Some people are under the impression that estate planning is only for the elderly or for wealthy individuals. However, making important decisions about your future is not something that you should put off until later. Doing so could lead to significant confusion and frustration among your beneficiaries after you pass away.
Having an appropriate estate plan in place well in advance allows you the confidence that comes with knowing that your assets will be distributed according to the wishes you stipulate, as well as peace of mind that your financial and medical affairs should be handled the way in which you desire should you become incapacitated. It also reduces the burden of legal conflicts or decision making for those you leave behind. Two of the most common estate planning tools used by individuals in Texas are wills and trusts.
At a bare minimum, each adult in Texas should have a will. A will allows you to accomplish multiple goals including how your real and personal property is distributed after you pass away, a guardian's name for your minor children, and naming an executor for your estate. For more advanced concerns you may also choose to use a trust. There are many different types of trusts available in Texas and you can determine the most appropriate fit depending on your individual needs.
Your Texas wills and estates attorney can help you accomplish this. Placing your assets inside a living trust, for example, allows you to minimize the chances that your loved ones will engage in lengthy or costly probate proceedings after you pass. Living trusts can also be viewed as an asset management tool while you're still alive. Trusts allow you to have more control over how your assets are distributed after you pass away which can have numerous benefits and a great deal of flexibility depending on your individual needs.
Planning ahead for probate can be important for making things easier for your heirs. There are many different kinds of strategies that can be used to ensure that your wishes are understood and clearly articulated. Furthermore, you may want to save your heirs the frustration and cost of the probate process. Using advanced tools like trusts allows you to determine what happens to your assets while also giving a layer of privacy.
In the event that a loved one has recently passed away and there are questions about probate, insight from an experienced Texas wills and estates attorney is strongly recommended. Coping with the loss of a loved one is difficult enough, which is why the right lawyer can help you prepare for what to expect. During this challenging time, working with someone who understands the legal issues involved can make a big difference. If you’re in the midst of a complicated legal issue related to wills, estates, and trusts, get help from a lawyer you can trust.
Estate planning issues involving wills, estates, trusts, and probate are often complex and require help from a dedicated law firm who will help you understand the process. Get help from a legal team who has helped many others in your situation.
If you have concerns about the estate planning process or have other questions you'd like answered about wills and trusts in the state of Texas, contact an experienced attorney today.