By ensuring that you have a current Will, you can save your family and friends
needless hassle and expense in their time of grief. The cost of creating your Will now will far outweigh the
financial cost of probating your estate without a Will, let alone the emotional an monetary costs.
You should review your Will and supporting documents every 2 to 5 years to be sure they still reflect your
wishes.
Other reasons to revisit your will include:
- Recent marriage or divorce
- Birth of a child
- Children are now grown
- Death of your designated beneficiary
- Change of your preferred agent
- Family conflicts
- Move to a different state
What the Personalized Will Package Includes:
Information Gathering
We start with a one-on-one discussion of your wishes and needs.
Then we review your assets and the most appropriate options for them.
A Last Will and Testament
Your Will may state what property you have, which property should go to whom, who
should be your executor, where and how you will be buried, and other specific instructions you want
and need to happen after your death. For an additional fee, you may choose to include particular trust
provisions in your Will (see below for examples).
A Statutory Power of Attorney
Also known as a Financial or Durable Power of Attorney, this document states who may handle your
financial affairs besides you. This is used so that your mortgage and other bills can be paid if you become incapacitated.
Please note that this is effective immediately, so you should only designate someone you trust completely.
A Medical Power of Attorney
This document designates who can make medical decisions on your behalf if you are incapacitated. For
example, if you are in a car accident, and you are unconscious for a period of time, doctors and nurses
will look to your
designate for decisions. This document only takes effect if and when you are unable to make those
decisions yourself.
It is highly recommended that you talk to this person to let them know what you want (and do not want)
done for you.
You may even want to put it in a letter. You should provide a copy of this document to all of your
doctors and medical facilities.
A Directive to Physicians
Also known as a Living Will, this document states whether or not you want to be kept alive artificially
if
you are permanently and totally incapacitated.
A HIPAA Authorization
This document authorizes others to access to your medical records and information. This is particularly
important for children who are going to college. When your child leaves for college, he or she is now an
adult, and
medical facilities are not required to give parents automatic rights to their adult child’s medical
information.
This document can also be helpful in a case where one family member is close to an aging parent, but
other siblings
are emotionally and/or financially supporting the local family member.
A Declaration of Guardianship
This document is the backup plan in case the powers of attorney fail. Occasionally a medical or
financial
institution will refuse to accept a successfully completed power of attorney. In this case, the person
you
would like to care for you would need to submit a request to the court to be declared your guardian. The
declaration of guardianship is provided to the court to indicate who you wish to care for your person
and for your
financial affairs, should the need arise.
Review and Sign
We will go over each of the documents, ensure they match the stated goals, and witness the signing
of the documents. At the end of this meeting you will have your signed original documents, as well as
electronic copies of the signed documents on a flash drive.
NOTE: Every person should have his or her own will. This package is for an individual, and costs $1,300.
A couple can enjoy the same package for a combined price of $2,400!
Additional Provisions and/or Services Available:
Trust provision(s) in the Will (“Testamentary Trust(s)”)
You might want to set up a trust that becomes effective upon your death for the physical and financial care of
your
minor children. You may also set up a testamentary trust for the care of your adult children or beneficiaries
who
you would prefer not receive a large sum of money until they are of an age at which they should be mature enough
to
handle the money appropriately. You may also choose to set up a testamentary trust so that your spouse or
beneficiaries will qualify for government benefits. These are just a few examples of typical testamentary
trusts.
Separate Trust(s)
You may decide that it is your best interest or in the best interest of your loved ones to set up a trust in
addition to your Will. A trust is not necessary for the vast majority of people in Texas, because we have an
efficient and inexpensive probate system. However, you might decide to set up a trust now because you want it in
place for you if/when you become less capable. You may also set up a trust to be to be sure that you will be
eligible for Medicaid or other government benefits. If you have real estate in another state, a trust can help
your
executor avoid having to go through the probate process in multiple states. If your estate is a worth a
substantial
value, you may set up a trust to avoid inheritance taxes. Feel free to discuss whether a trust is appropriate
for
you.
Disposition of Remains
This document is used if you want to provide specific instructions for your remains, or if you want to designate
a
particular person(s) to decide what is to be done with your remains.