An Estate Planning Attorney Can Help You Get Prepared
Estate planning helps individuals and families protect their assets and plan for the future. There are many valuable legal tools available, and it’s essential to understand the benefits and drawbacks of each with guidance from an experienced estate planning lawyer. At N Thatcher Law, we help clients prepare in advance for how their property will be managed and distributed after they pass away.
Why You Need an Estate Plan
When done properly, an estate plan provides peace of mind and financial security for you and your loved ones. Without a plan, Texas state law will decide how your assets are distributed — often leading to unnecessary disputes among family members. An effective estate plan allows you to:
Protect Assets: Planning ahead helps you safeguard your property from being depleted by long-term health care and other expenses, preserving it for your family.
Decide for Yourself: Most Texans pass away without a will. In those cases, state law governs who gets what, which may not align with your wishes. An estate plan lets you decide where your assets will go.
Protect Loved Ones: Estate planning allows you to put conditions or restrictions on inheritances — for example, determining when and how your beneficiaries can access assets.
Reduce Taxes: A well-crafted plan can help minimize estate and other taxes, preserving more of your wealth for your heirs.
Prepare for Incapacity: Estate plans can also address what happens if you become incapacitated, ensuring that your health care and financial affairs are managed according to your wishes.
Common Estate Planning Tools
A comprehensive estate plan can include several tools:
Will: A will is a legal document that specifies how your money, real property, and other assets will be distributed after death. It also names a personal representative (executor) to administer your estate.
Trusts: Trusts are versatile tools that can help reduce taxes, protect assets, avoid probate, and provide for loved ones. Many people use trusts alongside a will to create a complete plan.
Durable Power of Attorney: This allows you to appoint someone to manage your financial affairs if you become unable to do so yourself.
Health Care Proxy: Similar to a power of attorney, a health care proxy designates someone to make medical decisions for you if you’re incapacitated.
Living Will: A living will sets out your preferences for end-of-life medical care, guiding your family and health care providers when you’re unable to communicate your wishes.
How Our Estate Planning Attorney Can Help
At N Thatcher Law, we take a personalized approach to help you make informed decisions and craft a plan tailored to your unique situation. Here are a few ways we can assist:
Preparing a Last Will and Testament
Our attorney will help you clearly outline your wishes and select a trusted executor. We ensure your will is thorough and up to date, minimizing the risk of disputes and unintended consequences.
Creating a Living Trust
A living trust can help your heirs avoid probate, saving them time and money. You retain control of your assets during your lifetime, while the trustee manages and distributes them according to your instructions after your death.
Designating Beneficiaries
Some assets — such as bank and investment accounts — can pass directly to designated beneficiaries without a will or trust. We help you review and update these designations so they align with your overall plan.
Elder Care and Long-Term Care Planning
We assist with elder care strategies, including Medicaid Asset Protection Trusts and advance directives, so you have a clear plan for medical and financial decisions if you become incapacitated. This planning reduces stress for your family and ensures your wishes are respected.
Plan for Tomorrow, Today
It’s never too early to put an estate plan in place. At N Thatcher Law, we’re here to help you protect what matters most. Contact us today to schedule a consultation and take the first step toward peace of mind for you and your family. We offer consultations in person or conveniently by Zoom, FaceTime, or other video conferencing tools.