YOUNG & MARRIED
Planning for the Future
The next stage of financial and estate planning begins with marriage and the purchase of your first home. When two persons marry, they usually begin to acquire assets jointly which need to be allocated among the two families in the event that both husband and wife are involved in a sudden accident and pass away.
A will, a power of attorney to manage assets, a medical power of attorney to manage health care, an advance directive to physicians (also known as a living will), and a HIPAA release to authorize disclosure of medical information should be prepared for both husband and wife so that in the event an accident or sudden illness results in an estate or a guardianship, the surviving spouse and/or the parents of the husband or wife are properly empowered to act. Also, the consideration of joint tenancy with rights of survivorship, payable on death accounts, and transfer on death accounts along with the proper designation of beneficiaries for IRAs, 401(k)s, 403bs and other similar accounts (i.e., life insurance) should be reviewed for the proper transfer in the event of an unforeseen passing or illness.
If you have the basic estate planning documents in place, your parents and/or other loved ones could utilize them to perform all of the same actions but without court supervision and unnecessary costs.
We can help you with your estate planning.
Contact our Austin office today to schedule an appointment to discuss your initial planning needs.
Willi Law Firm, P.C.
5920 W. William Cannon Dr.
Bldg. 6, Ste. 100
Austin, TX 78749
Main: (512) 288-3200
Facsimile: (512) 277-6010
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The attorneys at Willi Law Firm are your Austin, Texas resource for estate planning, wills, living trusts, firearms trusts, powers of attorney, living wills, probate and estate administration, trust administration, special needs trusts, disability planning, Medicaid applications and qualification, long-term care planning, elder law, Medicaid crisis planning, charitable planning, estate tax planning, business and corporate planning, business succession and sales, and asset protection.
Willi Law Firm proudly serves Central Texas individuals and families in the following counties: Bastrop, Blanco, Burnet, Caldwell, Hays, Lampasas, Lee, Travis, and Williamson, and in the following communities: Austin, Bastrop, Brushy Creek, Buda, Burnet, Cedar Park, Driftwood, Dripping Springs, Elgin, Georgetown, Hutto, Jollyville, Kyle, Lakeway, Lago Vista, Lampasas, Leander, Lockhart, Luling, Manchaca, Manor, Marble Falls, Oak Hill, Pfugerville, Rollingwood, Round Rock, San Marcos, Shady Hollow, Spicewood, Taylor, Wells Branch, Westlake, Windemere, and Wimberley.