With life, comes death and the inevitable hardships to follow. However, preparing to ensure your voice is heard even after you're gone can be a gift to those left grieving. Preparing for such eventualities with an estate plan such as a trust, will, or power of attorney can help ease the burdens of those left behind.
In the state of Texas, the estate of someone who dies with a will (testate) or without a will (intestate) must go through probate. A will is a legal document that states a person's wishes and instructions for managing and distributing his or her estate after death. Probate is the process by which a court legally recognizes a person's death and authorizes the administration - that is, the management and distribution - of his or her estate. Due to its complexity, most courts in Texas require an attorney to assist in the probate process. If someone dies intestate, the state of Texas, without consideration for personal preferences, wishes or relationships, determines how the estate will be administered based exclusively on statutory guidelines. It's always better to plan. A will ensures your estate will pass in the manner you desire.
A trust is another estate planning tool. Simply speaking, a trust is a fiduciary relationship whereby a trustor gives another party, a trustee, the right to hold and manage property or assets for the benefit of a third party, a beneficiary. A trust allows an individual to pass his or her property outside of the probate process.
A power of attorney is a written authorization to represent or act on another's behalf in medical, business, personal or legal decisions. Generally, a power of attorney is granted after someone has become incapacitated, either completely or partially. It's an invaluable "just-in-case" tool that outlines who will make important decisions on your behalf should the need arise.
At The Brandon Law Firm, we stand ready to help make sure your wishes are honored and your voice is heard.
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