify it during their lifetime, or irrevocable, meaning it cannot be changed once created. Typically, when people refer to a “living trust,” they mean a revocable trust set up to manage and distribute the creator’s assets during their lifetime. This type of trust is often called a “revocable trust,” “management trust,” or simply a “living trust.”

A will is a legal document that takes effect upon your death and outlines how your property is to be distributed. However, to be legally binding, a will must go through a court process known as probate. In contrast, a living trust also dictates how your assets are to be distributed upon your death, but it is established during your lifetime. As a result, the validity of a living trust does not require probate. This ability to bypass probate is often the primary advantage that draws individuals to living trusts initially.

A medical power of attorney (POA) is a legal document that designates an individual (the agent) to make medical decisions on behalf of another person (the principal) when the principal is unable to do so themselves.

A statutory durable power of attorney is a legal document that grants authority to an appointed agent, as defined by law, to act on behalf of an individual. This type of power of attorney remains in effect even if the person becomes incapacitated or unable to make decisions. It can take effect before or after an individual’s incapacity. In some cases, this is also referred to as a general power of attorney.

A living will, formally known as a directive to physicians, allows you to specify in advance the type of medical treatment and care you wish to receive if you are diagnosed with a terminal or irreversible condition. It provides guidance on what procedures you do or do not want performed. For example, a living will can indicate that you do not wish to receive a blood transfusion. A medical power of attorney, on the other hand, differs from a living will. Instead of outlining specific medical procedures, it designates another person to make healthcare decisions on your behalf, including decisions about the procedures you may or may not want.

Visit the Resource Center and discover our Estate Planning Guidebook, a comprehensive resource designed to provide valuable insights and general advice to help you understand the fundamentals of estate planning. Empower yourself with the knowledge needed to protect and safeguard your legacy.