Estate Planning
As in most states, Texas law dictates that your estate is inherited by friends, relatives, or other associations as stipulated by the details of your written will. The future is uncertain, and none of us truly knows what’s in store for us or how many years we have left. While this is an unpleasant thought, it’s also a significant reason why so many of us procrastinate when it comes to estate planning. Let’s face it… it’s scary to contemplate our own mortality. On the other hand, the uncertainty of the future is precisely why no adult should put off estate planning. Creating a thorough, legally sound estate plan is the best way to ensure that your wishes are honored and that your loved ones are taken care of when you are no longer around. The good news is that estate planning is easier than you might think, especially with the help of an experienced estate planning attorney.
The Documents and Instruments You’ll Need
The process can feel overwhelming if you’ve never done it before. But truth be told, you’ll only need about half a dozen documents and legal instruments in place. Most are customizable with the help of an attorney, which means they can cover a lot of important information tailored specifically to your needs and goals. Additionally, estate plans function as “living documents,” meaning that almost all estate planning tools can be updated at any time to reflect preferences and circumstances as an individual’s situation evolves.
Here is what most estate plans should contain:
- A will: This document helps you list out all of your assets and specify which heirs should receive specific items. You will also name an executor in your will, who will be the designee trusted to carry out the terms of your will and other final affairs. The will is a legally binding document that details exactly how you would like your property divided after your death. In Texas, the law requires that for the execution of a will to be valid, the person to whom the will applies (the testator) must be mentally capable, also referred to as “of sound mind,” and be at least 18 years of age.
- By law, the will requires two credible witnesses (or 3 for an oral will) and their signatures. If you die without a legally binding will (intestate), a Texas court must determine your legal heirs based on your blood relationships. This includes all of your children, both from current and past relationships. In this situation, your significant other, step-children, personal friends, etc., are not considered heirs, nor are our grandchildren unless their parent (an adult offspring) has died before the testator.
- In situations of intestate determinations, the probate court will be tasked with classifying and dividing your property as personal or community, real estate or separate.* Dying intestate can lead to a lengthy, emotionally draining, and expensive process, with fees and court costs to pay from your estate before any distribution.
- One or more trusts: These are highly customizable legal tools that allow you to pass on property to heirs while minimizing the need for probate, reducing taxes, and giving you significant control over how and when the assets are distributed.
- An Advance Directive: this is also known as a “Directive to Physicians and Family or Surrogates.” In other states, it is called a living will. In short, an advance directive is a document specifying your medical care wishes in the event you become incapacitated and unable to make or communicate your wishes at that time.
- Medical Power of Attorney (medical POA): A major responsibility of estate planning is making advance decisions of who has a say, or the final say, in your financial and medical affairs, should you be rendered unable to communicate your desires or make these important decisions for yourself. A Medical Power of Attorney designates a (trusted) person to make medical decisions on your behalf if you can no longer make or communicate them yourself. If certain decisions are already spelled out in your advance directive, your medical POA will honor those wishes. If no guidance is given on a particular subject, he or she will make the decisions for you.
- Durable Power of Attorney for Finances (durable POA): Incapacity can take many forms in later life. Most common among them are dementia and coma. If you become unable to make or communicate decisions for yourself, a durable POA for finances can make financial decisions on your behalf and access your funds to pay your bills and take care of other financial matters. This position requires a great deal of trust, so choose wisely. The fact is, none of us can take our belongings, assets, or worldly goods with us when we die. Estate planning is an essential step in ensuring that everything we own is distributed according to our wishes.
Ready To Get Started? Contact Us Today.
Our firm’s estate planning attorneys can help you create a customized, thorough, and legally sound estate plan that offers maximum protection under Texas law. To learn more about how we can guide you through the estate planning process, call the experienced Texas team at Gray Becker to arrange an initial consultation. We look forward to speaking with you.
Types of Estate Planning Cases We Handle
Planning for the future means making thoughtful decisions today that protect what matters most tomorrow. Austin, TX estate planning lawyer services often involve more than drafting documents; they shape how your assets, wishes, and legacy are carried out over time. At Gray Becker, P.C., we bring over 100 years of collective experience in business law and nearly two decades as one of the largest family law litigation firms in Central Texas. Our attorneys are consistently recognized by Super Lawyers and Best Lawyers in America, with Rick Gray earning the rare distinction of being named to Super Lawyers for more than 20 consecutive years. If you are ready to take control of your future, our team is here to help. Below are the types of estate planning matters we frequently handle.
Wills and Basic Estate Plans
We help clients create legally sound wills that clearly outline how assets should be distributed. This provides direction and reduces confusion for loved ones during difficult times.
Trust Formation and Administration
As an Austin estate planning lawyer, we assist with establishing revocable and irrevocable trusts to manage assets efficiently. Trusts can help avoid probate and provide a long-term financial structure for beneficiaries.
Probate and Estate Administration
We guide families through the probate process, handling court filings and asset distribution. Our goal is to simplify a process that can otherwise feel overwhelming and time-consuming.
Powers of Attorney
We prepare durable and medical powers of attorney, so trusted individuals can make decisions if you are unable to. These documents help maintain control over financial and healthcare matters.
Healthcare Directives and Living Wills
We draft advance directives that clearly communicate your medical wishes. This ensures your preferences are honored when you cannot speak for yourself.
Business Succession Planning
Business owners rely on us to create plans for smooth transitions of ownership. This protects both the company’s future and the financial interests tied to it.
Asset Protection Strategies
Our team develops strategies to safeguard wealth from potential risks, including lawsuits or creditors. This approach helps preserve what you have built over time.
Guardianship Designations
We assist parents in naming guardians for minor children within their estate plans. This provides clarity and security for families in unexpected situations.
High-Value and Complex Estates
As an Austin estate planning lawyer, we handle estates involving significant assets, multiple properties, or blended families. These cases require thoughtful planning to address tax considerations and distribution concerns.
Estate Plan Updates and Revisions
Life changes, and estate plans should reflect that. We help clients update documents after major events like marriage, divorce, or the birth of a child.
Estate planning is not just about documents; it is about creating a clear path forward for the people and priorities that matter most. Working with Gray Becker, P.C. means having a team of experienced professionals who understand both the legal and personal sides of these decisions. If you are ready to take the next step, reach out today to start building a plan that reflects your goals and protects your future.
*Texas Estate Code, Title 2, Subtitle E, Chapter 201, Subchapter A: INTESTATE SUCCESSION: Sec. 201.001.