An Experienced Lawyer Discusses the Basics
J.C. Bailey, of counsel with the law firm Bailey & Galyen, sat down with Abbey Tinoco recently and talked about the important things to consider when you’ve decided to set up an estate plan. Bailey stressed a couple of key factors when initiating the process:
- Make certain that you work with an attorney who has estate planning experience in the state where you’ll prepare and execute your plan.
- Be as detailed as possible when documenting your current financial situation, as well as your objectives. Otherwise, you may end up with a generic plan that meets some of your needs well but doesn’t sufficiently address others.
Bailey said that one of the most common mistakes is believing you don’t need an estate plan because you don’t have many assets. Bailey noted that such an approach fails to take certain factors into consideration:
- Your estate may be small when you’re considering whether you need a plan, but it may suddenly become larger. For example, you may get an inheritance of your own; you may win the lottery; or you may die in an accident caused by someone else’s negligence, leaving your estate the beneficiary of a personal injury settlement or judgment.
- If any potential beneficiary is a minor, an estate plan can include a trust to protect the estate until the child reaches a certain age and has the maturity to manage the funds.
- An estate plan does more than direct where your property will go. It can also be used to identify who will be the legal guardian of a minor child or special needs adult in the event you and your spouse die simultaneously.
Bailey also noted Texas residents should have the following essential estate planning documents:
- A will that identifies the executor of your estate, distributes your property, and assigns a guardian, if necessary
- A power of attorney for business and finance that allows someone else to legally make decisions on your behalf
- A healthcare power of attorney that gives another person the legal authority to make medical decisions for you
- An advance directive for physicians that sets forth your preferences with respect to certain types of medical care
Contact the Proven Estate Planning Attorneys at Bailey & Galyen
For experienced advocacy in all matters related to estate planning, contact us by e-mail or call our offices. For over 40 years, we have helped individuals in Texas find solutions to a wide range of legal concerns. We offer a free initial consultation to most prospective clients. You can reach us by phone 24 hours a day, seven days a week. We will meet with you evenings or weekends, if necessary. Se habla español.
