Dallas, TX Estate Planning Lawyer
Planning for the future can be difficult – it can be hard enough to plan what’s for dinner, let alone prepare for scenarios like not being around to take care of your kids and having to designate someone to raise them, or you passing away in an accident and having to decide who will inherit which of your possessions. However, getting your affairs in order is an important step towards protecting yourself, your money, and your family from the unexpected. Our Dallas estate planning lawyer and CPA can work with you to create a personalized estate plan. You can rely on our firm to keep the process as simple and stress-free as possible! Call today to schedule a free consultation.
What Is An Estate Plan?
An estate plan is a collection of legal documents and tools that secure your assets and give specific, legally enforceable instructions for how your assets will be managed during your lifetime and then distributed upon your death. Depending on your unique circumstances, your estate plan may include:
- A will
- A living will, also known as an advance directive
- A trust
- A power of attorney (or multiple powers of attorney)
- Beneficiary designations
- Guardianship designations
- Identification documents
- Copies of deeds and policies
- And more.
Our Dallas estate planning lawyer will take the time to review your situation and explain all of your options, then draft the documents that are right for your needs and goals! For example, if you are a business owner, then you should have a business succession plan and a comprehensive tax savings plan included in your estate plan.
Who Needs An Estate Plan, And Why?
Many people, particularly when they hear the word “trust” or “estate”, immediately dismiss an estate plan as something that only “rich” people need, or that only elderly adults need because they are nearing the last decades of their lives. However, the truth is that everyone who a) owns property and/or b) has family members needs to have an estate plan as soon as possible, regardless of how wealthy or old.
There are many reasons why you should have an estate plan, but the two biggest reasons are these: an estate plan clarifies your wishes, and keeps your assets in your family’s hands rather than in the Texas court system’s.
If you don’t have any legal documents, and something happens to you – say you die unexpectedly, or become medically incapacitated and unable to communicate – then your family may not know what you wanted to happen to you, to them, to your house, your possessions, etc. Even if they had an idea of your desires, they will have no confirming proof. Different family members may even end up fighting amongst themselves over who gets what….it could easily become a very messy situation.
If you have part of an estate plan – say, a simple will – that’s still not enough to offer comprehensive protection. A will only goes into effect when you pass away; it can’t do anything if you are reliant on a ventilator and your family and doctors need to determine whether to keep you on it or take you off (for one example). It can’t protect your life savings from being lost to the nursing home. It can’t minimize taxes on your property. It can’t prevent probate, which is a Texas court process that otherwise has to occur before your possessions can be legally transferred to your beneficiaries. Probate is expensive and time-consuming, and it involves state laws managing your affairs rather than you or your family doing so.
How Our Dallas Estate Planning Lawyer Can Help
At Villegas Law Firm, we understand that this isn’t the kind of legacy you want to leave behind. Our lead Dallas estate planning lawyer, Jorge Villegas, has over 15 years of attorney experience and is also a Certified Public Accountant. He can provide a different perspective on the financial and tax issues related to your estate, and his legal assistance with your estate plan will significantly reduce hassle for your family and friends during a difficult time down the road. He will preserve your hard-earned money for future generations. Get (and give!) peace of mind today! Call for a free consultation and discover your next steps.