Working with an attorney to create an effective estate plan may not sound like an exciting activity. Nonetheless, it may be the best thing you do for your loved ones. The right combination of trusts, wills, living trusts, living wills, and powers of attorney could go a long way in ensuring they are protected should anything happen to you. It may also save them from expensive probate proceedings.
Here at The Cawlfield Law Firm, we take estate planning seriously. We don’t view it as merely preparing documents. When you visit us, a McKinney Estate Planning Attorney will discuss your personal goals and review your pertinent family matters and financial status.
We will inform you of all the tools and documents available to you and their benefits. Finally, we will put measures to make sure your estate plan is fully implemented when the time comes. Our estate plans are forward-looking, cost-effective, and tax-efficient. We make it as easy as possible to adapt to your beneficiaries and family members. If you don’t have an estate plan, contact us today to get the process underway.
Who Should Get an Estate Plan?
Contrary to popular belief, everyone needs an estate plan. It is not reserved for the wealthy or the elderly. Everyone should be able to plan for the distribution of their property and appoint guardians for their children.
The only difference may be how many documents are part of your estate planning strategy. Generally, someone with a vast estate will require a more elaborate plan.
That aside, here is how everyone, regardless of their age, property size, or income, can benefit from an estate plan.
- If you own a large estate, you can use asset protection planning and wealth management to protect your assets presently and when they are transferred to your beneficiaries.
- Should you get injured or ill, an advanced medical directive will help ensure you get the medical attention you need. This is even if you cannot communicate your wishes.
- For young adults, Advanced Directives can enable your parents to communicate with insurance companies, health professionals, and financial institutions on your behalf.
- A will or trust will help ensure your estate is inherited by the persons of causes you care about, even if they are not specified by law.
- As a parent, you can name a guardian for your underage children in the event of your death.
- A Power of Attorney will protect your business should you become incapacitated or leave the country.
- A business succession plan will provide you with an exit strategy while maintaining your business legacy.
The McKinney estate planning attorneys at The Cawlfield Law Firm are adept at handling all areas of estate planning. We will tailor our services to match your personal needs and goals. If you are not sure which estate planning documents you need, call us today to discuss your situation.
Estate Planning Services We Offer at Cawlfield Law Firm
Every family is unique, and so are their estate planning needs. Our estate planning attorneys in McKinney will evaluate your circumstances and customize a plan that includes all the documents you need. Whether you wish to protect your children’s needs or transfer property to your heirs, we can help. Our top services include:
- Revocable living trusts
- Charitable trusts
- Irrevocable trusts
- Generation-skipping trusts
- Special Needs Trusts
- Living wills
- Powers of Attorney
- Health Care Directives
- Asset protection
- Special needs planning
- Medical Power of Attorney
- Business succession planning
- Tax planning
- Insurance planning
- Family Limited Partnerships
In most instances, an estate plan will include a combination of several of these documents. For example, you could couple a living trust with a simple will or insurance strategy.
Estate Planning Tools and Documents
An Estate Planning Attorney in McKinney can help you prepare and execute any of the following estate planning documents:
Power of Attorney – This is a document that names an individual as someone who can manage personal or business matters on your behalf should you be incapacitated or require assistance.
Will – This document establishes the persons or causes that will receive your assets upon death. It names an executor to perform these duties and a guardian for underage children.
Living Will – It may also be referred to as a Directive to Physicians. It lets you declare what medical care you should receive or have withheld in the event of incapacity or terminal illness. A living will is activated when you are unable to express your preferences.
Medical Power of Attorney – This tool is also called a healthcare proxy. It designates an agent to make decisions on the medical treatment you should receive if you are incapacitated.
Designation of Guardian – Allows you to designate a preferred guardian for yourself or minor children in the event you become incapacitated or die. You can also indicate persons you would not want to perform this role.
Revocable Living Trust – This document allows you to move property into the trust and continue managing it while alive. Living trusts do not go through probate and can let you plan for incapacity.
HIPAA Release – This authorizes an agent to have access to your medical records. It allows them to help you make medical treatment decisions.
Irrevocable Trust – With an irrevocable trust, property is permanently transferred into the trust. This decision cannot be modified or alerted and can be created to plan long-term care for people with special needs. It can also be used to protect your assets from taxes and creditors.
McKinney Estate Planning FAQs
How Can Our Estate Planning Attorneys Help You?
Our attorneys are experienced in a wide range of estate planning areas. We study our clients’ individual situations and tailor our services to meet their needs. In the event of the death of a loved one, we will help you:
1. Have an executor appointed or get appointed yourself
2. Create an asset and obligation inventory for the estate
3. Obtain property valuations, if necessary
4. Inform all necessary parties of the probate proceedings
5. Ensure the estate assets are divided per the will
Contact a McKinney Estate Planning Attorney Today
Are you thinking of getting an estate plan? Please contact us online or call us at (972) 694-6847 to schedule a consultation with an estate planning attorney in McKinney. We will discuss your personal goals and formulate an estate plan that covers them. Our attorneys are always ready to help.