Estate planning is important. Whether you are single, new parents or considering retirement, Sprott Law Firm, PC can help with your Abilene TX estate plan.
You may think estate planning is only for those who have great wealth or who are concerned about protecting their assets. However, if you have minor children it is important you have the proper legal documents in place to provide for their care in the event you are injured and as a result are incapacitated or you suddenly lose your life. Estate planning not only deals with your current assets, it is also designed to ensure the care of yourself and at-risk family members in the event you are unable to care for them.
While a will is designed to include information about your specific wishes pertaining to your property, there is more to will drafting than describing who will receive what gift. Wills should be carefully drafted to address the concerns of the will maker, such as whether to allow independence from court supervision and to authorize the executor to sell real property. Wills can also be drafted to include a trust established at your death to provide for a minor or disabled family member.
Trusts may be set up as an asset protection plan but also to ensure the financial needs of family members are addressed. Generally, you will act as the trustee until a triggering event occurs such as your disability or death. In that case, the successor trustee, whom you name at the time of setting up the trust, will follow through with the administration of the trust. Texas law has specific rules governing trusts including the Rule Against Perpetuities which you should discuss with your estate planning attorney.
Powers of Attorney
Powers of attorney are designed to protect you and your loved ones in the event you are incapacitated. You may set up a financial and/or a health care power of attorney which designates a specific person to be responsible for your finances and/or your health if you are unable to for any reason.
Every person has different needs when it comes to developing an estate plan. At Sprott Law Firm, PC, we consider each person individually and work hard to customize a plan suited to their needs and tailor our representation and documents to meet those needs. If you are a resident of Abilene, TX including Taylor, Callahan and Jones County, contact our office today at 325-232-8584 and allow us to help you prepare an estate plan suitable for your specific needs.