Jeff Yates
Answers to some of the most commonly asked questions include:
Q: Do I need a testamentary plan?
Q: Why can’t I just buy a computer program to make my documents?
Q: What is the difference between a Will and a Trust and which one should I have?
Q: I am getting divorced. Is there anything I need to do regarding my estate plan?
Q: Do I need a Power of Attorney or “Living Will”?
Q: What does your basic estate plan include?
Q: Do I need separate tax advice?
Q: How long does it take?
Q: How do I get started?
Q: Do I need a testamentary plan?
A: Unless you are content with allowing state law to determine whom among your relatives will inherit your estate, you need a testamentary plan. Even if you are content, the cost of administering an estate without a Will is substantially more that probating a Will.
Q: Why can’t I just buy a computer program to make my will documents?
A: You can. But aside from the axiom, “You get what you pay for,” the simple truth is that most computer software programs are not Texas specific. Texas is one of only nine “Community Property” states and, even among those, Texas is unique in the development of its laws regarding marital property and probate matters. In other words, Texas law has many unique aspects that are not adequately addressed by generic products intended for use in multiple states. In addition, there are certain requirements that must be followed when actually executing the Will that, if not followed, could ultimately prevent the Will from being admitted to probate, regardless of whether anyone challenges the Will.
Q: What is the difference between a Will and a Trust and which one should I have?
A: A Will is a written declaration of a person’s intended disposition of property after death. A Trust is a fiduciary relationship with respect to property in which one person (the trustee) holds and manages property for the benefit of another person (the beneficiary). Each method has advantages and disadvantages, and can be used as a stand-alone tool or as part of an integrated testamentary plan. Whether you choose one, the other, or utilize both is a fact-specific matter that is best addressed during the course of a personal conference with one of our estate planning attorneys. Regardless of whether a Trust is used, it is always advisable to have a Will for a complete estate plan.
Q: I am getting divorced. Is there anything I need to do regarding my estate plan?
A: It always is a good idea to review your estate plan anytime you have a significant change in your family circumstances, including divorce. Texas law automatically nullifies a bequest to your former spouse in a Will, if the Will was made before the divorce, so that the property subject to the Will would be distributed as though the former spouse had predeceased you. You might need to change other things, however, such as the trustee of any trust created for your children, and the guardian of your minor children. Also, you may want to leave your property to someone other than the person who stands to take it under your current Will, once you are divorced.
Q: Do I need a Power of Attorney or “Living Will”?
A: We generally recommend that our clients consider signing both types of documents. More specifically, during our initial consultation we discuss with the client advantages of having a Statutory Durable Power of Attorney, a Medical Power of Attorney, and a Directive to Physician (Living Will).
The Statutory Durable Power of Attorney grants the client’s named agent (usually a spouse or close relative) with broad authority to make decisions on behalf of the client during a period of incapacitation.
A Medical Power of Attorney serves a similar function but is limited to making only medical decisions on behalf of the incapacitated person.
A Directive to Physician, or “Living Will,” is a written statement made in advance by the client that instructs treating physicians and health care workers to refrain from keeping the client/patient on life support under certain specified circumstances.
These are all documents that can be specifically tailored to the needs of the individual and our attorneys work closely with our clients to ensure that the documents address all of the client’s concerns and questions.
Q: What does your basic estate plan include?
A: Our basic testamentary plan includes the preparation and execution of the following documents:
- Will with an optional contingent trust for minor children;
- Statutory Durable Power of Attorney;
- Durable Medical Power of Attorney; and
- Directive to Physician (Living Will).
- Other documents may be advisable after more detailed discussions with the client during the initial consultation.
Q: Do I need separate tax advice?
A: Under current federal law, there is a limit to the dollar value that a person can convey to a non-spouse upon death without triggering a taxable event. That limit changes on a regular basis. Therefore, Albin | Harrison | Roach always recommends that a client obtain competent tax advice before making any significant decisions involving a testamentary plan. In addition, our firm works closely with our clients’ tax consultants to ensure that the legal advice our firm provides harmonizes with the tax advice received from our clients’ tax specialists. For clients with large estates we take personal pride in being able to refer our clients to the specialists their particular situation warrants in order to ensure that they continue to receive the highest standards of professional counsel.
Q: How long does it take?
A: Once the client has engaged our firm to complete the agreed upon plan our goal is to provide the client with the completed drafts within ten business days. Upon approval of the documents from the client we will coordinate the finalizing and execution of all documents.
Q: How do I get started?
A: Simply call our office at 214.423.5100 or
Contact Us by e-mail to arrange a free phone consultation at your convenience.