Estate planning and asset protection planning are essential to protect your assets, manage your affairs, and secure your family’s future. Without a will, trust, and other necessary documents, your loved ones might be unable to make critical medical decisions on your behalf or assume ownership of the property you want them to have. Contact an Austin estate planning lawyer from Smith & Bledsoe Family Law now if you want to create or modify an estate plan.

Our team has over 15 years of combined experience handling a variety of estate planning issues. Call us at (512) 277-3166 for a free case evaluation with an estate planning lawyer in Austin today to learn more.

Table Of Contents

Why Should You Hire Smith & Bledsoe Family Law?

At Smith & Bledsoe Family Law, we are dedicated to providing exceptional estate planning and probate law services to individuals and families in Austin, Texas. Our Austin estate planning attorneys have experience helping Texas clients draft valid and legally enforceable estate plans to meet their needs. The team’s expertise also extends to elder law, ensuring that older adults receive the legal guidance they need. Our team can help you determine how to distribute your assets, prevent your family from dealing with the time-consuming estate planning process, and ensure your affairs are in the right hands if anything happens to you.

Our law firm is committed to helping clients achieve their goals and protect their assets through effective estate planning. With years of experience and expertise in estate planning and litigation, our attorneys are well-equipped to handle complex estate planning solutions, trust disputes, will contests, and fiduciary litigation. We pride ourselves on our ability to provide personalized attention and guidance to each of our clients, ensuring that their unique needs and goals are met.

What is Estate Planning?

Estate planning is the process of creating a plan for the distribution of your assets after your death or incapacitation. It involves creating a comprehensive plan that includes a will, trusts, powers of attorney (which includes financial and medical powers), and other legal documents that ensure your wishes are carried out.

Estate planning is essential for protecting your assets, including your home, investments, and other property, and ensuring that they are transferred to your loved ones in a timely and efficient manner. Our estate planning attorneys in Austin can help you create an estate plan that meets your unique needs and goals, including asset protection, charitable planning, and special needs planning.

Probate Law and Administration

Probate law and administration involve the process of managing and distributing a deceased person’s assets after their death. It can be a complex and time-consuming process, but our probate law firm can help guide you through it. Our attorneys have extensive experience in probate law and administration, including probate case management, private trust administrations, and fiduciary litigation. We can help you handle the probate process and ensure that your loved one’s estate is distributed according to their wishes.

How Smith & Bledsoe Family Law Can Help with Your Estate Plan as an Estate Planning Attorney

There are basic documents you must incorporate into your estate plan, whether you’re starting from scratch or making changes to an existing plan. At Smith & Bledsoe Family Law, we can assist you in drafting the necessary documents to protect yourself and your family and provide legal guidance regarding various aspects of an estate plan, such as:

Wills and Trusts

A last will and testament is the central component of an estate plan that can serve multiple functions, including:

Instruct how and to who to transfer property upon your death
Authorize an executor to manage your estate and distribute estate assets after a judge validates your will
Name a guardian for any minor children you have

Living wills are also a crucial part of estate planning, ensuring your healthcare wishes are respected.

You must meet the requirements of Texas Estates Code 251.051 to execute a legally enforceable will, which are:

In writing
Signed by you or someone acting on your behalf
Signed by at least two witnesses who are 14 years or older

A trust is a fiduciary arrangement someone enters into with a third party, allowing that third party to manage and distribute assets held in trust upon their death. In a revocable trust, the person who creates the trust is the trustee. They can transfer assets in and out of the trust or revoke the trust at any time while alive. A designated successor trustee assumes control when the trustee dies. That person is responsible for distributing trust assets according to the decedent’s wishes. There are also special needs trusts, which provide essential support to individuals with disabilities, often while allowing them to maintain eligibility for government benefits. Our firm provides specialized trust attorney services, including the creation of revocable living trusts and special needs trusts.

Power of Attorney

Depending on your specific needs and goals, you can create a power of attorney (POA), including financial and medical powers. Two main types are available in Texas:

Financial power of attorney: A financial POA authorizes your chosen agent to manage your business or financial affairs in specific circumstances.
Medical power of attorney: A medical POA authorizes your appointed agent to make medical decisions if you can’t speak for yourself.

A durable POA is a beneficial type of POA to incorporate into an estate plan. It also goes into effect if you become incapacitated and can no longer make sound decisions for yourself. It’s an extra layer of protection to ensure you receive your desired medical care or that your finances and business are in order despite an accident, injury, or illness.

Appointing an Agent

Any mentally competent adult can be a Power of Attorney (POA) agent. However, you should consider whether the person you select is trustworthy and responsible enough to manage business operations, pay your bills, direct your doctors on the treatment they should provide, and other matters.

Appointing a successor agent is a good idea if your first agent should be unavailable or unwilling to serve.

Drafting a legally enforceable POA requires meeting these conditions:

Mental capacity: You must have the ability to understand the document you’re executing and the consequences of creating the POA.
Statutory language: You must also include specific language in your POA, such as warnings and notices. That’s why hiring Smith & Bledsoe Family Law is vital. Using DIY forms you find online could backfire and create severe legal issues for your family.
Notarization: You must sign the POA in the presence of a notary public.

Guardian Designation

A guardian is a person you appoint in your estate plan to care for your minor child or children after your death. You can list one or multiple guardians. Naming a primary and alternate guardian ensures coverage if the primary is unable or unwilling.

Your chosen guardian should raise your child as you would. They should know your values to make decisions on education, healthcare, religion, and daily life for your child.

Establishing a trust for the guardian to access isn’t necessary, but it’s a good idea. The guardian can use trust assets for child-rearing costs like housing, food, clothing, and medical insurance.

You might consider appointing two separate guardians to handle different responsibilities. One can take on the parenting role while the other manages the finances or your child’s inheritance.

Related Posts:

Advanced Directives

Advanced directives and living wills are documents directing family, doctors, and anyone else involved in your healthcare about the care you do or do not want if you are incapacitated or unable to speak for yourself.

The most common types of advanced directives include:

Directive to physicians: A directive to physicians is also called a living will. You include your wishes regarding withholding or withdrawing life-sustaining measures while in a physician’s care.
Medical power of attorney: A medical power of attorney lets your agent make medical decisions when you’re deemed incapable. It is only effective during the incapacity period. If you gain mental competency, your agent loses their decision-making authority.
Out-of-hospital do-not-resuscitate (DNR): An out-of-hospital DNR tells emergency staff not to resuscitate if your heart stops. They should allow you to die a natural death. However, an out-of-hospital DNR only applies to emergency personnel’s resuscitation efforts. If you are in a hospital, your directive to physicians will apply.

Benefits of Working with an Estate Planning Attorney

Working with an estate planning attorney can provide numerous benefits, including:

Peace of mind: Knowing that your estate plan is in place and that your wishes will be carried out can provide peace of mind and reduce stress.
Asset protection: An estate planning attorney can help you protect your assets from creditors, lawsuits, and other risks.
Tax savings: An estate planning attorney can help you minimize taxes and ensure that your estate is transferred efficiently.
Customized plan: An estate planning attorney can help you create a customized plan that meets your unique needs and goals.
Expert guidance: An estate planning attorney can provide expert guidance and advice throughout the estate planning process.
Legal specialization: Our attorneys are board-certified in estate planning and probate law, ensuring you receive expert guidance.

Plan for the Future with Smith & Bledsoe Family Law

A valid estate plan saves time and money, ensuring decisions are made if you’re incapacitated or deceased. It helps prepare your loved ones for difficult situations so they don’t have to guess what you would want. The documents you include should clearly outline your wishes and provide the plans they can follow. Our firm can help you plan your estate, if and when you or your loved ones pass away.

If you’re considering forming a comprehensive estate plan or modifying one you have already created, call Smith & Bledsoe Family Law at (512) 277-3166 today. Contact us for a free case evaluation with an estate planning lawyer in Austin, TX. Our team of lawyers can help you file all the documents you may need.

Estate Planning Lawyer in Austin