If you own property or have minor children, you should have a Will. A valid Will can make the transfer of title easier, can create a trust for the benefit of your minor children, and can ensure that the person who will manage your estate is someone you trust. But making an Estate Plan is more than just making decisions about your financial assets. Who would you like to be the guardian of your children? Who do you want to make healthcare decisions for you or your minor children if you and your spouse are incapacitated? We can help you plan now for the future to protect your loved ones.
A Will is a legal document that outlines how you want your assets to be distributed after you die. Having a Will can help ensure that your wishes are followed and that your assets are distributed according to your wishes. A Will can also be used to name an executor, appoint a guardian for minor children, or create a contingent trust for the benefit of minor children.
If someone dies without a Will, it is known as dying “intestate.” When that happens then Texas law determines the distribution of the deceased person’s assets among the surviving family members, which may not align with the person’s wishes. Generally, the deceased person’s assets will be distributed to their surviving spouse. If there are children outside the current marriage, however, such as from a previous relationship, those children will inherit property over the current spouse. To ensure your property passes according to your wishes, we recommend that you consult with an experienced attorney.
If you have a minor child, creating a trust in Texas can be an important part of your estate planning. A trust is a legal arrangement where a trustee manages assets on behalf of beneficiaries. By creating a trust, you can ensure that your child’s needs are provided for after your death because the trustee can manage and distribute assets according to your wishes.
In Texas, there are different types of trusts available, including revocable living trusts, irrevocable trusts, contingent trusts, special needs trusts, and charitable trusts. Depending on the type and when it was created, a trust can help protect assets from creditors, potentially reduce estate taxes, and avoid probate.
It’s important to consult with a Texas probate attorney to determine whether a trust is right for you and to help you choose the appropriate type of trust for your needs.