A comprehensive estate plan is one of the best gifts you can give to your loved ones. It can help to relieve them of the difficult burden of making healthcare decisions on your behalf in times of incapacity and allow them to better understand your wishes following your death. Proper planning can also provide you with peace of mind, knowing that your assets will be distributed according to your wishes, and your loved ones and legacy will be protected after your passing. Individuals often think they are too healthy, too young or simply don't have enough money in the bank to warrant estate planning; this couldn't be further from the truth. If you have any wishes regarding end of life care or how your assets, or even your social media accounts, should be handled, you should create an estate plan to ensure your wishes are made known and carried out. It is important for young couples and single parents with children to have proper plans in place for proper care of their minor children and appoint the desired guardians for them in case the parent(s) have an accident causing death or develop a disability that precludes them from providing the necessary care for the children. Attorney Sanjeev Kumar will take time to understand your goals and devise a custom estate plan to help you accomplish them now and well into the future. A comprehensive estate plan usually includes the following documents: Last Will and Testament A Last Will and Testament (Will) is a document that outlines how you would like your assets to be distributed after your death. Wills must be drafted in accordance with the Texas Estates Code and are also subject to validation by the probate court. Therefore, it is wise to retain the assistance of a qualified attorney to assist with the drafting and execution of your will. Trust There are many different types of trusts that can be used to accomplish a number of wealth planning and preservation goals. Living Trusts are created during a person’s lifetime to appoint someone to manage or assist in managing their assets, as well as distribute these assets after their death. Testamentary trusts are used to distribute assets and come into affect only after a person’s death. Trusts can also be created to protect assets. Trusts are often used to guard against the expensive and time consuming probate process following one’s death. In order for a Trust to function appropriately, it must be properly-established, funded and regularly reviewed by an attorney to ensure its effectiveness and relevance given changes in the law and family dynamics. Power of Attorney A Durable Power of Attorney allows you to appoint someone to make personal and financial decisions for you in the event of your incapacity. The powers given can be as broad or as narrow as you desire. Medical and End of Life Planning Advance directives and other end of life planning documents are becoming increasingly popular. A Medical Power of Attorney allows you to choose someone to make health care decisions for you in the event of your incapacity. The Kumar Law Firm can also draft your Directives to Physicians and Family or Surrogates and Living Wills. These documents allow you to make your medical and end of life wishes known to family and providers who are bound to abide by them when the time comes. Estate Tax In the event that your estate is not exempt for the Federal Estate Tax, our firm will draft your estate plan with the goal that your beneficiaries are subject to the least amount of tax liability. In the world of estate planning, one size doesn’t fit all. Your family structure, assets and wishes for the future are unique and your estate plan must be drafted for you, taking all of these elements into consideration. Attorney Sanjeev Kumar gets to know his clients so that he can assess what vehicles are needed to provide them with a customized and comprehensive plan. Call 512-931-4613 if you have questions about creating an estate plan or would like to update an existing one.
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