A Round Rock Estate Planning Lawyer Discusses the Importance of Planning for Your Future
The future gives rise to great uncertainty, as well as great apprehension for those considering their estate planning. As an experienced Round Rock estate planning lawyer, we understand the hesitation many clients feel as they consider and prepare for their own demise. However, executing a well-drafted estate plan can protect future generations from the unnecessary onset of federal estate taxation, as well as shield assets from creditors or waste by irresponsible family members. As you contemplate your future, make certain an experienced Round Rock estate planning lawyer is part of your advisory team.
A Round Rock Estate Planning Lawyer Explains the Basic Estate Planning Documents
There are innumerable ways to structure your estate plan. Each client comes from a different background with a unique family structure and distinct financial portfolio. As such, each client’s estate plan will epitomize a different representation of their interests. However, most estate plans contain the following general documents, which your Round Rock estate planning lawyer can help you draft:
- Last Will and Testament: The Last Will and Testament is a well-known and necessary document that instructs others as to how to dispose of your personal and real property upon death. It does not act as a tax shield and does not protect your family against estate taxation. It is, in general, a list of instructions for your heirs.
- Trust: A trust is an entity created for the purpose of transferring assets. There are several types of trusts available to address any number of issues, including avoiding double-assessment of estate taxes, avoiding probate, planning for a special needs child or preparing for access to Medicaid-funded long-term care.
- Power of Attorney: As your Round Rock estate planning lawyer will discuss, a power of attorney is a document granting legal authority to another person for purposes of completing financial transactions. It is an essential piece to any estate plan as it eliminates the need for a costly guardianship proceeding in the event you become disabled.
- Advance Directive: Also known as a living will, your Round Rock estate planning attorney will explain that this document provides medical professionals with your last wishes for health care in the event you are suffering from an illness or injury likely to result in your death.
Contact an Experienced Round Rock Estate Planning Lawyer Today
If you are considering your estate plan, or would like to make changes to an existing estate plan, contact a Round Rock estate planning attorney right away. To speak to a Round Rock estate planning attorney, contact Gallini Law, PLLC right away by calling 512-238-8883.