Everyone Should Have A Simple Estate Plan

There are certain things in life that are guaranteed, such as death, but life tends to throw us many challenges we couldn't possibly expect. This doesn't mean you can't prepare for those unexpected possibilities. Everyone should have a simple estate plan in place that provides personal and financial protection for themselves and their families.

When you have a lifelong legal partner, like Tim Mahoney, Attorney at Law, you always have someone on hand who can help you make informed decisions about what is best for you and your family. We are hands-on and professional, which means we will collaborate with other professionals if you have a highly complex estate.

Call our office in Austin at 512-518-5419 to schedule your free 30-minute consultation.

What Are The Basic Estate Planning Tools?

While the terms and the exact combination may be different, there are a few estate planning tools we believe everyone should consider to provide protection both during life and after death. These include:

  • Last will and testament: This allows you to direct how your assets will be divided and who will receive your property after death. You can also include financial terms and guardianship designations for minor children or special needs children/adults. You can be creative in setting terms, restrictions or conditions. A will must be submitted for probate.
  • Living trust: This acts as an alternative to a will, providing direction and protection for your assets during life and after death. One benefit of a living trust is that it does not require probate, because property is transferred into the trust before death.
  • Durable general power of attorney: This a very important designation, granting a person the legal authority to handle your business and financial affairs in the event you are unable to do so yourself.
  • Medical power of attorney: This is a specific designation for a person you trust to make medical decisions about your care in the event you become incapacitated due to illness or injury — for example, if you are in a serious car accident but expected to recover.
  • Declaration of guardian: This document covers situations in which you may be unable to care for yourself. You designate a person whom you trust to have the legal authority to make minor and major decisions about your personal life and quality of medical care.
  • Living will or health care directive: This is a document that allows you to provide guidance for medical professionals and your guardian about life-sustaining treatment or care for a terminal illness or injury.

Have Questions About Your Estate Plan? We Have Answers. Se Habla Español.

Schedule your free 30-minute consultation with our lawyer by calling our office at 512-518-5419 or sending us an email.