Estate Planning Attorneys in The Woodlands

A Texas estate plan may include a last will and testament, statutory durable power of attorney, medical power of attorney, directive to physicians, and other documents addressing your property, finances, and health care. Depending on your circumstances, you may also benefit from a trust, beneficiary designations, or documents that transfer certain property outside of probate. The appropriate documents depend on your assets, family situation, and goals.

The cost of estate planning in The Woodlands varies depending on the complexity of your estate and the documents you need. A relatively straightforward will-based plan will generally cost less than an estate plan involving trusts, business interests, blended-family considerations, or more complex asset-protection strategies. An estate planning attorney can review your circumstances and explain which documents may be appropriate before providing an estimate of the legal fees involved.

It is generally a good idea to review your estate plan as soon as possible after a divorce. Texas law can affect certain provisions benefiting a former spouse after a marriage ends, but you should not assume that every will, trust, beneficiary designation, power of attorney, or other estate planning document will automatically reflect your current wishes. Reviewing your plan after divorce allows you to reconsider your beneficiaries, executors, trustees, agents, and other important appointments.

On the flip side, if your ex has agreed to pay child support and an additional amount above the mandated child support for a specific purpose (such as private school, for example), it may be wise to amend the court documents to reflect the new payment amount in order to secure this payment legally as long as you need it.

Marriage is an important time to review your estate plan. Texas law distinguishes between separate and community property, and marriage can affect property rights and what happens to certain assets at death. Updating your estate plan can help ensure that your will, trusts, powers of attorney, beneficiary designations, and other documents reflect your new family circumstances and your wishes for your spouse and other beneficiaries.

If you die without a valid will in Texas, your probate property generally passes according to the state’s intestate succession laws. Who inherits depends on factors such as whether you were married, whether you had children, whether those children were also children of your surviving spouse, and whether other relatives survive you. Because these statutory rules may not distribute property the way you would choose, creating a will can give you greater control over who receives your estate.

Business owners often have estate planning considerations that go beyond those of individuals who do not own a business. Your plan may need to address what happens to your ownership interest after death, who can manage the business if you cannot, and how ownership or control should pass to family members, partners, or other successors. Estate planning can also be coordinated with operating agreements, buy-sell agreements, succession plans, and other business documents to help reduce uncertainty and disruption.

An estate plan can help establish who has authority to handle certain financial and business matters if you become unable to manage them yourself. For example, a properly drafted durable power of attorney may authorize a trusted agent to handle specified business and financial matters during incapacity. Business owners may also need to coordinate their estate plan with the company’s governing documents and succession arrangements so that management and ownership issues are addressed before an emergency occurs.