Issue: Husband and Wife wanted to create an estate plan for their adult children and grandchild. They had a rental property in Texas as well as another state and wanted to avoid probate. One property had a mortgage, but the other was paid off.
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​Solution: Cohoon Legal established an estate plan with a Pour-over Will for all the assets to go into the intervivos Trust (Living Trust) that was established for the beneficiaries. We created a Texas Series LLC for the real estate and put each property into the series; then, the Trust was created and assigned the LLC membership interest of the husband and wife. This allowed for the business and real estate to continue after the passing of either client (husband and wife), and no probate would be necessary in either state. We worked with another law firm in the other state to complete the deed transfers into the Series LLC.  In the business organization documents, we drafted a resolution for the assignment of interest after the passing of either client. This was a complex set of transactions in addition to the standard estate planning documents, which protected the assets of the business and prevented the need for costly probate.


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​Copyright by Cohoon Legal 2023.
DISCLAIMER: The information you obtain at this site is not, nor is it intended to be, legal advice. Any links to outside websites does not mean that Cohoon Legal endorses or is any way affiliated with the third-party website or company and no liability exists or is created through the link. You should consult an attorney for advice regarding your individual situation.

When creating an estate plan in Texas, there are several key elements you should consider including. It's essential to consult with an experienced estate planning attorney in Texas to ensure your estate plan meets all legal requirements and effectively reflects your wishes. Laws vary in each state, so a professional can guide you through the process and address your needs and concerns according to your state’s law.
 
The first key element is a Will. A will organizes how assets and property are allocated after your death. It also allows you to appoint an executor to manage your estate and name guardians for any minor children. Completing a will does not avoid probate, but it is a necessary document in any estate plan.
 
Next, designate someone you trust as your agent through a durable power of attorney.  A power of attorney is effective during your life and does not affect your assets after your death. If you become incapacitated, this person will have the call to make financial and legal decisions in your best interest. Along with durable power of attorney, appoint a trusted individual as your healthcare agent through a medical power of attorney. If you cannot, this person will make medical decisions for you.
 
A living will, also known as an advance healthcare directive, expresses your wishes regarding medical treatment and life-sustaining measures in the event of a terminal illness or persistent vegetative state.
 
It is also essential to sign a HIPAA authorization form to grant permission for healthcare providers to disclose your medical information to designated individuals, ensuring they can make informed decisions on your behalf.
 
Another consideration in your estate planning process is creating a revocable living trust to manage your assets during your lifetime and dictate how those assets distribute after your death. This trust can aid in avoiding probate. It also provides privacy and flexibility in asset distribution.
 
If you have property in multiple states or real estate and one or more businesses, it is important to understand how your estate plan can work to make the process smooth for your family and business.
 
Review the beneficiaries on all accounts, life insurance policies, and other assets. Ensure they align with your estate plan, as beneficiaries supersede instructions in a will or trust.
 
A letter of intent will guide your loved ones regarding your final wishes, funeral arrangements, and other important information or instructions. If you have minor children, designate guardianship in your will to ensure they are cared for by someone you trust if you pass away.
 
Review and update your estate plan often to account for changes in your circumstances, such as marriages, divorces, births, deaths, or significant changes in assets. If you need assistance with estate planning, Cohoon legal would be more than happy to help.
 

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​Copyright by Cohoon Legal 2023.
DISCLAIMER: The information you obtain at this site is not, nor is it intended to be, legal advice. Any links to outside websites does not mean that Cohoon Legal endorses or is any way affiliated with the third-party website or company and no liability exists or is created through the link. You should consult an attorney for advice regarding your individual situation.