Why You Need Estate Planning

I often hear “I don’t need a will; I don’t have anything!”  This statement could not be more false. If you have cars, bank accounts, or children, you need Estate Planning. If you own real estate or have retirement accounts, it’s even more important. It is very difficult to transfer title to property and accounts after you pass away unless you have a will. A will tells everyone how you want your assets divided—no matter how little the value. 

It can be tempting to make a DIY will using templates found on the Internet. Unfortunately, most of these “do-it-yourself” documents are not up to the Texas Estates Code standards and lack the formality that is required for courts, hospitals, and doctor offices to enforce them.

It is much easier and more effective to contact an attorney to draft a Basic Estate Planning Package for you. It will save your family time and money in the long run. Our office has a package that includes the following documents:

1. Last Will and Testament—explains how you want (or don’t want) your Estate divided.

2. Statutory Durable Power of Attorney—allows a representative to take care of financial matters for you should you be unable to¬—ex. pay your bills if you had a car accident and are in the hospital and unconscious.

3. Medical Power of Attorney—allows a representative to make medical decisions when you are unable to—ex. authorize x-rays/blood transfusion to be completed if you have had a car accident and are in the hospital and unconscious.

4. Medical Directive to Physicians and Family—tells your family and the medical staff what your wishes are if you become terminally ill—ex. use of life support

5. Designation of Guardian—tells the court and your family who want to be appointed as a Guardian if you need someone to take care of you and your estate.

6. Memorandum for Personal Property—Tells your Executor that you want your teapot collection to go to your niece, your rolling pin collection to your nephew, etc.

Creating a will not only will save your family time and money but may also prevent family members from fighting over who gets what property when you pass away! I encourage everyone to take the time and effort to contact ALEXIS ALLEN LAW, PLLC at 817-405-9007 to schedule a consultation and take care of your Estate Planning Needs.