Estate Planning Services in Tyler, TX
We offer estate planning services to help you plan for the future, including:
What Is an Estate Plan?
An estate plan is a set of legal documents that outlines how your assets, property, and personal affairs will be managed and distributed during your life and after your death. A comprehensive estate plan may include various components, such as wills, trusts, powers of attorney, and advance healthcare directives.
Key elements that a typical estate plan may include are:
- A last will and testament. This document states who will receive your property, who will serve as executor, and who will care for minor children.
- One or more trusts. Trusts can hold and manage assets for beneficiaries, provide structure for inheritances, and in some cases affect how assets pass after death.
- Powers of attorney. Financial and medical powers of attorney allow trusted agents to act on your behalf if you become incapacitated.
- Advance healthcare directives. These instructions help guide doctors and loved ones about medical treatment and end-of-life care.
- Supporting documents. Deeds, business agreements, and beneficiary designations help align your plan with your real-world assets.
We help clients coordinate estate planning with real estate holdings, business interests, beneficiary designations, and personal goals. For many families in East Texas and the Tyler area, an estate plan ties together real estate, retirement accounts, closely held businesses, and personal property in one coordinated strategy. Instead of relying on default Texas intestacy laws to determine who inherits, you can decide who will handle your affairs, who will receive specific assets, and how and when those assets should be distributed.
Who Needs an Estate Plan?
Estate planning isn’t limited to people with substantial wealth. Any adult may benefit from documents that address incapacity and the distribution of property. Planning can be particularly important if you own a home or business, have children, or want to designate people to make financial or healthcare decisions for you.
Common situations where an estate plan is especially important include:
- Parents of minor children. Naming guardians and outlining financial support can provide clarity and security.
- Homeowners and real estate investors. Coordinating deeds and beneficiary designations can address how property in Smith County and beyond should pass.
- Business owners. Planning can address succession, control, and future ownership changes.
- Blended and extended families. Clear instructions help reduce the risk of conflict among children, stepchildren, and other relatives.
- Individuals with health concerns. Powers of attorney and medical directives give trusted people authority to act if needed.
Young adults in college, new parents, retirees, and business owners face different planning questions, but they share a need for clear instructions. Even if you don’t consider yourself wealthy, you may still have a home, vehicles, bank accounts, or life insurance benefits that need to be managed and distributed. Without written directions, some assets may pass under default Texas rules, and relatives may need court proceedings to resolve outstanding issues.
Estate Planning, Probate, & Asset Transfers in Tyler
How your estate plan is structured can affect what happens to particular assets after your death. A will generally directs the disposition of property subject to probate, but certain assets may pass outside of that process depending on how they’re titled or designated. Understanding that distinction matters when building a plan that fits your actual circumstances.
Some tools that may affect whether an asset passes through probate include:
- Revocable living trusts. Assets properly transferred to a trust may be managed by a successor trustee under the terms of the trust.
- Payable-on-death and transfer-on-death designations. Bank accounts, investment accounts, and certain real estate may pass directly to named beneficiaries.
- Joint ownership arrangements. Certain ownership structures with valid survivorship provisions may allow property to pass outside probate.
- Beneficiary-driven assets. Life insurance and retirement accounts generally transfer to the individuals listed on beneficiary forms.
Whether a particular asset avoids probate depends on the asset, its ownership structure, the beneficiary designation, the document language, and applicable Texas law. Smith County Probate Court hears matters involving estates of deceased persons and guardianships for incapacitated persons and minors. We handle both estate planning and probate matters and can evaluate how your documents, property, and beneficiary designations work together under Texas law.
What Is the Difference Between a Living Will & a Medical POA?
A medical power of attorney and a living will serve different roles in incapacity planning.
How Medical POAs & Living Wills Work Together
A medical POA allows you to designate an agent to make healthcare decisions on your behalf if you become unable to do so yourself. A living will, also known in Texas as a “Directive to Physicians,” lets you state your specific preferences regarding life-sustaining treatment if your condition is determined to be terminal or irreversible.
Put simply, a medical POA appoints a decision-maker, while a living will communicates your treatment preferences for end-of-life care. We can draft documents that express your wishes and give your agent and healthcare providers clear instructions in the event of serious illness or incapacity.
Because medical situations can change quickly, it’s important to choose an agent who understands your values and is willing to speak on your behalf if doctors present difficult options. Many people select a spouse or adult child, but you may also choose a trusted friend or other relative. We can talk through common scenarios so your agent isn’t left guessing in a crisis.
These documents also work best when they’re coordinated with the rest of your estate plan. The person named in your medical POA may or may not be the same person named in your financial power of attorney or as executor under your will. As we design your plan, we help you consider how these roles interact and how to keep copies of your directives accessible to your healthcare providers.
Our Estate Planning Process
Most of our work together can be handled through phone calls, secure document sharing, and virtual meetings, making the process convenient for clients who live or work throughout the Tyler area.
We start with a 15-minute free consultation to learn about your goals, your family, and the broad outline of your assets. From there, we gather key information and walk you through recommendations for documents that fit your situation, such as a will, trust, powers of attorney, and medical directives. After you review and approve draft documents, we coordinate the final signing in compliance with Texas requirements, including notarization and witnesses where needed. Once everything is signed, we provide next steps for funding any trusts, updating beneficiary designations, and safely storing your signed originals.
Throughout this process, you work directly with Michael D. Franks. There’s no handoff to a paralegal or associate and no need to repeat yourself to a different team member each time you call. The steps and documents needed vary according to family structure, property, business interests, health concerns, and existing documents, so the plans we put together reflect your actual circumstances rather than a standard template.
Estate planning isn’t a one-time event, so we also encourage periodic check-ins after a major life change, such as a marriage, divorce, birth, death, or significant property transaction. During these reviews, we can confirm that your chosen decision-makers are still appropriate and that your documents still reflect your wishes.
Frequently Asked Questions
Do I Still Need a Will If I Have a Trust?
Even if you use a living trust as a central part of your plan, a will still plays an important role. A will can name guardians for minor children and serve as a safety net for any assets that weren’t transferred into your trust before your death. This type of will, sometimes called a “pour-over” will, directs those remaining assets into your trust so they can be handled consistently with the rest of your plan.
Can I Handle My Own Estate Planning With Online Forms?
Online forms may seem convenient, but they may not account for your family circumstances, the assets you own, or the requirements of Texas law. Small mistakes or vague language can lead to confusion or disputes later, especially if you own a home, rental property, or a business. Working with our lawyer allows you to address those details and prepare documents for your specific circumstances.
