Preserving Your Assets Through Estate Planning

Estate plans are not just for rich people, and they are not just for people who are in the later stages of their lives. Anyone can benefit from an estate plan. It’s a powerful tool for making your wishes known and preparing for life’s unknowns. Not only will your estate plan distribute your assets upon your death, but it can also create a contingency procedure for you and your loved ones if you become incapacitated.

At The Law Office of Lisa A. Vance, P.C., we are San Antonio estate planning attorneys who help people across Texas develop the right estate plan. We draw on our collective decades of experience to pinpoint the right estate documents for each situation. Our goal will be providing you with the peace of mind that comes with knowing that you have done everything in your power to protect yourself and your loved ones.

Customizing An Estate Plan To Meet Your Needs

Some people try to save money by using do-it-yourself online forms to create their wills and estate plans. We believe that it is better to work with a lawyer who will develop an estate plan that is carefully tailored to your unique situation.

An estate plan is more than just a will. Other documents can help you legally protect property and inheritances for family members, make your medical care wishes known and appoint a trusted loved one to manage your important affairs. The right documents can also spare your loved ones the expense and complexities of the probate process.

We prepare all types of estate planning documents, including:

• Wills
• Trusts
• General powers of attorney
• Medical powers of attorney
• Living wills (medical directives)
• Guardianship designations
• Business succession planning

When you consult with one of us, your knowledgeable lawyer will work with you to learn about your circumstances and your goals. They will help you understand how each estate planning tool could benefit your life and your loved ones. They will aim to help you make smart, informed decisions that reflect your values.

We Protect Those Who Are Vulnerable

At The Law Office of Lisa A. Vance, we believe that the end of life is as significant as its beginning. We recognize how important it is to protect those we love.

We investigate claims of mental health dilemmas and collaborate with medical and financial advisers to ensure that our clients’ declining health will not negatively affect their finances.

We want to help you protect your aging family members as well as those with unanticipated terminal diagnoses. We work with the probate courts to investigate people who prey on unsuspecting elders. Whether our clients’ goals involve providing for the financial future of their heirs or protecting elderly loved ones, we support those who put their trust in us.

Answers To Common Estate Planning Questions

Below, we’ve provided answers to questions you may have as you prepare to plan your estate.

What are the different types of estate planning documents that I might need?

Although each plan is customized to the individual, many estate plans contain similar documents and legal instruments. Your plan may include:

1. A will: This contains a list of your assets and intended heirs, with instructions on how those assets should be distributed.
2. One or more trusts: These are legal entities giving you a high degree of control over how and when your assets are distributed. They can be used to achieve many goals, including caring for a loved one with special needs and avoiding or simplifying probate.
3. A durable power of attorney: You can appoint someone to handle financial decisions on your behalf in the event of incapacity (becoming unable to make or communicate decisions for yourself).
4. A medical power of attorney: You can also designate someone to make health care decisions for you if you are unable to do so.
5. A living will (advance directive): This states your preferences for emergency and end-of-life medical treatment if you become unable to communicate your wishes.
6. HIPAA Authorization: This grants permission for your designated individuals to access your medical records and discuss your health with health care providers.

Your plan can also include a list of insurance policies, benefits accounts and named beneficiaries for each.

How do I choose the right executor or trustee for my estate?

This is an important decision, as the person you choose will ultimately determine whether your estate is managed and distributed according to your wishes. It is important to select someone who is trustworthy, as they will be responsible for managing your assets and making key decisions.

Organizational skills are also crucial. The person you choose should be detail-oriented and capable of handling complex tasks, such as paying bills, managing investments and filing taxes. Financial knowledge is beneficial, especially if your estate is large or complicated.

Additionally, make sure that the person you select has the time and willingness to take on the responsibilities involved. It is also wise to choose someone who can remain impartial and act in the best interests of all beneficiaries.

Finding all these qualities in one person may not be possible. The good news is that your executor can turn to an experienced attorney like those at our firm for assistance and guidance in fulfilling their duties.

What is the impact of remarriage on my estate plan?

Remarriage can have a significant impact on your estate plan. Here are some things to keep in mind:

• Updating documents: You will need to review and possibly update your will, trusts and beneficiary designations to reflect your new marital status.
• Community property: Most assets acquired during a marriage are considered equally owned by both spouses under Texas’ community property laws. This can affect how your assets are distributed.
• Blended families: If you or your new spouse have children from previous relationships, careful planning is required to ensure that all children are provided for according to your wishes.
• Prenuptial agreements: Consider a prenuptial agreement to clarify asset distribution and protect your interests and those of your children.
• Spousal rights: Your new spouse will have certain rights to your estate under Texas law, so it’s essential to clearly outline your intentions in your estate planning documents.

It’s a good idea to review and update your estate plan after any significant change in your life or family. Getting remarried is an especially important time to revisit your plan for all the reasons addressed above.

Start Pursuing Peace Of Mind Today

You deserve the confidence and assurance that comes with having a solid estate plan in place. Call 210-265-6277 or email us to schedule a confidential consultation about your Texas estate planning or probate needs. Our office is conveniently located near downtown San Antonio.