Dallas Estate Planning Lawyer

Helping You Protect Your Legacy

Contemplating one's mortality can be challenging, which is why many people find the process of developing an estate plan discomforting. However, drafting a comprehensive estate plan is crucial if you want to protect your legacy, safeguard your last wishes, and ensure your loved ones receive the help they deserve after you pass away.

At DebnamRust, P.C., our Dallas estate planning lawyers will collaborate with you to create an estate plan that brings you peace of mind. Our approach is not only focused on creating a legally sound document but ensuring that your estate plan reflects your personal values and priorities. We delve deep into understanding your unique situation, whether you need specific advice on asset distribution, tax implications, or setting up trusts to benefit family members over generations.

To schedule a consultation with our team, contact our Dallas estate planning attorneys online or via phone at (214) 758-8681.

What's in An Estate Plan?

An estate plan is comprised of several legal documents, all of which - when combined - help an individual preserve their last wishes, receive good treatment at the end of their life, and pass down their property and legacy to friends and loved ones. These documents are tailored not just to preserving wealth but to ensuring that your health care decisions and legacy are managed as per your desires. Key components include the designation of a power of attorney, living wills to guide medical decisions, and crafting of trusts and wills that articulate your legacy goals.

The Consequences of Not Having an Estate Plan

Unfortunately, estate planning can be an intimidating concept, but hesitancy to start estate planning can lead to future issues and stressors. Too often, individuals delay estate planning, which increases the legal burdens on heirs and complicates asset distribution. This lack of foresight can lead to disputes among family members, unnecessary tax burdens, and critical decisions being made by those unfamiliar with your wishes. Engaging an estate planning attorney now can mitigate these risks and ensure a smoother transition during challenging times.

Here are some of the top issues that result when individuals pass away without a will.

• Loss of control: When you do not leave a will, you cannot control how your assets are distributed. Instead, state laws will determine which family member(s) receives your estate.
• Higher cost: If you don't have an estate plan at the time of your passing, your estate will most likely have to go through probate. This is a time-consuming and expensive process. Setting up an estate plan in advance is the best way to mitigate expenses.
• Child custody: Within your estate plan, you can name guardians for your children. If you do not have an estate plan, this major decision is up to the courts.
• Family stress: The burden of handling your estate falls on your family. With an estate plan, this can be made much easier and help to avoid disputes and confusion.

Most Common Types of Estate Planning Documents

The most common types of estate planning documents are a statutory durable power of attorney, medical power of attorney, directive to physicians (commonly known as a living will), HIPAA releases, declaration of guardian, last will and testament, or another will alternative, and trusts. Understanding each document's role can significantly enhance the clarity and effectiveness of your estate plan, ensuring it aligns with your life goals and aspirations.

Types of estate planning documents:

1. A Statutory Durable Power of Attorney. A statutory durable power of attorney allows another person to act on your behalf to manage your things. There are generally two kinds of statutory durable powers of attorney: one that takes effect immediately, and another that takes effect when you become incapacitated or unable to manage your affairs.
2. A Medical Power of Attorney: A medical power of attorney allows you to designate a person to make medical decisions on your behalf when you are not able to make them. This ensures that your health care preferences are honored, even when you cannot articulate them yourself.
3. HIPAA Release: A HIPAA release allows doctors to pass sensitive medical information to designated individuals. Without a HIPAA release medical professionals may not pass information to individuals without your consent.
4. A living will. A Directive to Physicians, commonly known as a living will, determines your end-of-life wishes and the care you receive if you become incapacitated. It is crucial for preventing unnecessary or undesired medical interventions.
5. Declaration of Guardian. If a court determines that a Guardianship is necessary, this document tells the court whom you would like designated as the person to act for you regarding your person and your possessions. Proactively naming a guardian helps avoid uncertainty and family conflicts.
6. A last will and testament. A last will and testament documents how you want to distribute property you own among beneficiaries after you die. A will also often names an executor, a person in charge of distributing your property as directed in your will.
7. Other Documents. Additional documents could be included in an estate plan, either a will alternative or a Disposition of Remains. Your attorney can help identify documents that are especially relevant given your unique circumstances.

Call DebnamRust, P.C. at (214) 758-8681 for a consultation with an estate planning lawyer in Dallas.

How Do I Start the Estate Planning Process?

To ensure your assets are well-protected and your wishes honored, it's essential to follow some key steps as you embark on the estate planning journey. Begin by taking a comprehensive inventory of your personal belongings, investments, and real estate holdings. Clearly articulate your goals, such as determining who will inherit your assets, designating guardians for any minor children, and outlining your preferences for medical decision-making should you become incapacitated. Gathering existing documents, like insurance policies and titles, can also provide a solid foundation for your estate plan. A holistic review of your financial life enables a comprehensive and effective estate planning strategy.

Consulting with an attorney is crucial to navigating the complexities of estate planning. At DebnamRust, P.C., we offer specialized services, including the following:

• LGBTQ+ estate planning. We cater to the unique considerations of the LGBTQ+ community, ensuring that estate plans are inclusive and respect relationships not recognized by all legal systems.
• Estate administration. Effective administration ensures that estates are settled efficiently and according to the decedent’s intentions.
• Will alternatives. For those looking beyond traditional wills, we provide insight into alternative solutions, which may better fit certain financial and personal circumstances.
• Trusts. Trusts can provide flexible solutions for estate distribution, allowing for greater control and potentially reducing tax liabilities.

Making necessary legal documents, such as trusts and wills, is an important step in the procedure. By outlining your intentions, these contracts reduce the likelihood of legal challenges. Expert advice guarantees that these resources are customized to your unique requirements, giving you the assurance that your estate plan represents your goals as an individual and as a family. By collaborating with DebnamRust, P.C., you may confidently start your estate planning journey, knowing you have expert help every step of the way. Estate planning is dynamic, and as life events unfold, regular reviews and updates ensure continued alignment with your wishes.

Costs to Draft an Estate Plan in Texas

The cost of your estate plan can vary based on:

• How experienced your attorney is (as this can influence their rates)
• What specific documents are needed
• How complex/large your estate is
• Whether you are a single person or a married couple (as couples will pay more)

Different attorneys and firms also use different types of fees when charging for their services. Typically, you can expect lawyers to charge using one of the following rate structures:

• A flat fee. You may be charged a flat fee (a fixed price) for the completion of all the necessary documents. Some firms have pre-made estate plan packages with fixed prices, while other firms may set a flat fee after establishing what documents you need.
• An hourly rate. Attorneys often charge their clients for billable hours, which include the time that they spend working on or meeting with you about your case.

It is important to note that finances should not be a reason you do not draft an estate plan. If you do not have an estate plan you run the risk of having your estate through probate, which is an expensive process. To mitigate costs, you may elect to simply draft one or two documents at a time. While you may be concerned about the upfront costs, our attorneys would also be happy to discuss your options. Utilizing payment plans and exploring simplified estate plans are potential ways to manage costs while still securing essential legal protections.

What Are Common Estate Planning Pitfalls?

• A common misconception is that a person can leave a separate list of how they want property to be distributed, but that document is not binding.
• A will is not a contract. You cannot make changes to a will by crossing out and initialing a provision in a will. Any change made to a will that is not witnessed and notarized will not be effective.
• If a will is partially handwritten and partially typed, the court will disregard the typed portions. If the testator's intent cannot be understood from only the handwritten portions of the document, the court will disregard the document entirely and your estate will have to proceed as if you did not have a will.
• Bank accounts don't designate a person with Rights of Survivorship, and the bank account must go through probate to be distributed.

Why Choose DebnamRust, P.C. for Your Elder Law Needs?

We at DebnamRust, P.C. are aware of how daunting it can be to navigate the complexity of elder law. Our devoted, knowledgeable estate planning lawyers in Dallas are committed to providing individualized care that is catered to your particular circumstances.

Here’s why choosing us for your elder law needs is a decision you won’t regret:

• Comprehensive Knowledge: You will receive well-rounded counsel because our attorneys are knowledgeable in a variety of elder law topics, such as Medicaid planning, guardianship, and estate preparation.
• Client-Centered Approach: To design an estate plan that accurately reflects your desires, we prioritize your needs and goals while taking the time to listen and comprehend your worries. Our approach ensures that our solution uniquely reflects your desires and circumstances.
• Transparent Communication: We think it's important to inform our clients at every stage regarding your case or the judicial process; you won't ever be kept in the dark. Consistent updates and direct correspondence form a core part of our service philosophy.
• Community Commitment: Being a locally owned law firm in Dallas, we have a strong sense of community. We work hard to provide our customers and their families with helpful resources and support. Our local insights contribute to effective planning within the context of Texas law.
• Proactive Solutions: Our staff is ready to help you prepare for whatever lies ahead by anticipating potential obstacles in addition to attending to your present legal needs. This foresight is instrumental in safeguarding your estate against unforeseen challenges.

Choosing the right estate planning attorney can make all the difference in ensuring your legacy is protected and your wishes are honored. Let DebnamRust, P.C. guide you through the intricacies of elder law with confidence and care. Our unwavering commitment to our clients' satisfaction is at the heart of everything we do.

Begin a consultation with a Dallas estate planning lawyer at DebnamRust, P.C.. Call (214) 758-8681.

Common Questions About Trusts and Wills

How Do Trusts Differ from a Will?

However, unlike a last will and testament, property held in a trust does not need to go through probate before being distributed. As a result, many people choose to distribute property that can get caught up in the probate process - such as real estate - through trusts. This efficiency is complemented by the potential for tax benefits and the ability to impose conditions on the use of assets based on the beneficiaries' life situations and ages.

What Is the Most Popular Type of Trust?

The most popular type of trust is a living revocable trust, which can be adjusted throughout a grantor's lifetime. For a trust to be valid in Texas, it must be notarized by a notary public, and the trust must contain property. A significant advantage of a living trust is its ability to be altered or terminated as circumstances change, remaining responsive to the grantor’s shifting priorities and life events.

When Should I Update My Estate Plan?

Below are some common life events that may warrant getting or updating an estate plan:

• After getting married
• You purchase a home
• You purchase a second home
• You purchase real estate outside of Texas
• You purchase a car or boat
• You move to Texas from another state
• Children are born
• A retirement account is opened without designating a beneficiary
• You inherit property from someone
• You started a new, full-time job
• The Texas legislature meets and updates the Texas Estates Code
• If you don't have one

At DebnamRust, P.C., our Dallas estate planning attorneys can help you put together a comprehensive estate plan that covers all your bases utilizing a statutory durable power of attorney, a medical power of attorney, a directive to physicians (living will), HIPAA releases, a declaration of guardian, a last will and testament or will alternative, and a trust. Regularly revisiting your estate plan ensures its alignment with your current intentions and cash flows, a vital part of maintaining its efficacy over time.

What Makes a Will Valid in Texas?

For a will to be valid in Texas, a typed will must be signed by the testator (the will owner) in front of at least two witnesses, who must also then sign the will, and notarized. A handwritten will must be completely in the testator's handwriting and must be signed and dated by the testator. Ensuring compliance with these formal requirements is essential to prevent the will from being contested or deemed invalid, thereby preserving your estate distribution priorities.

What Is the Difference Between Estate Planning and a Will?

While a Will is an important part of Estate Planning, the terms are not interchangeable. Estate Planning is a collection of documents, most of which govern situations that happen while you are alive. These documents include durable power of attorney, advanced directive, and healthcare power of attorney. 

A Will is a document in an estate plan that helps to explain where your property and assets will go once you are deceased. A Will helps to explain where your property and assets will go once you are deceased. It can also help determine who will serve as guardian of your children if they are minors. Lastly, a Will can declare an executor who will be responsible for distributing the assets/property to either people, charities, or both. Estate planning, therefore, provides a more comprehensive framework, supporting not just posthumous asset distribution but also managing contemporary familial and financial considerations effectively.

How Does the Texas Estate Code Affect My Estate Plan?

The Texas Estates Code governs all aspects of estate planning and probate procedures in the state, impacting how wills, trusts, and probate matters are handled. Familiarity with this code is essential because it provides guidelines about the distribution of assets, the authentication of wills, and the designation of guardians and trustees. Adjustments in the Texas Estates Code can significantly influence your estate plan—such as affecting how taxes are levied, interpreted, or applied. Consulting with a local Dallas estate planning attorney ensures that your estate strategy aligns with the latest statutory requirements and provides future-proof protection for your beneficiaries.

What Is Independent Administration in Texas Probate?

Independent administration is a process under Texas probate law that allows the executor of an estate to administer the estate with minimal court intervention. This approach is often favored for its efficiency and cost-effectiveness. Unlike dependent administrations, which require frequent court appearances and approvals for various actions, independent administration allows executors to distribute assets, pay debts, and settle the estate with less oversight. However, it is crucial for executors to diligently perform their duties as they may be held liable for any mismanagement. Having an experienced estate attorney guide the process can safeguard against pitfalls and ensure compliance with all legal obligations during administration.

Can I Challenge a Will in Dallas?

Yes, a will can be contested in Dallas under specific circumstances. Grounds for a challenge typically include undue influence, fraud, forged documents, or instances where the testator lacked the mental capacity to create a will. It's important to act promptly, as there are strict timelines after a will has been admitted to probate. Successfully challenging a will involves gathering substantial proof and legal acumen, often requiring the counsel of a skilled estate planning attorney who can navigate the intricacies of probate litigation. Challenges not only affect estate distribution but can also complicate familial relationships, making it crucial to weigh the merits and potential consequences before proceeding.

How Can I Avoid Probate in Texas?

Probate can often be a lengthy and costly process, which is why many Texans seek to avoid it when possible. Methods to sidestep probate include setting up living trusts, which allow assets to pass to beneficiaries without court intervention. Additionally, assets such as life insurance policies, retirement accounts, and jointly held property with rights of survivorship automatically pass to named beneficiaries, avoiding probate. It’s essential to review and update these documents regularly to ensure they reflect your current wishes. Engaging an estate planning attorney can provide you with insights into constructing an estate plan that minimizes the need for probate and eases the transfer of your assets to your heirs.

Why Is It Important to Regularly Review My Estate Plan?

Regularly reviewing your estate plan ensures that it reflects your current wishes, family circumstances, and any changes in the legal landscape. Life transitions such as marriage, divorce, the birth of children, or significant asset acquisition can necessitate revisions to your existing plan. Moreover, amendments in state laws can compel adjustments to your strategy to comply with new regulations effectively. Proactive and periodic reviews of your documents can also identify inconsistencies or gaps that might otherwise lead to disputes, ensuring your estate plan remains a robust tool for upholding your legacy and protecting your beneficiaries’ interests.

To schedule a consultation with our team and get started on your estate plan! Contact an estate planning attorney in Dallas online or via phone at (214) 758-8681.