4 Essential Estate Planning Documents for Texas Residents

 Posted on March 28, 2024 in Estate Planning and Administration

Estate plans should contain multiple different documents. You need more than just a will, or just a trust to create a strong estate plan. Most people will need at least four or five different types of documents before they can consider their estate plans complete. Your estate plan can do much more than determine who keeps what piece of your property when you are no longer here to enjoy it. You can also help protect your assets for yourself later in life should you become incapacitated in your old age and make certain medical decisions for yourself in advance. A Cleburne, TX estate planning lawyer can help you determine which particular documents you need in your estate plan. 

Important Documents Every Estate Plan Should Include 

A few of the most essential estate planning documents you need include: 

• Will - Even if you are mostly using a trust to control what happens to your property, a will can serve an important purpose. Those who have minor children can name the person they would want to become their children’s guardian. All others can use a will to transfer any assets inadvertently left out of their trusts into their will. 
• Trust - A trust is usually preferred over a will for distributing your assets posthumously. Assets controlled by a trust do not need to go through probate, which can save your loved ones a lot of trouble and help them avoid the fees, costs, and taxes associated with probate. 
• Transfer on death instruments - Transfer on death instruments can be helpful for seamlessly transferring things like a home you own, your vehicle, or a bank account. With a transfer on death instrument, the person you name can simply go to the title office or bank and have the asset placed in their name. 
• Powers of attorney - There are several types of powers of attorney you might need. Financial powers of attorney allow you to choose someone you trust to start managing your finances to protect them should your old age lead you to lose the ability to responsibly manage money. This can preserve your estate for future generations. Healthcare and personal powers of attorney are also important, as the people you designate can make decisions about your medical and personal care. 

Each of these documents is an important part of a complete estate plan. 

Contact a Cleburne, TX Estate Planning Lawyer 

Cain & Kiel Law is experienced in creating strong and complete estate plans. Attorney Cain has served as the mayor of Cleburne, TX for years and understands the needs of residents in this area. Our dedicated Tarrant County, TX estate planning attorneys will discuss each document you may wish to include in your plan. Contact us at 817-645-1717 for a confidential consultation.