Estate planning is a crucial aspect of responsible financial planning, yet many people put it off or ignore it altogether. However, having the right estate planning documents in place can provide peace of mind, ensure that your wishes are carried out with our McAllen attorneys, and protect your loved ones from unnecessary stress and conflict.
Last Will and Testament
A last will and testament is a legal document that outlines how you want your assets to be distributed after you pass away. It is also known as a “will” for short.
- Allows you to name an executor (also known as a personal representative) to carry out your wishes
- Specifies who inherits your assets, including real estate, bank accounts, investments, and personal property
- Can establish trusts for minor children or individuals with special needs
- Can name guardians for minor children
How to Create a Will:
- List your assets, including their value and any debts owed
- List your beneficiaries, including family members and loved ones
- Name an executor or personal representative
- Include any specific bequests or gifts you want to make
Living Trust
A living trust is a legal document that allows you to transfer ownership of your assets to a trustee, who manages them for your benefit during your lifetime. A living trust can help you avoid probate, which is the legal process of transferring ownership of assets after you pass away. It can also provide privacy and prevent public access to your estate.
How to Create a Trust:
- Gather a list of your assets and liabilities
- Identify a trusted individual or institution to serve as the trustee
- Draft a trust agreement outlining the terms of the trust
- Transfer ownership of your assets to the trust
Powers of Attorney
Powers of attorney are legal documents that give someone authority to make decisions on your behalf in certain situations. There are two main types of powers of attorney:
- Medical Power of Attorney grants someone the authority to make medical decisions on your behalf if you’re unable to do so yourself
- Financial Power of Attorney grants someone the authority to manage your finances and make financial decisions on your behalf
How to Create Powers of Attorney:
- Identify the person(s) you want to grant power of attorney to
- Determine what specific powers you want to grant (e.g., medical or financial)
- Draft a power of attorney document outlining the terms and scope of authority
Healthcare Directives
Healthcare directives are legal documents that outline your wishes for medical treatment if you become incapacitated or unable to communicate. There are two main types of healthcare directives:
- Living Will specifies your wishes for life-sustaining treatment in case you’re terminally ill or permanently unconscious
- Advance Directive specifies your wishes for medical treatment if you’re unable to communicate
How to Create a Healthcare Directive:
- Discuss your wishes with loved ones and healthcare providers
- Consider what life-sustaining treatments you would or wouldn’t want
- Draft a living will or advance directive outlining your wishes
Revocable Trust (Living Trust)
A revocable trust is a type of trust that can be changed or revoked at any time during your lifetime. This type of trust is useful for avoiding probate and providing flexibility in estate planning.
How to Create a Revocable Trust:
- Gather a list of your assets and liabilities
- Identify a trusted individual or institution to serve as the trustee
- Draft a trust agreement outlining the terms of the trust
- Transfer ownership of your assets to the trust
Trust Our McAllen Attorneys
If you’re considering creating a will or setting up a trust, Barrera Sanchez and Associates – McAllen attorneys are here to guide you through the process. Call today.