Southlake Estate Planning Attorneys

Comprehensive Services Including Wills, Trusts & Probate Administration

No one knows what the future holds. We do not know if we will become incapacitated by illness or injury. We do not know if we’ll face a lawsuit that threatens to take our property. We never have an advance warning that we’ll leave minor children unexpectedly parentless.

While the scenarios are difficult to think about, facing them without being prepared is far more painful for everyone involved.

At the Law Offices of Mark M. Childress, our Southlake attorneys help clients build an estate plan based on their identified goals.

The Need for Estate Planning in Southlake

Some Texans think an estate plan is only needed by millionaires with multiple homes and tremendous property to pass down to heirs. The wealthy certainly need a strong estate plan, but they are not alone. Most people would benefit from having one or more estate planning documents to protect their interests and those of their loved ones.

Your estate includes everything you own:

• Checking accounts
• Retirement accounts
• Homes
• Vehicles
• Furniture, jewelry, and other personal possessions

We approach each estate plan client with inventorying the estate and analyzing how to best insulate your possessions from possible creditors or lawsuits. In addition, we evaluate how to minimize any taxes or other burdens that would befall your heirs when you pass away. We aim to streamline how quickly your beneficiaries receive what you have designated for them.

Common Estate Planning Tools

Our skilled attorneys can determine which tools will meet your goals. There are many legal documents that can provide peace of mind about the future.

• Wills: If you die without a will, the state’s intestate succession laws determine how your property will be distributed. Have a voice in what happens with your property by creating a will. Having this legal document can also help reduce if not eliminate fights over your things among heirs. If you have minor children, a will enables you can designate a guardian you trust to continue raising your children.
• Trusts: A trust offers more protection than a will alone. Different types of trusts are available, depending on the client’s goals. A living trust allows heirs to receive their inheritance without having to through probate. The assets are also generally protected from many creditors. The trust creator names someone to be the trustee – the person tasked with distributing the estate upon the trust creator’s death. Special trusts can be created to care for disabled children and even pets. Other trusts serve the purpose of keeping the creator eligible for Medicaid long-term care benefits. Revocable trusts can be changed. Irrevocable trusts cannot be altered.
• Powers of Attorney: Like trusts, different powers of attorney serve specific purposes. A medical power of attorney gives the named agent the authority to make decisions about your medical treatment if you become incapacitated. A financial or statutory power of attorney can handle your financial affairs when you cannot do so. This person has the power to pay your bills, make bank deposits, and sell your real estate. You can revoke the power of attorney. If you have no power of attorney and become incapacitated, a guardian (possibly someone you don’t even know) might be assigned by the court.

Probate and Trust Administration

A trustee (named in a trust) or an executor (named in a will) has tremendous responsibilities after the death of their loved one. Trustees and executors have legal obligations that must be fulfilled or face lawsuits and even possible criminal penalties.

Our estate planning attorneys in Southlake will ensure legal requirements are satisfied:

• File the will in probate court
• Identify beneficiaries of a trust/will
• Inventory assets
• Protect trust property
• Transfer property titles
• Pay taxes
• Settle debts

Most trustees and executors have jobs and families that still require their attention. At the Law Offices of Mark M. Childress, our administration services make it possible for these responsible parties to focus on healing from their loss and managing everyday duties.

Effective Estate Planning for Southlake

It is never too soon to create an estate plan that works for you and your family. As your life changes over the years – the birth of children, divorce, new job – you can adjust your plan for your updated needs. If you have an estate plan but have not reviewed it in several years, it is time to evaluate whether adjustments should be made. We can help.

Schedule a consultation to discuss your estate planning needs. Reach us online or call (817) 497-8148.