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Estate Planning Attorneys in Fort Worth and Southlake: Serving Clients in Texas
Fort Worth estate planning services from The McGee Law Firm offer a personalized approach to planning for your future. Estate planning is about managing your wealth while you’re alive and ensuring you protect your family members after you’re gone. Whether you own assets individually or jointly, it’s essential to have a plan.
Some people think estate planning is only for the wealthy or unnecessary if they don’t have children. Others delay it until it’s too late. By avoiding these common mistakes, you can protect your legacy, achieve your financial goals, and bring peace of mind to yourself and your family.
Why Estate Planning Matters
Estate planning ensures the preservation and distribution of your assets during your life and after your death. It’s about achieving your personal and family goals while easing the management of your financial and legal affairs. A comprehensive estate plan also minimizes taxes if you have a larger estate.
Your estate includes everything you own—real property, business interests, investments, insurance proceeds, personal property, and even personal effects. An estate plan determines how your estate passes on to your family and/or beneficiaries.. Estate planning can involve various methods, including:
- Will – Establishes how and to whom your assets will pass upon your death. It names an executor to carry out these duties and can also designate guardians for minor children.
- Durable Power of Attorney – Names a trusted person to manage your personal and business affairs if you become incapacitated or need assistance.
- Medical Power of Attorney – Also known as a healthcare proxy, this designates an agent to make medical decisions if you are unable to do so.
- Living Will – Allows you to declare the type of medical care you want if you’re terminally ill or incapacitated.
- Guardianship for Minor Children – Designates a guardian for your children if you die or become incapacitated.
- HIPAA Release – Authorizes a person to access your medical records to assist in your treatment and decision-making.
- Revocable Living Trust – Transfers property into the trust and allows you to manage it during your lifetime. Unlike a will, it doesn’t go through probate, saving time and money while keeping arrangements private.
- Irrevocable Trust – Permanently transfers property into a trust that can’t be altered. It can provide for those with special needs, plan for long-term care, avoid taxes, and protect assets from creditors.
- Special Needs Trust – Created during your life or through your will to provide for loved ones who are disabled, supplementing funds received from government programs.
- Lady Bird Deed – Allows you to retain ownership rights of real property during your life and transfer them to the designated grantee(s) upon death.
- Lifetime Giving – Allows you to give gifts during your lifetime, reducing the taxable estate and seeing the benefits to your loved ones firsthand.
- Joint Ownership – Lets you co-own property with someone else. Upon your death, ownership passes directly to the joint owner, bypassing probate.
- Beneficiary Designations – Allows you to name individuals who will directly receive assets like life insurance policies, retirement accounts, and bank accounts, ensuring they avoid probate.
Why You Need an Estate Plan
Facing the reality of dying or becoming incapacitated is hard, but having an estate plan is the responsible way to protect your assets and loved ones. Without a will and other documents, the probate court will make decisions that might not align with your wishes. Your assets could pass on to those with whom you may not agree.
Contact Us for Experienced Fort Worth Estate Planning Services
We offer legal knowledge and compassion to design an estate plan that suits your needs and protects your family. Our guiding principle is to put your best interests first. We believe everyone needs an estate plan, and today is the day to get started. We provide free information and estate planning seminars in our area. Read our Estate Planning Articles or join us for a free Estate Planning Webinar.
Feel confident about the choices you make—let us guide you on the path toward preserving your family’s future. Contact our office at (817) 899-3286 with any questions. The McGee Law Firm serves clients in Dallas, Fort Worth, Keller, Flower Mound, Trophy Club, Southlake, and surrounding areas throughout Tarrant County with all your estate planning needs.