Estate Planning Lawyers in Waco Serving Clients Throughout Central Texas
Having a Last Will and Testament in place is an essential part of the estate planning process. However, in nearly all situations, it should not end there. Depending on your personal situation, you may need to consider several more types of documentation to protect yourself, your family, and your assets.
The estate planning process is about making thoughtful choices now so that you and your loved ones are prepared for the future. These decisions may include naming potential guardians for young children, planning for retirement, drafting Family Trusts, and many others.
What is a Power of Attorney?
A power of attorney is a legal document that appoints someone to act on your behalf. This person is known as the attorney-in-fact. The power of attorney can be used to authorize the attorney-in-fact to make decisions about your property, finances, or health care.
There are different types of power of attorney. There are powers of attorney that allow others to help with your finances and assets and others that allow your agents to make medical decisions when you cannot. Often, when you hear “Power of Attorney,” people are referencing a Financial or Statutory Power of Attorney, which deals with finances, bank accounts, property, etc. A durable power of attorney is written to ensure that if you are still living but rendered unable to make decisions for yourself, the person given power of attorney over you can still act as you would. A medical power of attorney gives someone the power to make decisions for you, but only in a medical capacity. If you were rendered unconscious, this person could make decisions about your health care but would be unable to make business decisions for you.
How Does a Will Help Navigate Probate Law?
A will can help during probate by naming an executor who will be responsible for carrying out the terms of the will. The executor will be able to gather the assets of the estate and pay any debts and taxes. The executor can also distribute the assets to the beneficiaries named in the will. If a will is valid and clearly states the wishes of the deceased, then the executor can more easily carry out the wishes of the deceased. However, if there is no will or if the will is not valid, then the probate process may be more complicated. We can help draft a will that meets your specific needs.
What is the Difference Between a Trust and a Last Will?
Trusts are legal tools that can help protect, hold, and distribute assets of an estate. There are significant benefits to developing a trust, including personalization of your unique assets and wishes, probate avoidance, and estate tax-related benefits. Trusts can also be used to manage minors’ assets, establish a habitual spender’s limit, or otherwise accommodate estate planning for someone with special needs. When establishing a trust, a grantor lists a trustee who is responsible for the management and distribution of the grantor’s assets placed in the trust. The trustee is bound by the rules of the trust – which determine how and when to distribute to the beneficiaries listed in the trust.
A will is a legal document that states who will inherit assets after the grantor passes away. The will must be probated in order for the will to be enforced.
What Else Can an Estate Planning Lawyer Help With?
Estate planning lawyers focus on legal matters that make your wishes known regarding your wishes for when you are no longer able to make decisions about your care and your assets. These services include;
- Establishing a Power of Attorney
- Designating a Guardian for minor children
- Designating a Guardian For yourself, if ever neededDrafting a Directive to Physicians
- Establishing a Family Trust or Last Will & Testament
- Prenuptial Agreements and/or Marital Property Agreements
- Enhanced Life Estate or Lady Bird Deed
Plan a Worry-Free Future with Rainey & Rainey, Attorneys at Law LP
Elisa and James Rainey established Rainey & Rainey, Attorneys at Law LP, to provide service to the Waco, Georgetown, and Central Texas citizens who need help with their estate planning needs. They proudly assist clients of all ages in protecting their assets and their family’s future. Please don’t wait until it’s too late to draw a roadmap for your family’s future, and act now! Contact Rainey & Rainey, Attorneys at Law LP, today at (254) 457-5083 to schedule your initial consultation with our esteemed estate planning attorneys.