Dallas Estate-Planning Attorney
Protect the ones you love.
Schedule a consult today by calling (214) 234-2701
Dallas Estate-Planning Attorney Serving the Dallas-Fort-Worth Metroplex
You've worked hard to get where you are, so naturally, you want to protect your family and create a safety net for yourself. You want to make sure that, when the unthinkable happens, you’ve done everything possible to take care of your loved ones. You wouldn’t own a house or car without insurance to help out in case something goes wrong, so you shouldn’t take similar risks with the financial security of your family.
Dallas estate-planning attorney Jordan Hix helps provide you with the peace of mind of knowing that you have done everything you can to provide for your family when you pass.
Every estate has unique needs, necessitating a unique approach to planning. Depending on your situation, you may require a variety of strategies to protect your assets, including:
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Wills
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Living Trusts
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Powers of Attorney
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Family LLCs and Partnerships
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Life Insurance Trusts
During your initial consultation, we'll discuss your family’s needs so we can craft a comprehensive plan that covers you and your loved ones.
Estate-Planning with Wills and Trusts
Why Create a Will or Trust?
It can be uncomfortable to think about what will happen when you die, which is why many people procrastinate about preparing an estate plan. The only way that you have any voice in what happens to your things after you pass on is with a will or trust.
In a Will, you designate someone as your executor to administer your estate. This person will present your Will to the probate court and request the judge to approve it. The court will give your executor letters testamentary that authorize them to work with your bank, creditors, Social Security, and your other assets. After paying your final bills, your executor will then distribute your assets according to the terms of your Will. Of course, this is a very simplified version of the probate process.
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Trusts provide particular benefits that Wills do not. One key benefit is that assets placed in a trust do not have to go through probate. Keep reading for more information on the benefits of a trust.
What's the Difference Between Wills and Trusts?
Some people opt for a living trust instead of only a Will because trusts can be more flexible than Wills. For example, when you have a Will, the court will wrap up all of your financial matters and distribute your assets, usually within a year or two of your demise. It can take up to months to get your first hearing in front of a probate judge.
If you have young children, you might want someone to manage their money privately for them until they are adults, and then distribute the money to them at preset intervals, such as one-third at age 18, one-third at age 25, and one-third at age 30.
Many people choose a trust-based estate plans instead of only a Will because they do not want to go through the probate process. You and your family lose their privacy when your Will goes through probate. Your executor will have to file with the court your Will, a list of all of your assets, and providing anyone who wants to see a look into your family's financials. Once filed with the court, all of these items are public record. Also, with a trust, you can often get assets into the hands of your beneficiaries sooner than with a Will. With a trust, your beneficiaries can be provided for immediately after your passing without any involvement of the courts.
Dallas Estate-Planning Attorney, Jordan Hix Can Help Design an Estate-Plan for You That Can:
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Provide for a child or adult with special needs
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Give you an income stream, then distribute the remainder to your favorite charity
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Reduce your taxes
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Help you qualify for Medicaid to pay for nursing home care
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Give assets to your beneficiaries in the most tax-efficient way
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Keep less-mature loved ones from frittering away their inheritance
Estate-Planning with Powers of Attorney
Protecting Yourself with a Power of Attorney in Your Estate Planning with Dallas Attorney, Jordan Hix
Some estate-planning covers you while you’re still alive. A power of attorney is a document in which you appoint someone to act on your behalf as your agent. Jordan Hix can craft a power of attorney to serve a variety of purposes, depending on your desires. For example, with a financial power of attorney, you could:
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grant someone the authority to handle the closing on your home sale if you are going to be unavailable at the time of the closing.
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appoint someone to run your business for you while you sail around the world.
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allow someone to manage your money with a durable power of attorney if you become incapacitated by an illness or injury.
There are three crucial caveats about powers of attorney:
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You must have the legal capacity to create a valid power of attorney. In other words, you cannot sign a power of attorney if you have severe cognitive impairment from dementia, or do not have legal capacity for some other reason. You have to prepare a power of attorney before you need it.
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You can revoke a power of attorney at any time, as long as you still have legal capacity.
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You cannot give someone the authority to do something that you do not have the legal right or capacity to do. For example, a 16-year-old cannot use a power of attorney to have someone sign closing documents to buy a house for her, because a 16-year-old cannot enter into a real estate contract.
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There are other limitations and restrictions that can apply, depending on the type of estate planning document. This is why it is essential to discuss your estate planning needs with an experienced Dallas estate-planning attorney.
Schedule a consult today by calling (214) 234-2701
Estate-Planning for Medical Situations
You have several options for estate planning documents that could address your needs if you have a medical emergency or become disabled to the extent that you cannot make health care decisions for yourself or communicate your choices.
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Medical power of attorney (also called a power of attorney for medical decisions). You name someone to make the decisions for you if you cannot make or communicate your choices. The person you select has no legal authority unless you are incapacitated. He cannot make medical decisions against your will. You should talk with this person ahead of time to make sure that he knows your wishes about things like life support.
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Medical records release. This allows your doctor and hospital to let your decision-maker talk to your doctors and see your medical records. You would not want someone to make health care treatment decisions without knowing about your medical conditions. Because of federal legislation, your doctor and hospital cannot give your decision-maker any information about you without a medical records authorization.
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Advance directive. This document directs your agent to refuse certain types of medical treatment on your behalf. Because it is impossible to predict every possible hypothetical situation, it can be a good idea to use a medical power of attorney in addition to an advance directive.
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Directive to Physicians. Here people make the choice that if they become brain dead and have an irreversible condition, that they want to be able to pass away peacefully without further medical intervention. They are tired of suffering and want their loved ones to let them go peacefully.
Whatever type of medical estate planning documents you choose, you should make sure that there are signed “second originals” in your doctor’s office and with the person you name as your agent. Documents are useless if no one knows that they exist.
Without a durable power of attorney for your financial matters and a medical power of attorney, your family would have to go to court and get a conservator or guardian appointed. This process can take weeks or months and create unnecessary expense and conflict in your family. Of course, if you find yourself in this situation, we can help.