No matter the amount of property you own or what your financial situation is, a comprehensive estate plan should be a priority. A standard will, known as a Last Will and Testament, provides you the opportunity to designate your final wishes for after you pass. If you die, intestate, meaning without a will, or other prepared estate plan the State of Texas determines who inherits your assets. Sometimes what the state decrees lines up with what an individual desires, but in many cases it does not, and the consequences can be significant for your surviving spouse, minor children, or other loved ones.
A proper estate plan does not just include what happens after you die, but what happens to you and your assets when you are not able to make decisions for yourself. Our estate planning package includes both a medical and durable power of attorney, so that you can designate someone that you trust to make decisions when it comes to your health and handle your assets. Consider how important it is that your bills are able to be paid in the event that you become mentally incapacitated for a period of time. Another pertinent part of an estate planning package is the medical directive also referred to as a living will. A medical directive provides clear and concise written directives regarding life sustaining medical decisions should you become severely incapacitated.
At Byers & Taylor, our attorneys focus on helping clients develop estate plans that fully address their needs and desires. We have the extensive knowledge needed to work closely with our clients to develop the personalized plan that is just right for them. It is our goal to develop estate plans of all levels of complexity with innovative solutions. For more information about creating the right estate plan for you, please click here and someone will be in touch with you shortly.
AFFIDAVIT OF HEIRSHIP
When an individual owner of property in Texas passes away without a mechanism in place that automatically transfers the property upon the death of the deceased owner (such as a right of survivorship agreement, transfer on death deed, or other beneficiary designation), the property becomes a part of their estate and is distributed to their heirs.