Estate Planning Attorneys, Lubbock TX – Payne, Powell, Truitt & Chandler
Creating a clear and effective plan for your assets is one of the most important steps you can take for yourself and your family.
Secure Your Legacy with Thoughtful Estate Planning
At Payne, Powell, Truitt & Chandler, we understand the complexities that come with planning for the future. Estate planning is about more than just drafting documents; it’s about making decisions that will protect your loved ones and ensure your wishes are honored, no matter what. Our experienced team of attorneys is here to guide you through the process with personalized, compassionate legal support.
Whether you’re planning for retirement, addressing medical concerns, or preparing for the unexpected, we’re here to create an estate plan that meets your unique needs and goals.
Why Is Estate Planning Important?
Many people put off estate planning because it seems daunting or unpleasant, but the truth is, it’s one of the most important things you can do to safeguard your family and your future. Without a comprehensive estate plan, you risk leaving behind confusion, costly legal battles, or even unintentionally disinheriting loved ones. Estate planning ensures that your assets are distributed according to your wishes and can help you:
- Minimize the emotional burden on your family during difficult times.
- Protect your family and loved ones from unnecessary taxes or legal challenges.
- Make medical and financial decisions in the event of illness or incapacity.
- Provide clear instructions for your asset distribution and end-of-life care.
Our Lubbock, Texas Estate Planning Services
When people think about estate planning, they generally think only about a will. Although a will is an important part of an estate plan, it only takes effect after you die. Other documents are needed to carry out your wishes and manage your assets in the event you are temporarily or permanently disabled.
The following is a list of a few basic estate planning documents that you should know about:
Texas Last Will and Testament
A will allows you to specify how your property should be distributed after your death. It is an essential tool for ensuring that your final wishes are respected. If you want to avoid the lengthy and expensive probate process, a revocable living trust might be a better option. This type of trust allows you to transfer assets during your lifetime and provides flexibility and privacy for your heirs.
Texas Durable Power of Attorney
A durable power of attorney gives you the power to appoint a trusted family member or friend as an agent to act on your behalf if you are no longer capable of managing them yourself due to being temporarily or permanently incapacitated. You can give your appointed agent broad or limited management powers. A durable power of attorney will continue during incapacity but terminates upon your death.
If you become incapacitated and do not have a statutory durable power of attorney in place, a court-ordered guardianship may be necessary. Guardianship is time-consuming and expensive, and can be avoided by creating a power of attorney.
Medical Documents
An advance directive is a document that specifies the type of medical and personal care you would want should you lose the ability to make and communicate your own decisions. In addition, your advance directive can specify who will make and communicate decisions for you though a Texas Medical Power of Attorney, which lets you name an adult, your “agent”, to make medical decisions for you in the event you become unconscious or mentally incapable of making those decisions for yourself.
A document that goes hand-in-hand with your advance directive is a HIPAA Authorization, which is an authorization that allows specified individuals to access your medical information. Without this authorization, your doctor may refuse to communicate with your hand-picked decision maker.
A living will expresses your intentions regarding the use of life-sustaining measures in the event of a terminal illness. It expresses what you want but does not give anyone the authority to speak for you.
All these documents are essential to making sure your wishes are followed and your family is protected in the event of your incapacity or death.
Revocable Living Trust
There are many different types of trusts with different purposes. A living trust is a legal document that, just like a will, contains your instructions for what you want to happen to your assets when you die. However, it differs from a will in that, because this legal entity exists beyond your death, property titled in the trust does not need to pass through probate. Additionally it reduces the chance that personal information will become a part of public records. A revocable living trust has the term ‘living’ in the title because it is created during your lifetime and ‘revocable’ due to your ability to change the terms at any time during your life.
There are three important roles involved in every revocable trust – the grantor, a trustee, and the beneficiary. The grantor – generally you – is the person who creates the trust during their lifetime and then once they pass away, the assets in the trust will then be distributed as regulated in the trust. The trustee is the person that will distribute and manage the trust according to the provisions of the document. Lastly, the beneficiaries are the name of those that will receive the assets and benefits in the trust.
Are you ready to start planning your estate? Get started today!
Estate planning doesn’t have to be complicated or intimidating. Let us simplify the process and help you take control of your future. Our team at Payne, Powell, Truitt and Chandler is committed to providing you with clear, practical solutions that provide peace of mind for you and your loved ones. Contact our office and let us serve you today.
