Without a will, Texas state law determines how all your assets will be divided among your family. With a will, you make the important decisions regarding what family and friends receive on your behalf easing the stress of the Probate process. Having a will in place gives your family time to mourn without the added pressure and distraction of making immediate decisions about personal property or having to guess what your wishes were regarding your death.

These documents work together to make sure that if you are diagnosed with a terminal or irreversible condition that you have made your wishes about continued care known. Would you like to receive any and all available treatments, or would you like to be kept comfortable and allowed to die as gently as possible? If you suddenly become unable to make medical decisions for yourself, you will already have designated a family member or trusted friend who knows your wishes to make decisions for you. You will have made it clear who has the authority to receive your medical information. For additional information on these documents visit our Elder Law Section.

It’s difficult to think about, but the possibility exists that you may be-come unable to care for yourself due to mental and/or physical limitations. You need to have someone in place who has your best interests at heart. A designated guardian’s purpose is to protect you during this period be it temporary or permanent and encourage independence if it is possible. Their authority is limited. Spouses have priority to serve as guardians, but others with no adverse interest can also fill this role.

Everyone at any age can benefit from a Revocable Living Trust that owns assets in their name such as a home. This legal agreement determines the ownership of those assets upon your death. Revocable Living Trusts help reduce or eliminate taxes on the estate, avoid Probate, and provide a single place to consolidate all of your assets.

If you care for a special needs child or are a parent of a special needs child or adult and you wish to leave assets to them, without a Special Needs Trust in place, you could jeopardize their ability to receive government assistance and benefits that would pay for their care. With this type of trust in place they will be able to qualify for government assistance and the inheritance will be available to supplement their income and provide a better quality of life.

If you have an IRA, this trust can provide creditor protection and minimize taxes for your designated beneficiaries. Annual distributions may be given over your beneficiaries’ lifetime providing a predictable, steady stream of income. If the IRA is distributed in a lump sum, a large amount of taxes will be due, but if left in a trust, it’s value will continue to increase.

Many families have heirloom firearms that span generations. Representing family history, of course you’d want to designate what happens to them after your death rather than leaving it up to the state. The complex gun laws that exist in modern times come with severe penalties and fines. Having a Gun Trust in place can protect your family’s legacy for future generations.