Estate planning is something that often gets postponed, sometimes until it’s too late. However, ensuring that your wishes are clearly communicated and legally documented can provide invaluable peace of mind for both you and your loved ones. Our experienced and compassionate team at Vivian Phan Law Firm, PLLC is dedicated to safeguarding your legacy and the assets you’ve worked hard to build. Estate planning is an ongoing process, and we’re here to guide you every step of the way. At Vivian Phan Law Firm, PLLC, we create well-crafted, tailored estate plans that protect your future generations and ensure your desires are fully honored.
Complete Estate Planning
You and your family can count on our experienced estate planning attorney to assist you through each stage of the process. During our initial consultations, we take the time to assess your unique needs and discuss your long-term goals for your estate plan. We will provide drafts of all necessary documents for your review and are here to address any questions or concerns you may have. Regardless of the size or complexity of your estate, we are prepared to help you with the following:
-
Wills – A last will and testament can name beneficiaries to your estate, designate guardians for minor children, protect assets, and name a trusted individual to execute your last wishes. We can draft a will that puts into writing the details of your estate and your last wishes.
-
Powers of Attorney – Designating a trusted individual to act on your behalf to make legal, financial, and/or healthcare decisions if you become incapacitated protects your assets and ensures your care will be handled appropriately and to your wishes. This person will be responsible for making tough healthcare decisions, paying your bills, filing required tax returns, and selling property as needed. A medical power of attorney designates a trusted individual to make medical and healthcare decisions in accordance with your wishes, including any religious or moral beliefs, when you are incapable of making those decisions for yourself.
-
Trusts – There are several types of trusts our team can set up to avoid probate, distribute assets, and protect your legacy. With a trust, you have to ability to plan for your dependents with special needs, safely put aside money for your children’s or grandchildren’s college tuition, avoid taxes, and help your heirs avoid the probate process after your death. These trusts include: living (revocable) trusts, irrevocable trusts, asset protection trusts, charitable trusts, special needs trusts, and more.
-
Lady Bird Deed or Enhanced Life Estate Deed – Texas law allows real property owners to automatically transfer property to a beneficiary upon the property owners death. Much like a life insurance policy, this type of transfer does not have to go through the probate process, making it faster and often cheaper than leaving property to a beneficiary in a Will. A Lady Bird Deed still allows the property owner full rights to the property up until their death, including the right to live on the property, lease, mortgage, or sell the property, and so on.
-
Transfer on Death Deeds – These types of deeds are very similar to a Lady Bird Deed with a few key differences. For instance, a person acting as Power of Attorney for the property owner can sign a Lady Bird Deed but cannot sign a Transfer on Death Deed. Additionally, property bequeathed with a Transfer on Death Deed is still subject to claims filed against the estate for up to two years.
Reviewing Your Estate Plan
Estate plans should be revisited and adjusted as you move through various phases of life. After creating your initial estate plan, we recommend reviewing and updating your documents whenever a significant life event occurs, or roughly every three to five years. Key moments such as marriages, births, divorces, or the passing of loved ones often require updates to your estate planning documents. Additionally, as your children reach adulthood, you may wish to revise how trusts or wills are structured. Starting a new business or experiencing other major changes also calls for a review of your estate plans. Keeping these documents current ensures that you and your family are always ready for whatever comes next.
Estate Planning
With our expertise and experience in estate planning, we are well-equipped to help you create a clear and effective plan for you and your family’s future. Establishing a personal connection with you is a priority, ensuring that we fully understand the unique needs of your estate. Please contact us today to begin the process of safeguarding your legacy and securing peace of mind.