Trusts & Estates Law

Estate planning is the process of preparing legal documents that protect you, your family, and the property you have worked to build. In Texas, an estate plan may include a will, a trust, powers of attorney, health care planning documents, and beneficiary designations. These documents can clarify how your assets should be managed or distributed and who can make financial or medical decisions if you cannot. Estate planning is valuable for individuals and families at many stages of life, not only for those with substantial assets.

A will sets out in writing how you want your property divided after your death. It can also name an executor to handle the estate and state who you would like to care for your minor children, subject to legal requirements and court approval. Some property passing under a will may have to go through probate (the court-supervised process) before it reaches your heirs. A trust is a different legal arrangement. A trustee manages certain assets for the beneficiaries according to the terms of the trust document. Depending on the type of trust and whether assets are properly transferred into it, a trust can make managing your assets easier during your lifetime and help certain assets pass to your loved ones without probate.

Some estate plans include both a will and a trust, while others may need only one or neither, depending on the client's goals and circumstances. A trust can be useful for managing assets during incapacity, providing for children or other beneficiaries over time, and helping certain properly titled assets pass outside probate. A will can address property that was not transferred to a trust and can name guardians for minor children. An estate planning attorney can help determine whether a will, a trust, or a combined plan fits your family, assets, and long-term priorities.

If you become unable to manage financial matters or make medical decisions without the appropriate documents in place, your family may not automatically have legal authority to act for you. Depending on the circumstances, court involvement may be necessary before someone can manage assets or make certain decisions on your behalf. In Texas, a durable power of attorney can authorize a trusted person to handle financial and legal matters, while a medical power of attorney can authorize an agent to make health care decisions when you cannot. Advance directives can also help communicate your wishes regarding certain medical treatment.

You should review your estate plan whenever there is a significant change in your family, finances, assets, or wishes. Common reasons to update a will, trust, power of attorney, or beneficiary designation include marriage, divorce, the birth or adoption of a child, the death of a loved one, a major financial change, purchasing or selling property, or starting or selling a business. Moving to another state or country can also affect your planning needs. Even without a major life event, reviewing your estate plan every few years can help ensure it continues to reflect your wishes.