Estate Planning

What is meant by “Estate Planning?”

Estate planning is the process of organizing and documenting how your assets, responsibilities, and personal wishes will be managed both during your lifetime (especially if you become incapacitated) and after your death. It’s not just for the ultra-wealthy—anyone with assets, dependents, or personal preferences should consider it.

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Why Does Estate Planning Matter for You?

Estate planning isn’t just for the wealthy or elderly—it’s a vital act of self-determination that empowers people of any age to shape their legacy, protect their loved ones, and ensure their wishes are honored. Here’s why it matters for everyone:

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🧭 Control Over Your Future

• You decide what happens to your assets—not the courts or distant relatives.

• You choose who makes decisions if you are incapacitated, through powers of attorney or healthcare directives.

• You define your legacy, whether through charitable giving, guardianship for children, or passing down family heirlooms.

 

👨‍👩‍👧‍👦 Protection for Loved Ones

• Parents can name guardians for minor children, avoiding custody battles or state intervention.

• Partners and spouses are protected from legal complications or delays in accessing shared assets.

• Pets, dependents, and vulnerable family members can be cared for according to your wishes.

 

💸 Financial Clarity and Efficiency

• Avoid probate delays and costs by having a clear plan in place.

• Minimize taxes and legal fees with smart structuring of your estate.

• Ensure business continuity if you own a company or have complex financial holdings.

 

🧠 Peace of Mind

• Reduces stress and confusion for your family during emotional times.

• Prevents disputes among heirs or loved ones.

• Gives you confidence that your values and intentions will be respected.

 

⚰️ Final Arrangements

• Funeral and burial preferences.

• Instructions for handling digital assets and social media accounts.

 

Even young adults benefit—think of digital assets, student loans, or medical decisions. Estate planning is less about age and more about responsibility. It’s a gift to yourself and those you care about.

 

What Documents Do I Need?

Too often, when people finally decide to address their estate planning needs, they think only about executing a Will. But a well planned estate involves much more than just a will or trust that disposes of your assets at your death. For example, what happens if your needs begin with disability or incapacity prior to death? Who will make decisions for you medically? Who will make decisions regarding your assets while you are unable to do so for yourself? What if you need a guardian? Who will fill that role? What if you are comatose and in an irreversible and terminal condition and a decision has to be made regarding life support? Who will make all these decisions for you? The best time to make all these decisions is while you are taking care of that Will. The Morrison Law Firm can help you with completing, in addition to a will and/or trust, a:

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• Medical power of attorney – who speaks for you at the hospital if you cannot?

• Living Will/Directive to Physicians – will heroic measures be taken or not?

• HIPAA release – gives your designated representatives the right to access your medical information to make informed decisions.

• Guardianship appointment – what if your body is sound but your mind is not?

• Durable power of attorney – designating who will handle your business affairs while you are alive but unable to do so 

• Agent for Disposition of Remains – determining for yourself the disposition of your bodily remains at death, whether you want a funeral, cremation, etc. 

• Will – disposes of real estate, autos, boats, appoints guardians for minors, springing trusts to hold assets for young persons, etc.

• Memorandum – disposes of family heirlooms, digital assets, “stuff” not of great value but of significance to you and your family.

 

We’re here to help – contact us today or call (512) 328-3030.

 

 

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