Estate Planning Basics for WilCo Seniors

Why Estate Planning Matters

Estate planning is not just for wealthy families. Every adult, and especially every senior, benefits from having a clear set of legal documents that spell out your wishes for your finances, your healthcare, and what happens to your property. Without these documents in place, Texas state law makes those decisions for you, and the results may not align with what you would have wanted.

The good news is that basic estate planning is straightforward, affordable, and something you can complete in a matter of weeks with the right guidance. Williamson County has experienced estate planning attorneys who work with seniors every day, and several offer free initial consultations.

The Essential Documents

A solid estate plan for most Williamson County seniors includes these core documents:

Last Will and Testament

Your will specifies who receives your property and assets after you pass away. It also names an executor, the person responsible for carrying out your wishes. If you have minor grandchildren in your care, a will is where you designate their guardian. Without a will, Texas intestacy laws determine how your property is divided, which can create complications and family conflict.

Durable Power of Attorney

A durable power of attorney designates someone you trust to manage your financial affairs if you become unable to do so yourself. This includes paying bills, managing bank accounts, handling real estate transactions, and filing taxes. The word "durable" means the authority remains in effect even if you become incapacitated, which is exactly when you need it most.

Medical Power of Attorney

This document names someone to make healthcare decisions on your behalf if you cannot communicate your own wishes. In Texas, this is a separate document from your financial power of attorney. Choose someone who understands your values and preferences regarding medical treatment.

Advance Directive (Living Will)

An advance directive, often called a living will in other states, is known in Texas as a Directive to Physicians and Family. It documents your wishes regarding life-sustaining treatment in the event of a terminal or irreversible condition. Having this in writing takes an enormous burden off your family during a difficult time.

HIPAA Authorization

A HIPAA release form allows your designated family members or agents to access your medical information. Without it, healthcare providers are legally prohibited from sharing details about your condition, even with your spouse or children.

Trusts: Are They Right for You?

You may have heard that everyone needs a trust, but that is not necessarily true. Trusts can be valuable tools, but they are not required for every situation.

A revocable living trust allows your assets to pass to beneficiaries without going through probate, which can save time and legal fees. You maintain full control of the trust assets during your lifetime and can change the terms whenever you want. Trusts are particularly useful if you own property in multiple states, have a blended family, or want to set conditions on how assets are distributed.

However, trusts cost more to set up than a basic will, typically $1,500 to $3,500 for a simple revocable trust in the Williamson County area. For many seniors with straightforward situations, a well-drafted will combined with beneficiary designations on bank accounts and retirement funds accomplishes the same goals at lower cost.

An experienced estate planning attorney can help you determine whether a trust makes sense for your situation.

Common Mistakes to Avoid

Estate planning does not have to be complicated, but a few common mistakes can create real problems:

• Procrastinating. The best time to plan is when you are healthy and clear-headed. Waiting until a health crisis makes the process harder and can raise questions about your mental capacity to sign legal documents.
• Using generic online forms without legal review. Texas has specific requirements for wills and powers of attorney. A form that does not meet those requirements may not hold up when it matters most.
• Forgetting to update beneficiary designations. Life insurance policies, retirement accounts, and bank accounts with designated beneficiaries pass directly to those individuals regardless of what your will says. Make sure these designations reflect your current wishes.
• Not funding your trust. If you create a trust but never transfer your assets into it, the trust does not accomplish anything. This is one of the most common oversights in estate planning.
• Keeping your plan a secret. Your executor and agents need to know they have been named and where to find your documents. Have a conversation with the people you have chosen so they are prepared.

Finding Legal Help in Williamson County

Williamson County has a strong community of estate planning attorneys who regularly serve senior clients. When choosing an attorney, look for someone who:

• Focuses on estate planning and elder law rather than general practice
• Is a member of the Texas State Bar and in good standing
• Offers a free or low-cost initial consultation
• Explains options clearly without pressuring you toward the most expensive solution
• Has experience working with families in your specific situation

The Williamson County Bar Association can provide referrals, and the Georgetown Senior Activity Center occasionally hosts free legal clinics where attorneys answer basic estate planning questions.

Browse our Legal & Financial Services directory for estate planning attorneys and financial advisors serving Williamson County seniors.

Getting Started

If you do not have any estate planning documents in place, start with the essentials: a will, durable power of attorney, medical power of attorney, and advance directive. Gather information about your assets, debts, insurance policies, and account numbers before meeting with an attorney. Bring a list of the people you want to name as beneficiaries, executors, and agents.

Most attorneys can complete a basic estate plan within two to four weeks from your initial meeting. The peace of mind that comes from knowing your affairs are in order is well worth the time and modest investment.