Will & Trusts
The law allows you to prepare written instructions for numerous scenarios including healthcare, estate planning etc. Planning your estate is not just about divvying up your property, but a tool to ensure your loved ones are provided for and that your property is distributed according to your wishes. Through the use of wills and trusts, you can transfer most of your property quickly and inexpensively.
Do I need a will?
A will is a legal document that designs how your property and assets will transfer after you pay. Without a will, Texas state law determines how your property will pass to family members. For more details, check the “To Will or Not To Will” prepared by the State Bar of Texas.
What is a trust?
A trust is yet another estate planning tool created when a property owner (trustor/grantor/settlor) transfers legal title to an asset to a person (trustee) who ha the duty to hold and manage the asset for the benefit of one or more persons (beneficiaries). The terms and provisions of the trust are contained in a “Trust Agreement”. Trusts can be divided into two major categories:
- Testamentary trust: created in a will and comes into being at death. These trusts are often created to in order to provide for the management and disposition of assets, creditor protection and tax benefits.
- Inter vivos trus: This trust is created during the life of the Trustor and can be revocable or irrevocable. If revocable, this “living trust” is a twofold plan – one which directs administration of assets during the settlor’s lifetime and the other directing the disposition his or her of estate at death.
Taking the steps to properly prepare the disposition of your estate is an important - though almost always overlooked step. For more information on how we can help you best prepare, please contact us here.
