When planning for end of life, making sure your affairs are in order can help relieve stress on you and your loved ones.
Most people PROCRASTINATE – just don’t let it be you!
Working with an attorney to manage your estate is often beneficial to ensure your wishes are properly carried out and your family does not incur additional burden or expense after your passing.
Inaction has real consequences. If you die without a will then the state of Texas decides how your estate is distributed (intestate). If you die after executing a Last Will and Testament, then your wishes for the distribution of your estate will be followed (testate).
Stay in control, avoid probate, and protect your heirs! Cohoon Legal offers three estate planning options for you to consider — Complete Estate Plan, Simple Will Plan, and individual estate plan documents. These are detailed below.
What are the benefits of Planning?
An estate plan is a comprehensive strategy, over and above, just a will. At Cohoon Legal, I will evaluate your estate and discuss your wishes for the distribution of your assets. It is very important to know who you want making decision for you about your finances and your health and medical care when you are unable to do so.
A will is a legal document that determines how your property will be distributed after your death. When someone dies without a will, this is called intestate, and their property is distributed according to the laws of the state. A signed will is the best way to ensure your property and loved ones are taken care of in this difficult time.
WILL WITH POUR-OVER TRUSt
A pour-over will is a testamentary device wherein the writer of a will creates a trust, and decrees in the will that the property in his or her estate at the time of his or her death shall be distributed to the trust. In estate planning, trusts provide a way to avoid the probate process when transferring assets after the grantor’s death. When the time comes to settle an estate, assets funded into the trust get distributed to beneficiaries as directed by the grantor.
An inter-vivos trust is a living trust that holds assets of a trustor. and is created during the life of the trustor. The main benefit of an inter-vivos trust is that it helps avoid probate, a process in which a court distributes assets for an individual after their death.
Durable Power of Attorney is a legal document that allows you to name a chosen person, or agent, to make decisions about your finances, business affairs and other transactions in case you are unable to make those decisions for yourself. A Durable Power of Attorney can begin while you are still able to make decisions or you can choose to have it go into effect when you are unable to make those decisions.
Medical Power of Attorney is a legal document that gives a chosen person, or agent, the authority to make health care and medical decisions when you are no longer able to make them for yourself, and a doctor so certifies. However, Medical Power of Attorney gives your agent the right to make health care decisions for you, when you are temporarily or permanently incapacitated.
A Declaration of Guardian is a legal document that specifies who you want to serve as your legal guardian if there is ever a guardianship proceeding for you. The selected person may be a guardian of your person or your estate if you are ever found to be legally incapacitated. Guardian of the Person should be someone that can and is willing to care for the person’s health and well-being. Guardian of the Estate should be someone that is competent and is willing to manage the financial estate of the person.
SIMPLE WILL PLAN
INDIVIDUAL ESTATE DOCUMENT (Drafting Only)
Cohoon Legal can prepare new estate planning documents or review your current records. I recommend that estate planning documents should be regularly reviewed, especially if a significant life event has occurred.
If you would like to discuss your legal concerns with Cohoon Legal, please schedule a phone consultation.
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DISCLAIMER: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact my office and I welcome your calls and electronic mail. Contacting our office does not create an attorney-client relationship. Please do not send any confidential information to me until such time as an attorney-client relationship has been established.