What is Estate Planning?

Everyone has an estate. Some estates are larger, $10 million or more. Some estates are smaller, $75,000 or less. Most are somewhere between those two numbers. Estate planning is important for everyone, regardless of estate size or value. You have worked hard for what you have and if you have more, you have more to lose. If you have less, you can’t afford to lose what you have.

Your estate is made up of everything you own— your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, and personal possessions. We talk about estate planning in terms of protecting your FAMILY, your LIFE, and your FUTURE. We offer a free workshop on How to Protect Your Family, Your Life, Your Future.  

How do you protect your FAMILY? You protect your family by having instructions in place so that your wishes are known after you die. Our main goal in estate planning is to avoid future family disputes. Nothing tears a family apart like a dispute over the estate of a loved one. 

How do you protect your LIFE? You protect your life by having instructions in place that are in effect while you are still alive. Who is going to pay the mortgage and take care of your home if you are suddenly injured in a car accident? Who is going to make medical decisions for you if you are unconscious? Again, having a plan in place avoids family disputes about how things are taken care of and who is taking care of them. 

How do you protect your FUTURE? You protect your future by having an integrated plan in place that operates well while you are alive and after you are gone. One of the best ways to integrate a plan to avoid family disputes is to have a revocable living trust plan. We offer several trust options that provide various levels of protection for yourself and for the loved ones who will inherit from you.

We develop estate plans for clients throughout Texas. If you are looking for an Austin Estate Planning attorney, we can meet with you at our Southwest Austin location.  If you are in another county looking for estate planning, we offer free initial consultations by telephone or videoconferencing by Zoom. We have satisfied clients with estate plans in Travis County, Williamson County, Hays County, Bastrop County, Llano County, Harris County, and many other counties throughout Texas.   

We offer flat fee estate planning for most of our clients. At the end of an initial consultation, we will recommend several options. You will make an informed decision on which plan works best for you, and you will know the cost of that plan before we get started.  For the payment plan, we divide the cost into two payments to make it easier for people to afford. We take the first half of the payment to get started. We send you a set of draft documents for review and discussion. When you are ready, we set a date for execution of the documents. We provide the notary and the two witnesses. The second half of the payment is due at the signing.

The following is a summary of our estate planning packages.

Option A - Basic Will Package  

• Last Will and Testament
• Statutory Durable Power of Attorney
• Medical Power of Attorney
• Directive to Physicians and Family or Surrogates
• HIPAA Release
• Appointment of Guardian for Children
• Declaration of Guardian in the Event of Later Incapacity or Later Need of Guardian
• Appointment of Agent to Control Disposition of Remains

Read more at our FAQS on Basic Estate Planning.

Option B - Revocable Living Trust Plan with Outright Distribution  

• Includes Option A with a custom-tailored revocable living trust with outright distribution to beneficiaries.
• Avoids probate.  Everything linked to the trust does not pass through the Will.

Option C - Revocable Living Trust Plan with Asset Protection for Children's Lifetimes  

• Includes Option A with a custom-tailored revocable living trust with lifetime asset protection trusts for the beneficiaries.
• Avoids probate.  Everything linked to the trust does not pass through the Will.
• Protects the future beneficiaries so that their inheritance goes where you intended it to go.  For example, assets in their trust are not available to their creditors or future ex-spouses.

Option D - Revocable Living Trust Plan with Asset Protection for Surviving Spouse and for Children's Lifetimes 

• Includes Option A with a custom-tailored revocable living trust with lifetime asset protection trusts for the spouse and future beneficiaries.
• Avoids probate.  Everything linked to the trust does not pass through the Will.
• Protects the surviving spouse with an asset protection trust that we can design in several different ways.
• Protects the future beneficiaries so that their inheritance goes where you intended it to go.  For example, assets in their trust are not available to their creditors or future ex-spouses.

A more advanced Texas estate plan incorporates strategies that address specific concerns such as providing current protection from creditors, reducing taxes, or managing eligibility for Medicaid or other government benefits, that you or your beneficiaries may need to rely upon now or in the future. Some of the additional documents used for advanced estate planning and asset protection estate planning include:

• Irrevocable Living Trusts
• Revocable Living Trusts
• Testamentary Trusts
• Special Purpose Trusts, such as NFA Gun Trusts
• Special Needs Trusts
• Miller Trusts
• Charitable Trusts
• Crummey Trusts

Austin estate planning attorneys at Willi Law Firm, P.C., can advise you on estate planning strategies that work best for you and your family. The estate planning attorney in Austin, TX will discuss your case in detail with you and will come up with the estate plan. Call (512) 288-3200 to speak to an Estate Planning Attorney in Texas. At Willi Law Firm, P.C., we offer a Free Consultation.

Read more at our FAQS on Advanced Estate Planning and Trusts.