Waco Estate Planning Lawyers

Why You Need an Estate Plan

No one likes to think about death. The idea of departing from loved ones is sad and even frightening for some people. While you are not alone if you feel this way, it is important to take the time to ensure your affairs are in order. Doing so will not only protect your wishes, but it will also protect your loved ones.

At Milam & Fanning, PLLC we understand that estate planning is a very personal matter for many people. No matter the size of your estate or your final wishes, our Waco estate planning attorneys can help you create a personalized plan that supports your goals. We help clients with these important matters across McLennan County, including in Lorena and the Baylor University area. We also now represent throughout Comal County, Hayes County, Guadalupe County, and New Braunfels. 

Interested in learning more? Call (254) 237-5602 for a consultation.

The Benefits of a Well-Crafted Estate Plan

Do you know what happens to your estate if you pass away without a will or any other type of estate plan? The state of Texas gets to decide what happens to your belongings. When the state makes decisions that you wouldn't approve of, or your loved ones do not like, it can cause a world of hurt. Our Waco estate planning attorneys want to ensure you have everything in place ahead of time.

Putting together an estate plan does not have to be difficult, time-consuming, or expensive. But doing something is incredibly important and comes with numerous benefits, including:

• Ensuring your family members are on the same page about what you want, preventing arguments later on;
• Ensuring your assets are handled according to your wishes;
• Ensuring your loved ones know how you want your end-of-life medical care to be handled;
• Allowing you to appoint a person to make medical or financial decisions for you when you are no longer able to; and
• Ensuring your children or vulnerable loved ones are protected.

Common Components of an Estate Plan

There are numerous tools available to craft an estate plan that fits your needs. At our firm, your Waco estate planning lawyer will carefully assess your assets, listen to your goals, and advise on which make the most sense for you.

Some common components of estate plans are:

• Will: A will is the most well-known estate planning tool available, and it can accomplish a wide variety of goals. At minimum, a last will and testament allows you to designate beneficiaries, but it can be as detailed as you like.
• Living will: Also known as a health care directive, a living will allows you to make decisions about your end-of-life care now. Leaving directions for your loved ones can save them from having to make difficult decisions, should that situation arise.
• Trusts: All or some of your assets can be placed in a trust that may be transferred to others upon your death. Trusts are an effective way to shield your estate from probate and estate taxes. There are numerous types of trusts, including charitable trusts and special needs trusts, which can help accomplish your unique goals.
• Guardianships: Guardianships allow you to designate someone to care for your children or a vulnerable adult, should you pass away unexpectedly.
• Transfer on death deed: With a transfer on death deed, you can designate a beneficiary for your real property (such as a home). If the deed is completed properly your property will transfer to the beneficiary without having to go through probate.

Common Mistakes People Make When Creating an Estate Plan

Creating an estate plan is a crucial step in ensuring that your wishes are fulfilled, yet many people fall prey to common mistakes that can undermine their intentions. One prevalent mistake is failing to update the estate plan regularly. Life events such as marriage, divorce, the birth of children, or significant changes in financial status can render an outdated plan ineffective or even counterproductive.

Another common error is not considering all potential assets or failing to adequately account for debts and taxes, which can complicate the distribution of the estate. Moreover, many individuals neglect to include clear instructions for end-of-life care, leaving loved ones to make difficult decisions without guidance.

In addition to these oversights, people often make the mistake of not adequately communicating their wishes to family members and other beneficiaries. This can lead to misunderstandings and disputes that might have been avoided with a conversation. Additionally, relying solely on a do-it-yourself approach without legal advice can result in improperly executed documents, making them legally invalid.

How an Estate Planning Attorney Can Help Prevent These Errors

Engaging an experienced estate planning attorney can safeguard against these common pitfalls. First and foremost, an attorney can ensure that all documents are correctly drafted, witnessed, and executed in accordance with the law, thereby avoiding the risk of invalidation. They will conduct a thorough review of your assets, debts, and tax responsibilities to create a plan that comprehensively addresses your financial picture.

An estate planning attorney will also advise you on the most suitable tools and strategies for your specific situation, whether it involves establishing trusts, creating a living will, or designating guardians for minors. They can provide guidance on regularly updating your estate plan to reflect significant life changes, ensuring that your plan remains relevant and effective over time.

Moreover, an attorney facilitates clear communication of your wishes to your family and beneficiaries, helping to prevent disputes and misunderstandings. In essence, an estate planning attorney provides peace of mind, ensuring that your legacy is protected and your loved ones are cared for according to your precise wishes.

Call us at (254) 237-5602. We serve clients in McLennan County and the surrounding areas.

Serving Clients in Lorena, Waco, at Baylor University & Across McLennan County

Our Waco estate planning lawyers can provide better guidance about which estate planning tools are best for you in a comprehensive consultation. This can provide you with an invaluable opportunity to learn more about the specific benefits you may experience by creating an estate plan, and what tools may be best for you.