There’s a general misconception that only the wealthiest of individuals need an estate plan to legally protect their assets after they’re gone. Others believe they’re too young to think about an estate plan or that only the “bigger ticket items” warrant protection.

These myths are likely part of the reason more than 50 percent of Americans don’t have a will or estate plan. There are many unprotected assets at stake, and the law gives the court authority to decide who will have control when a person dies without a valid will.

The heart of the matter is that if you have spent your entire life building a family and a lifestyle, you have loved ones, earned assets, and resources you should safeguard with the help of our experienced Houston estate planning attorneys. An “estate plan” can be designed to protect your spouse, children, and even your spouse from your children (and vice versa), personal possessions, properties, and money in the event of your passing.

Estate planning attorneys with The Hatchett Law Firm can help you create an estate plan to protect your legacy and your family members’ future, and help you understand:

• The benefits, financial and otherwise, of having an estate plan
• How an estate planning attorney can help with the planning process
• Litigation strategies for probate and guardianship matters
• Designing a plan based on your assets and long-term goals

The best time to start estate planning is right now (yesterday). You never know what could happen, and you should not leave your family members with more questions than answers, complicating the probate process and leading to possible disputes that could have been settled with a comprehensive estate plan.

Schedule a consultation to discuss your legal options and our estate planning solutions today.

 Why Do You Need an Estate Plan? 

An estate plan is an effective and legally sound approach to carrying out your wishes in the event of a sudden or serious illness or death.   A proper plan will determine how your assets will be preserved, managed, and distributed after your death and may also determine how your heirs and loved ones are taken care of when you can no longer help them.

In short, estate plans allow you to:

• Maintain control of your assets while alive
• Manage how your assets are used and distributed after your death
• Indicate who should make financial decisions on your behalf in the event you become incapacitated
• Indicate who should make medical decisions on your behalf should you become incapacitated
• Answer many of your family members’ questions regarding who you want your assets to go to after you pass
• Minimize legal and medical expenses
• Avoid the probate process
• Prevent conservatorship issues
• Avoid estate taxes
• Decide who should care for your minor children
• Set up a trust that will continue to care for your family long after your death

Our experienced estate planning attorneys with The Hatchett Law Firm can assist in all of your estate planning matters, starting with putting the right strategies in place. This includes wills and trusts, special needs planning, power of attorney, declaration of guardianship, and more. Get started now, not only for your own peace of mind but also for your family’s well-being.

How Can an Estate Planning Lawyer Help You? 

Our estate planning attorneys get involved in the planning of your estate, drafting your estate documents according to your wishes and in adherence with Texas law.

As your advocate, we aim to provide sound legal advice and counsel while also helping you determine the best course of action for protecting your assets in the short and long term. Additionally, we can also help you redirect or course-correct should you already have an estate plan in place that needs more consideration or a revisit.

Using our firsthand industry expertise, we help you minimize risk, prepare, create, and file the necessary legal documents, as well as provide management of:

• Creating a will
• Setting up a trust when needed
• Accommodating special cases, like special needs planning or directives to physicians
• Setting up transfer on death deeds
• Picking a solid executor of your will
• Designating beneficiaries
• Declaring a guardian
• Establishing a durable power of attorney and a medical durable power of attorney
• Suggesting strategies to reduce or avoid the estate tax altogether

The all-encompassing and proactive approach we take at The Hatchett Law Firm to protect your assets and plan your estate affords your family a thoughtful path to inheriting your assets with minimal dispute, less time spent in probate court, and more time to mourn their loss.

What Should You Avoid in Estate Planning? 

At least half of the population is unknowingly walking around right now, risking their hard-earned assets and their family’s future without an estate plan in place. While we can’t control death, we can control how we plan for it with sound choices that make the burden a little lighter for our families. Your family should be spending time grieving you, not arguing over your things or what they thought your final wishes were.

Just as there are the “do’s” of planning your estate, our Houston estate planning lawyers can help you avoid some of the major “don’ts” that might cost your family money and unnecessary heartache down the road:

• Avoid procrastination: It’s never too soon to plan for your future. Get comfort and security from tackling estate planning head-on and protecting your livelihood. It doesn’t matter if you are in the prime of your life; estate planning is for anyone who wants to ensure their estate is distributed to their family as they intended.
• Don’t forget about outdated wills and forms: Life changes all the time. Make a plan to routinely check in with your estate planning attorney to update any outdated forms. When you work with one of our estate planning attorneys, you work with someone who wants to understand the changes in your life and help you plan for them.
• Assuming a will is the only legal document you need: A will is an important tool in outlining some of your basic end-of-life decisions. We recommend having powers of attorney, other directives, and legal documents, which may save you from costly court processes. Advance directives act as a rulebook your doctors and family can use to make medical decisions for you.
• Not naming more than one beneficiary/ executor/ trustee: Be sure to name an alternative (or two) executor for your will. If your first-named executor is no longer available to execute your estate plan, the court could name one for you. The same is true for your trustee, the person you choose to administer your trust. Naming successor beneficiaries can ensure that no matter what happens, your wealth will stay in your family.
• Confirming title to property and the existence of pay on death beneficiaries:  An estate plan will fall short if title to property is not clear or if pay on death beneficiaries are named on accounts that are placed in a will.

From estate planning documents to cost-effective options tailored to your lifestyle and needs, The Hatchett Law Firm can be your go-to advisor as you navigate the challenge of preparing for the future. Our experienced Houston estate planning attorneys will ensure your wishes are honored, your loved ones are protected, and your legacy remains intact for generations to come.

How Can Estate Planning Benefit Business Owners? 

You worked hard building a legacy, and you want to ensure that legacy is passed on in a quick, efficient manner. Estate planning can help secure the future of the company that you built. Without a solid estate plan, your business can face serious legal and financial challenges should you suddenly pass away or become incapacitated.

One of the most crucial elements of estate planning for business owners is a business succession plan. Your business succession plan allows you to outline who will take over your company. You can choose a business partner, family member, or even an employee who knows the inner workings of your business. If you pass away without a clear succession strategy, your business could face disruptions and conflicts and could even be dismantled.

Estate planning tools such as trusts and durable power of attorney can help maintain the continuation of your business. Using a trust and durable power of attorney, your trustee will have the power and resources necessary to keep your business operating smoothly, even if you should become incapacitated. If you get better, you can retake the captain’s seat, and your business can continue as though nothing had ever happened at all.

For business owners in Houston and across Texas, an estate plan is the beginning of ensuring their family’s financial security and the long-term success of their empire. Contact us at (281) 771-0560 to speak with a member of our team and take the first steps to protecting your legacy!

 How Else Can Estate Planning Benefit Your Estate? 

Estate planning isn’t just about passing on your assets. There are many additional benefits you can capitalize on when creating your comprehensive estate plan, and some of these tools can even benefit you during your lifetime.

Here are some additional benefits to creating your estate plan.

Tax Benefits 

Estate planning is also tax planning. Estate planning can offer significant tax benefits by reducing and, in some cases, eliminating estate taxes, which ensures more of your wealth is passed to your loved ones. You can implement strategies like irrevocable trusts, gifting, and charitable donations to lower your taxable value, meaning less of your estate goes to Uncle Sam, and more goes to your family.

Asset Protection 

Estate planning can provide asset protection by shielding your wealth from potential creditors, lawsuits, and unforeseen financial risks. By utilizing estate planning tools like irrevocable trusts and proper beneficiary designations, you can safeguard your assets for your heirs.

Catch the Assets You Missed 

Using a living trust and a pour-over will can help you manage your assets while you are alive and distribute them after you pass away. A revocable living trust allows you to establish a trust to begin while you are alive.  The trust is funded with your assets today, and you choose how it will be managed, and ultimately, how the assets held by the trust are to be distributed upon your death. A Pour-over will is a tool you can use that will take any assets you did not put into your living trust, whether it was an oversight or assets you gained before you could transfer them to your trust, and have them transferred to the trust when you die.

Protect Your Disabled Loved Ones

Proper estate planning can help ensure the long-term care and financial security of loved ones with special needs. Using something like a special needs trust, you can provide for your heirs with disabilities, ensuring their well-being, without jeopardizing their eligibility for government benefits like Supplemental Security Income (SSI), Medicare, and Medicaid.

How Do You Start the Estate Planning Discussion with our firm? 

We understand that every person is in a different stage of planning and determining the best course of action for themselves and their families. We understand the process and respect and empathize with you.

Take comfort in knowing that when you engage with Hatchett Law Firm, you have a dedicated team committed to understanding you, the goals or results you’re after, and how we can help you achieve them. We’re in your corner, always.

With a passion and purpose that drives our proven success, we’ve empowered hundreds of individuals, families, and business owners over the last 30 years to make the best choices for their lifestyles and current situations. Our legal professionals leverage our resources, experience, and knowledge to accomplish your goals and overcome legal hurdles and challenges with estate planning services, probate, litigation, and more.

If you’re looking for guidance in creating a comprehensive estate plan, we invite you to consider The Hatchett Law Firm. We deeply value the attorney-client relationship and serving the needs of our clients and their loved ones with strategic and valuable legal counsel from the moment you call us or set foot in the door.

Reach out to our firm and speak with a member of our team today to begin the journey of providing you peace of mind: Call our Houston Office at (281) 771-0560.