Your Last Will and Testament is the core of your Estate Plan. It outlines how you would like your assets to be distributed after your death, and may also name a guardian for your children, establish a trust and trustees, provide for charitable gifts, or contain tax planning provisions.
Almost all moderately-sized estates may be taken care of with a Simple Will. This document will handle the basics, naming your executors and alternates, providing for guardians for minors, making specific bequests, and establishing testamentary trusts and trustees.
If your estate is sizeable or you have particular needs to be addressed, your estate may benefit from a more Complex Will. Your attorney will work with you to draft a Will that fits your circumstances, including Bypass Trusts, Disclaimer Trusts, Special Needs Trusts, or Life Insurance Trusts. Your attorney will also advise you as to whether you should consider making lifetime gifts to take advantage of annual exclusions or tax-free gifts for the education or medical needs of a loved one.
Who needs a Will? Ask yourself…
• Do you have minor children?
• Are you and your partner not married under Texas Law?
• Do you own property?
• Do you own a small business?
• Do you want to leave some or all of your assets to charity?
• Do you have a sizeable estate which may require tax planning?
• Do you want to establish a trust to provide for a loved one’s health, education, or financial security?
• Do you want to leave specific property to specific individuals?
If you answered “yes” to any of these questions, you need a properly drafted and executed Will.
I have a Will - how do I know if my Estate Plan is up-to-date? Since you last updated your Estate Planning documents…
• Have you gotten married or divorced?
• Have you had or adopted a child?
• Are your chosen executors, alternates, and trustees no longer the proper individuals to carry out your wishes?
• Does one of your beneficiaries have special needs or require long-term care?
• Do you need to plan for the transfer of your business to your partners or family members?
If you answered “yes” to any of these questions, you should contact your Houston estate planning attorney to schedule a review of your planning documents as soon as possible.
Houston estate planning attorney Anna Valkovich will construct a comprehensive Will Package tailored to your goals, family dynamics, and financial circumstances. This comprehensive service includes a Will, Durable Power of Attorney, Medical Power of Attorney, HIPAA Release, Designation of Guardian, and any other applicable advance directives. To arrange your complimentary initial consultation, contact The Valkovich Law Firm.