Planning for the Unexpected: Why Estate Planning Matters
No one likes to think about death, disability, or the unexpected twists life can take. It’s uncomfortable, even unsettling. But avoiding the conversation won’t stop the inevitable. What it can do, however, is leave your loved ones scrambling—facing unnecessary legal battles, financial strain, and uncertainty about your wishes.
Estate planning isn’t just about dividing assets; it’s about protecting your family, ensuring your legacy, and making sure the people you care about most are taken care of when you no longer can. A well-crafted estate plan provides peace of mind, giving you control over your future while easing the burden on those you leave behind.
In this article, North Texas estate planning attorneys at Varghese Summersett explain estate planning, the role of an attorney in this process, and how our law firm can help. We serve all of North Texas and have locations in Fort Worth, Dallas, and Southlake.
What is Estate Planning?
Estate planning is the process of preparing for the management and distribution of your assets in the event of your death or incapacitation. It ensures that your wishes are carried out, minimizes legal complications, and protects your loved ones from unnecessary stress. Estate planning is not just for the wealthy—it is a critical step for anyone who wants to maintain control over their financial and medical decisions.
A well-structured estate plan can dictate who inherits your assets, appoint guardians for minor children, establish medical directives, and even provide for the care of pets. Without a proper estate plan, Texas intestacy laws will determine how your estate is distributed, which may not align with your wishes.
What Does an Estate Planning Attorney Do?
An estate planning attorney in Texas helps individuals and families plan for the management and distribution of their assets during their lifetime and after their passing. Their role includes:
- Drafting Wills and Trusts – Ensuring that a person’s wishes regarding their property, guardianship of minor children, and other matters are legally documented and enforceable.
- Estate and Tax Planning – Helping clients minimize estate taxes and ensure a smooth transfer of wealth through various legal strategies, such as irrevocable trusts or gifting.
- Powers of Attorney – Preparing financial and medical power of attorney documents to designate someone to make decisions on behalf of the client in case of incapacity.
- Healthcare Directives – Drafting advance directives or living wills to specify a client’s medical preferences if they become unable to communicate their decisions.
- Probate and Estate Administration – Assisting families with probate proceedings, which is the legal process of validating a will, settling debts, and distributing assets.
- Guardianship and Special Needs Planning – Establishing legal guardianship for minors or adults with special needs and creating trusts to provide for their long-term care.
- Business Succession Planning – Helping business owners develop a plan for the transfer of ownership and management of their business in case of retirement, incapacity, or death.
- Asset Protection – Implementing strategies to protect wealth from potential creditors, lawsuits, or other risks.
In Texas, estate planning attorneys must ensure compliance with state laws, such as community property rules and probate regulations, to provide effective legal solutions tailored to their clients’ needs.
Why is Estate Planning Important?
Estate planning is essential for avoiding legal battles, financial mismanagement, and unintended consequences after your passing. Without a plan, your estate may be subject to:
- Probate Delays: Probate in Texas can be time-consuming and costly. A properly structured estate plan helps assets pass directly to beneficiaries without unnecessary court involvement.
- Family Disputes: A clear estate plan reduces the likelihood of conflicts among family members over asset distribution.
- Tax Burdens: Estate and inheritance taxes can significantly diminish the value of an estate. Strategic estate planning can help minimize tax liabilities.
- Loss of Control: If you become incapacitated without an advance directive or power of attorney, the court may appoint someone to make decisions on your behalf—someone you may not have chosen.
Key Estate Planning Documents
A comprehensive estate plan typically includes the following essential documents:
1. Last Will and Testament
A will outlines how your assets should be distributed and names an executor to oversee the estate. It can also designate guardians for minor children.
2. Trusts
Trusts help manage assets during your lifetime and after your passing. Common types include revocable living trusts, irrevocable trusts, and special needs trusts.
3. Durable Power of Attorney
This document designates a trusted individual to manage financial affairs if you become incapacitated.
4. Medical Power of Attorney
Appoints someone to make healthcare decisions on your behalf if you are unable to do so.
5. Advance Healthcare Directive (Living Will)
Specifies your preferences for medical treatment in case of severe illness or incapacity.
6. HIPAA Authorization
The Health Insurance Portability and Accountability Act (HIPPA) establishes federal standards protecting sensitive health information from disclosure without patient consent. HIPPA authorization allows designated individuals to access your medical records.
7. Beneficiary Designations
Ensures life insurance policies, retirement accounts, and financial assets pass directly to named beneficiaries.
8. Real Estate Documents
Transfers property ownership, ensuring a clear title and could include warranty deed and estate deeds.
At Varghese Summersett, we provide expert guidance in estate planning, ensuring that all necessary documents are in place to protect your assets, honor your wishes, and provide peace of mind for you and your loved ones. Whether you need a simple will or a complex trust structure, our team is here to help navigate the process with precision and care.
Texas-Specific Estate Planning Considerations
Estate planning laws vary by state, and Texas has unique regulations that must be considered:
- Texas is a Community Property State: Assets acquired during marriage are generally considered community property and subject to division between spouses.
- Independent Probate Process: Texas allows for an independent administration of estates, which can streamline probate compared to other states.
- No State Estate Tax: Unlike some states, Texas does not impose a state-level estate tax, making estate planning more straightforward for high-net-worth individuals.
- Homestead Protections: Texas law offers strong protections for a primary residence, including exemptions from certain creditors.
- Small Estate Affidavit: If an estate is valued at less than $75,000, Texas allows heirs to use a Small Estate Affidavit to transfer assets without full probate.
How an Estate Planning Attorney Can Help You
Estate planning attorneys provide invaluable guidance to ensure your estate is handled according to your wishes. At Varghese Summersett, our attorneys:
- Develop customized estate plans tailored to your family’s needs.
- Ensure legal compliance with Texas estate laws.
- Protect assets from excessive taxation and unnecessary probate.
- Provide compassionate guidance through every stage of the planning process.
With a deep understanding of Texas estate laws and a commitment to personalized service, Varghese Summersett helps clients secure their legacy and protect their loved ones. Our team is here to provide clarity, confidence, and peace of mind for your future.
Why Choose Varghese Summersett for Estate Planning?
Varghese Summersett is a trusted North Texas law firm with a deep understanding of estate planning laws and strategies. Attorneys Michael A. Livens and Brent McMullen bring vast experience in estate planning, probate, and asset protection.
Michael A. Livens: With a strong background in finance—holding a finance degree, law degree, and MBA—Michael provides strategic counsel to individuals and families, helping them structure their estates and financial legacies with foresight and efficiency.
Brent McMullen: Brent is known for his meticulous attention to detail in estate administration, wills, and trust formations. He assists clients with comprehensive planning, ensuring their finances are managed, preserved, and transferred in alignment with their long-term goals and intentions.
Our firm takes a white-glove approach to estate planning, ensuring that every client receives personalized, top-tier legal guidance.
Speak to an Estate Planning Attorney Today
Securing your legacy starts with a conversation. Whether you’re drafting your first will, updating an existing plan, or navigating a complex estate matter, Varghese Summersett is here to help.
Call (817) 203-2220 to schedule a consultation with one of our experienced estate planning attorneys. Our team is ready to guide you through every step of the estate planning process with professionalism and care. We have offices in downtown Fort Worth, Dallas, and Southlake.
