Estate Planning

A Will is a formal legal document outlining your preferences for distributing property and assets after your death. Without a Will, Texas law determines how your estate will be distributed.

A statutory durable power of attorney It is a transactional durable power of attorney – this means that it only allows the agent to handle financial, business and real estate matters. It does not permit the agent to make decisions about the principal’s health care. A statutory durable power of attorney is generally used to make plans for the care of your finances, property, and investments in the event that you can no longer handle your financial affairs yourself.

A medical power of attorney grants another person the authority to make healthcare decisions on your behalf if you are unable to do so yourself. This document is essential in situations where you may be incapacitated or unable to communicate your wishes regarding medical treatment. By appointing a trusted individual as your healthcare agent, you ensure that someone familiar with your values and preferences can advocate for you in critical medical situations. This legal tool provides peace of mind, knowing that your healthcare decisions will be handled according to your wishes and best interests.

A directive to physicians, often referred to as a ‘living will’ or ‘advance directive,’ differs from a medical power of attorney. This legal document communicates your preferences regarding life-sustaining treatments to your loved ones and healthcare providers. It serves as a guide for medical decisions in situations where you may be unable to express your wishes due to illness or injury. By outlining your preferences in advance, a directive to physicians ensures that your healthcare choices align with your values and beliefs, providing clarity and guidance during critical times.

Before potential incapacity, an individual can execute a Designation of Guardian, specifying their preferred choice for who should serve as guardian of their person and/or estate if they become incapacitated later on. Ideally, this document remains unused if valid Statutory Durable Power of Attorney and Medical Power of Attorney documents are already in effect.

Naming a guardian for your minor children is crucial, especially in unforeseen circumstances like your death or incapacitation. This document, often referred to as a guardianship designation or nomination of guardian, legally designates who will care for and raise your children if you are no longer able to do so. By outlining your preferences in advance, you ensure that your children’s well-being and future are safeguarded according to your wishes, providing both you and your loved ones with peace of mind.

A Transfer on Death Deed (TODD) is a legal document that enables an individual to transfer ownership of their property upon death. This method allows for direct transfer to beneficiaries without the need for probate proceedings. Through a TODD, a person can designate one or more beneficiaries to inherit their property. Importantly, the property owner retains the flexibility to revoke or modify the TODD should their intentions change. It is essential that the TODD be officially recorded prior to the property owner’s passing to ensure its validity.

A Lady Bird Deed, while similar to a TODD, features distinct differences. It operates as a type of life estate deed enabling the property owner to designate a beneficiary while retaining control over the property. Unlike a traditional life estate, the owner retains the ability to sell or mortgage the property without needing the beneficiary’s permission. Similar to a TODD, ownership automatically transfers to the beneficiary upon the owner’s death. Notably, a Lady Bird deed uniquely allows execution by an agent holding power of attorney on behalf of the owner, offering added flexibility in estate planning.