Wills And Estates
As we go through life, we often think about what we want to leave behind for our loved ones. Estate planning is a crucial step to making sure you not only protect your loved ones’ future but also secure your legacy. Whether you are just starting a family or planning for retirement, having a solid estate plan in place gives you peace of mind and control over your future.
I am Ehren Stuart Ezzell and I provide comprehensive estate planning and administration to clients who want to ensure their wishes are carried out when they pass away. At The Ezzell Group, PLLC, we understand that every individual has unique needs and desires when it comes to estate planning. It is our firm’s commitment to develop personal relationships, and I take the time to get to know each client, learn what they want to achieve and work with them to develop an estate plan that will meet each client’s goals.
There are various tools available for effective estate planning, each serving a specific purpose. These tools allow you to make important decisions about your finances, health care and asset distribution while you are still able to do so.
Wills
A will gives your family and the court clear instructions on how to distribute your assets after you pass away. It can determine what property you own, where you want the property to go and how this will be accomplished. A will can also provide for the family that you wish to protect and who will care for your children or dependents.
Living Wills
Living wills instruct your family and your doctor on how you wish to proceed in making critical medical decisions in the event that you become incapacitated. Also called a medical directive, this tool can remove this burden from your family members who may struggle with following your desires in these circumstances.
Powers Of Attorney
Powers of attorney are legal instruments used to grant specific or general decision-making to another party. A general power of attorney grants general power to a person regarding all aspects of a person’s life. A limited power of attorney reserves some decision-making for the grantor. A medical power of attorney grants the ability to make decisions about medical treatment and end-of-life care. A financial power of attorney grants decision-making about financial matters.
Trusts
Trusts are legal instruments that transfer title to property to a trustee for the benefit of a third party. A trust allows for the retention of possession of assets and can assist in avoiding probate. Some commonly used trusts include the following:
- Charitable trusts: Give property to a charity.
- Revocable trusts: The creator can alter or cancel the trust during their lifetime – the title vests upon the creator’s death.
- Insurance trusts: An irrevocable trust that is distributed to heirs upon your death.
- Marital trusts: Used to transfer the title of property to your spouse.
- Family trusts: A revocable living trust.
- Bypass trusts: An irrevocable trust that allows your spouse to enjoy the income of the trust.
Estate Planning Basics: What You Need To Know
I know that planning for the future can feel overwhelming, but as your estate planning attorney, I am here to make the process clearer and less daunting. To provide you with straightforward information about asset protection, I have compiled answers to some of the most common questions I receive.
Why Is It Important To Have A Will?
Having a will is crucial for several reasons. First, it empowers you to decide how to distribute your assets after you pass away. Without a will, the state makes these decisions for you, potentially misaligning with your wishes. This vital document helps reduce potential conflicts among your loved ones during an already difficult time. It also allows you to name a guardian for your minor children, ensuring someone you trust cares for them. A well-crafted will can minimize estate taxes and streamline the probate process, easing your family’s burden.
When Should I Review And Update My Estate Plan?
As a general rule, I recommend visiting your plan every three to five years. However, certain life events should prompt an immediate review. These include major changes like marriage, divorce, the birth or adoption of a child or the death of a beneficiary or executor. Significant financial changes, such as buying or selling a business, receiving an inheritance or experiencing substantial shifts in your asset values, also warrant a review. Additionally, changes in tax laws or a move to a different state might affect your plan’s effectiveness. By staying proactive and updating your estate plan when necessary, you ensure that it continues to protect your interests and those of your loved ones as your life evolves.
Plan for Your Future with Confidence
Understanding and setting up wills and estates can be significant in securing your legacy and ensuring your loved ones are cared for. If you’re ready to take control of your future or have any questions about estate planning, I’m here to assist. I have helped many individuals create plans that reflect their wishes and protect their family’s future. Contact my office by calling 512-222-4798 or sending an email. Allow me to offer the personalized attention and careful guidance you deserve in these critical decisions.