Estate Planning Attorney George E. Thompson Encourages Proper Estate Planning Practices
With the advent of online legal services, many people mistakenly believe executing an estate plan is as simple as downloading a document from the internet. However, as your estate planning attorney, George Thompson and his team
will explain, the process is much more complex and unique to each family’s needs. If you are considering getting started on your estate plan or you would like to update your current plan, we encourage you to contact our firm for assistance. By relying on one-size-fits-all online legal documents, you can never be totally sure that your documents comport with Texas laws and will adequately protect your assets upon death.
Four Most Common Documents in an Estate Portfolio
There are several documents that must accompany any estate portfolio. The following lists a few of the most common. However every portfolio is different and specifically-tailored to each client’s situation:
- Last Will and Testament: Every person should have a Will in order to direct the disposition of property upon death. Even if you plan to keep all your assets and property in trust, a pour-over will is necessary to ensure any property inadvertently omitted from the trust is nonetheless distributed according to your trust instrument.
- Revocable or Irrevocable Trust: Many families choose to keep their property in trust as opposed to titling assets in their own name. There are several benefits to the trust arrangement that your estate planning attorney can discuss.
- Directive to Physicians: Also known as a living will or advance directive, the Directive to Physicians contains your wishes upon both incapacity and diagnosis of a terminal illness or injury.
- Medical Power of Attorney: A medical power of attorney is a document that directs an agent to make healthcare decisions for you if you are incapacitated. It differs from the Directive to Physicians in that it does not pertain to end-of-life decisions.
If you are ready to get started on your estate plan, contacting George E. Thompson, a reputable and experienced estate planning lawyer, is the best first step.
For more information, call the Law Offices of George E. Thompson, P.C. at (713) 439-0700