Notice: Due to COVID-19, we can conduct consultations either via phone or email. Please don’t hesitate to call us if you have any questions. Click Here to Learn More

J. Roland Jeter, P.C.
972.330.4050
  • Stay Connected

  • Home
  • Attorney Profile
  • Staff Members
  • Practice Areas
  • Reviews
  • Blog
  • Contact Us
  • Call Today Call Today
  • Email Us
  • Our Map
  • Menu
    Home
    Attorney Profile
    Staff Members
    Practice Areas
    Family Law
    Criminal Defense
    Estate Planning
    Elder Care
    Reviews
    Why Hire Us?
    Blog
    Contact Us
    Site Map

How Do I Make a Solid Estate Plan?

Blog 2018 July How Do I Make a Solid Estate Plan?
Previous Post  |  Next Post

How Do I Make a Solid Estate Plan?

Posted By J. Roland Jeter, P.C. || 23-Jul-2018

Many people assume that as long as they have a will, their estate planning is finished, however, there is much more that goes into creating a solid estate plan that will cover all of your interests. A good estate plan should include ways to avoid probate, ways to save on estate taxes, ways protect your assets if you ever need to move into a nursing home, and an appointee to act on your behalf if you become disabled.

At the very minimum, an estate plan should include the following two important panning tools:

  • A Durable Power of Attorney
  • A Will

Establishing a trust is also a useful way to avoid probate and to manage your estate while you are incapacitated or after you have passed away. In this blog, we explain 5 important things to include in your estate plan.

#1: A Will

A will is a legally-binding list of orders that dictates who will receive your property after you have died. Without a will in place, the state will decide who your property will be distributed to. A will also appoints a legal representative known as an executor to carry out your wishes in your absence. If you have minor children, it is crucial to get a will so that you can name a guardian who will care for them in the event that you die. A Will does not go into legal effect until it is admitted into probate by a Probate Court. Generally, if a will is not admitted into probate within four years after the date of death, then it is barred by Statute of Limitations.

#2: A Trust

A trust is a legal arrangement in which one person known as a "trustee," holds legal title to property for another person, called a "beneficiary." Trusts can help you avoid probate when you pass away. For example, if you setup a revocable living trust that expires when you die, any property contained in the trust will immediately pass to the beneficiaries. This can save a significant amount of time and money for the beneficiaries of an estate. Other types of trusts can be used to protect property from creditors, as well as to help the donor qualify for Medicaid. The majority of people do not have an Estate large enough to justify the preparation of a Trust document. You should consult with a Texas attorney to explore which legal avenue is best for you.

#3: Power of Attorney

Under a power of attorney, you are allowed to appoint your “attorney-in-fact” to make financial decisions if you become incapacitated. This person will handle all of your financial affairs for the duration of this period. If you do not have a durable power of attorney included in your estate plan, a court will have to appoint a conservator or guardian to handle your affairs. With a durable power of attorney, your attorney-in-fact can immediately implement your planning steps without having to seek permission from a court. A Power of Attorney terminates upon either your written revocation filed with the County Clerk or your death.

#4: Medical Directives

Your medical directives can include a number of different documents, such as a health care proxy, a durable power of attorney for health care, a living will, and medical instructions. Both a health care proxy and a durable power of attorney for health care let you appoint a person of your choosing to make health care decisions for you. This is crucial for situations in which people become terminally ill or are in a vegetative state. Broader medical directives can include the terms of a living will, but also gives instructions for when you are in a less serious state of health, but unable to direct the terms of your healthcare on your own.

#5: Beneficiary Designations

When you decide to begin planning your estate, you should take the time to make sure your retirement plan beneficiary designations are up to date as well. Without a beneficiary for your retirement accounts, the distribution of your benefits can end up being controlled by state or federal law. You can also list a person on your bank account as having joint rights of survivorship which gives them access to your accounts after your death.

At J. Roland Jeter, P.C., we are committed to helping families in Irving and surrounding communities get their estates in order. With nearly 40 years of extensive legal and trial experience, our attorney has the skills and resources that you need to ensure your assets and interests are fully protected. Let us help with your estate plan today.

Call {F:P:Site:Phone} today to schedule a free 30-minute consultation with our legal team.

Categories: Estate Planning

Share Post

Practice Areas

How Can We Help You?

  • Family Law
  • Criminal Defense
  • Estate Planning
  • Elder Care

Request a Consultation

Roland Jeter can inform you of your rights and options so there are no surprises along the way.

Send My Information
  • Home
  • Site Map
  • Privacy Policy
  • Contact Us
J. Roland Jeter, P.C.

Call Today (972) 330-4050

J. Roland Jeter, P.C. - Irving Lawyer
2505 Texas Drive, Suite 109, Irving, TX 75062 View Map
Main (972) 330-4050
Local (972) 251-2333
Website: http://www.rolandjeterlaw.com/
© 2023 All Rights Reserved.

Attorney Roland Jeter also Serves
as Counsel to McCarthy Law PLC

McCarthy Law
Internet Marketing Experts The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

Not certified by the Texas Board of Legal Specialization of the State Bar of Texas