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Recent Blog Posts
3 Major Mistakes to Avoid When Drafting a Power of Attorney
Power of attorney is a legal tool that allows a person to grant someone else authority to act or make decisions on his or her behalf. Whether it is for financial matters or health matters, an individual — referred to as the principal — can appoint an agent to carry out certain tasks.
There are various powers of attorney that serve different purposes. A medical power of attorney, for instance, allows an agent to make decisions about the principal’s health. A springing power of attorney is triggered by certain times or events and only then takes effect. The provisions for any power of attorney, including the agent’s appointment, should be carefully laid out in a document prepared by a Texas estate planning lawyer.
If it is not drafted correctly, however, a power of attorney can be ineffective at best and dangerous at worst. Here are three major mistakes to avoid when creating a power of attorney.
Does Muniment of Title Shorten the Probate Process?
When a person dies, his or her assets are often turned over to a probate court. The probate court’s job is to make sure the assets are transferred according to the decedent’s will. If the person died intestate — meaning without a will — then the court will identify heirs and distribute the decedent’s property among them.
Probate is usually a lengthy and complex process that people generally try to avoid by using legal tools like trusts. However, there is another form of probate called muniment of title, which is a faster and typically cheaper procedure. This article will discuss how muniment of title works, the differences between full probate and muniment of title, and how to contact a Texas estate planning attorney for more details.
How Does Probate Work?
The probate process varies depending on whether the decedent has left a will. In general, the procedure is as follows:
How Does a Special Needs Trust Help Elder Beneficiaries?
As the adult population grows older, there is an increasing number of elderly Americans who require financial assistance. However, public benefit programs have certain income requirements that disqualify a significant portion of applicants. In these cases, a special needs trust may be used to help older disabled adults access public benefits and receive the care they need.
This article will discuss what a special needs trust is and how it can help elder beneficiaries. For any questions about special needs trusts or elder law, contact an experienced Texas estate planning attorney.
Limits on Government Assistance
Americans who suffer from certain disabilities and have limited resources can apply to receive benefits from the government. Medicaid, for example, helps cover medical costs. Supplemental Security Income (SSI) provides monthly benefits to disabled or older adults.
Why Would You Consider a Texas Spendthrift Trust?
The underlying goal of most estate planning trusts is to protect the Grantor’s assets during their lifetime and then continue protecting those assets after death or incapacitation. While assets are protected, they are also used—by the Grantor and their beneficiaries. There are many ways a trust addresses specific situations. For example, a special needs trust allows the parent or guardian of an adult child with special needs to continue receiving government benefits while receiving their inheritance in a very controlled manner.
A Texas spendthrift trust may be a separate trust or a clause in a normal revocable living trust. One example of a spendthrift clause would be when a grandparent wants to leave his youngest grandson a gift of $150,000. The grandson has spent his teens and early twenties in and out of minor brushes with the law, including DUI.
Does a Disabled Child Have Some Control in a Guardianship?
There are various scenarios in which a family might want to put guardianship in place to protect a relative. Whether it is set up for someone suffering from dementia who can no longer make appropriate decisions for themselves, someone who has suffered a stroke and is physically incapacitated, or a disabled adult, a guardian is there to help people who cannot handle daily activities.
There are some times when a person is not fully able to handle everything but still has a lot of capabilities. In such cases, limited guardianship can be a great solution. It appoints a guardian for some aspects but still allows the person to maintain a lot of control over their own life. Since health and mental capacity can change over time, it can be overwhelming to try to figure out what type of arrangement is best. If you are considering the best way to protect your disabled child in the future, speak with a knowledgeable Dallas, TX estate planning attorney to understand all your options.
Three Types of Advance Medical Directives in Texas Estate Planning
Estate planning is not just about distributing your assets; it involves planning for future medical decisions when you might not be able to make those choices yourself. In Texas, several advance medical directives play a crucial role in ensuring that your healthcare wishes are respected. Three key types of advance medical directives include a medical power of attorney, a declaration of mental health treatment, and a living will/directive to physicians. Hiring a lawyer to ensure you understand each of these can help you make informed decisions for your future.
Empowering a Trusted Individual by Designating a Medical Power of Attorney
A medical power of attorney (MPOA) in Texas allows you to designate a trusted person, known as your agent, to make healthcare decisions on your behalf if you become incapacitated. This document grants your agent the authority to discuss your medical situation with healthcare providers, access your medical records, and make decisions that align with your healthcare preferences.
Understanding the Two Different Types of Special Needs Trusts in Texas
If you have a loved one with special needs, you likely want to do everything possible to protect his or her future to the greatest extent possible. When it comes to special needs trusts in Texas, it is important to understand what options are available for your loved one. An option you may consider is creating a special needs trust. With two different options in Texas, special needs trusts serve as important tools for safeguarding the financial future and well-being of those who have disabilities, ensuring they can maintain eligibility for important government benefits while still receiving supplemental support. If this sounds like something you are interested in pursuing for your family member, contact an attorney to get started.
At Andrew Dunlap Attorneys, PLLC, Attorney Dunlap possesses over 45 years of litigation experience in various areas of law. With nearly five decades of experience, Attorney Dunlap has learned a thing or two about providing competent legal guidance to clients. With a proven track record, let Attorney Dunlap get to work for you today.
Three Most Important Aspects of a Testamentary Trust in Texas
A testamentary trust is a powerful estate planning tool that allows individuals to control the distribution of their assets after their passing. In Texas, understanding the essential aspects of a testamentary trust is crucial for ensuring that all your wishes are carried out effectively. If you are interested in adding a testamentary trust to your estate plan, contact a lawyer to assist you in the process. At Andrew Dunlap Attorneys, PLLC, Attorney Dunlap is a decorated United States Air Force veteran who possesses the legal skill and psychological discipline required to provide his clients with the strongest, most effective legal representation possible.
Trustee Selection and Duties
One critical aspect of a testamentary trust in Texas is the selection of a trustee. The trustee is responsible for managing the trust assets, following the terms of the trust document, and acting in the best interests of the beneficiaries. When choosing a trustee, it is essential to consider factors such as trustworthiness, financial understanding, and willingness to fulfill their fiduciary duties. Designating a reliable trustee is key to ensuring the proper administration of the trust and the protection of the beneficiary’s interest.
Three Misconceptions About Transfer on Death Deeds in Texas
Transfer on Death Deeds (TODD) have gained popularity as an efficient method for transferring property in Texas. However, several misconceptions surrounding TODD can lead to confusion and misunderstanding. If you are interested in learning more about whether a TODD could benefit your estate plan, consult with an experienced Texas estate planning attorney. They will ensure you are afforded the knowledge necessary to make the most informed estate planning decision possible
Misconception #1 – TODDs are Irrevocable
One common misconception is that once a TODD is executed, it cannot be revoked or changed. However, TODDs are entirely revocable in Texas during the property owner’s lifetime. The property owner can modify or rescind the TODD at any time as long as they have the legal capacity to do so. This allows property owners to adapt to changing circumstances or relationships without being locked into a permanent decision.
Three Misconceptions Regarding Advance Medical Directives
Advance medical directives (AMDs) are legal documents that allow individuals to express their healthcare preferences in advance, ensuring their wishes are respected, regardless of whether they are unable to communicate them later. Despite their importance, several misconceptions surrounding AMDs can lead to confusion and potential legal issues. If you want to make an AMD part of your estate plan, an experienced lawyer can make this possible.
Misconception #1 – I Am Too Young to Create an Advance Medical Directive
Many people believe that advance medical directives are only necessary for the elderly or those with serious health conditions that may be nearing the end of their lives. However, accidents and unexpected medical emergencies can happen to anyone at any age. By creating an AMD early on, you can ensure that your healthcare preferences are known and respected, regardless of age or current health status. It is always better to be prepared and document all your wishes, giving you and your loved ones more peace of mind
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