WILLS

 

A last will and testament, more simply known as a will, puts distribution of your assets in your hands instead of the state statutes, and ensures that your property and other belongings will go to the people of your choosing.  Wills can be simple or as detailed as you desire and as the situation demands.

​

Your will designates an executor which is the person who manages the details of your estate.  They are responsible for gathering your property, identifying and paying your debts and then distributing the remaining property according to directions from your will.

​

You can distribute your property directly to the intended recipient or have it held in a trust.  This provides a great deal of flexibility when planning for your loved ones, charities or any other beneficiary. For some families a trust is the best way to protect your assets. One common trust is a minor’s trust which is established for the future care of a minor allowing the caretaker to gain access to the funds for health, education, and support of your child.

If you have minor children, it’s important for you to designate a guardian for them.  You can also identify individuals who should not be appointed as their guardian. By naming a guardian you will minimize the amount of court involvement in the care of your child.

​

Failure to have a valid Texas will results in a longer more costly process that will reduce the assets available to provide for your loved ones. Furthermore, you may wish to provide for individuals not recognized as family by the State of Texas.  Most importantly, the court will not have any way to carry out your wishes and will be bound by the guidelines of the state. Creating a will speeds the probate process up and can be a relatively quick and straightforward process. It's in your best interest to consult an estate planning attorney to assist in the process.

​

POWERS OF ATTORNEY

​

Durable Power of Attorney

​

A general or durable power of attorney covers a broad scope of decisions, typically regarding financial affairs, for a person who is incapacitated. By planning in advance, you can decide which activities you want the general or durable power of attorney to direct. You can give specific instructions about who you want to have power of attorney for you, and in what circumstances or situations.

​

A general power of attorney can take effect immediately or upon the principal's incapacity and ends on the principal's death or when the principal regains mental capacity.

​

A durable power of attorney can also take effect immediately or upon the principal's incapacity, but continues even when the principal dies.

​

Medical Power of Attorney

​

If you become incapacitated, you want to make sure that the person making your medical decisions is someone who knows your wishes and preferences and who will have your best interests at heart. You need to designate someone you trust, and make sure that the legal documents are clear and precise.

​

LIVING WILL

​

Making your wishes known about end of life choices need to be in writing in the event you aren’t able to express yourself. Commonly referred to as a living will, in Texas this document is called a Advance Directive to Physician.

A person can be designated to make decisions consistent with this document. Its primary difference from a medical power of attorney; it’s only effective if you have a terminal or irreversible condition.

​

TRANSFER ON DEATH DEED

​

Texas allows an individual (transferor) to transfer their interest in real property using a Transfer on Death Deed. It passes title to the real property to the beneficiary upon the transferor’s death.

 

When this deed is properly recorded at the deed of records in the county where the property is located, no probate is needed to transfer title to the property described in the deed.

 

As the transfer on death deed conveys property outside of probate, it avoids incurring costs to deed the property to your beneficiaries.

 

The Transfer on Death Deed is not a testamentary instrument nor is it a will. It does not replace a will for personal property.

​

​

Need an Estate Lawyer, Will, or Power of Attorney in Dallas-Fort Worth? Give the Miller Law Firm a call!