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Everyone wants to be sure their wishes will be honored and their family cared for after their deaths, but not everyone is fully aware of the steps required to make those wishes a reality. A comprehensive estate plan is essential to assuring that your affairs are settled with as little hassle as possible. However, many people procrastinate on this particular part of the life planning process. If you’re thinking to yourself that you’re too young or not wealthy enough to need a will or a trust, stop right there–having a plan in place is essential for everyone, no matter your life circumstances.
Michelle E. Murphy, an experienced Barker wills and trusts lawyer, understands that it’s never too early to work on securing a future for your family. No one knows what tomorrow holds, so book a free consultation with her today and experience what life has to offer with renewed peace of mind!
A will is a legal document that outlines how your assets will be distributed upon your death. In addition to specifying instructions for your wealth and property, your will addresses important details such as who will serve as caretaker for your minor children and who will serve as your executor (the person charged with seeing that the terms of your will are fulfilled).
There are several types of wills, including a simple will, which is also known as a last will and testament, a joint will, which allows two parties to join their wills together, and a living will, which accounts for your wishes regarding your medical decisions in the event you become incapacitated. Our Barker wills and trusts lawyer can help you decide which is right for you.
What Is A Trust?
A trust is a legal agreement that transfers your assets to ownership by the trust itself. It typically involves three parties: you (the grantor) transfer your assets to the trust so that upon your death the person you have named as the trustee can distribute those assets to your beneficiary.
One common misconception is that only wealthy people establish trusts, which is simply not true. A trust ensures that your assets will not need to go through the lengthy and expensive court process known as probate before they can be passed down to your loved ones.
As with wills, there are multiple types of trusts, including revocable trusts, where you can add or change assets and beneficiaries throughout your lifetime, irrevocable trusts, which serve the same purpose as revocable trusts but with fixed terms, special needs trusts, which allow you to set up terms for loved ones with disabilities, and charitable trusts, which allow you to manage assets for the benefit of charitable organizations.
What Are The Advantages of Having Both A Will And A Trust?
Securing both a will and a trust is essential for a comprehensive estate plan. Here are a few ways your will and trust will help advantage your loved ones:
- Ensuring your wishes are honored and your assets are properly distributed. Without a will, the state of Texas will decide the fate of your property and guardianship of your children. Additionally, legally specifying these choices will help avoid disastrous family disputes.
- Bypassing the tedious, expensive, and emotionally taxing process known as probate. Since you have a trust and your wishes are clearly outlined in your will, your assets can immediately reach your beneficiaries.
- Controlling your own healthcare decisions. In the event that you are incapacitated, you can decide the specifics of your medical decisions and end-of-life care rather than leaving these stressful choices to your loved ones.
- Avoiding expensive tax burdens. With a robust estate plan, you can take advantage of tax benefits and deductions that will save your beneficiaries from having to pay excessive taxes on their inheritance.
Why Do I Need A Barker Wills And Trusts Lawyer? Can’t I Just Do It Myself?
If you’ve spent time researching wills and trusts, you might have learned that some websites offer templates and guides that allow you to create a will without the help of a lawyer. Though it might seem thrifty to take the DIY approach, it might end up being more time-consuming and costly in the long run. First of all, wills are complex legal documents that take several years of training and practice for law professionals. Any mistakes will render your will inadmissible in a court of law. Additionally, laws regarding wills and trusts vary from state to state, and it’s not possible for these formulaic options to capture the specifics of your circumstances and account for any special guidelines you might wish to include. Working with our experienced Barker wills and trusts lawyer will save you lots of time and headache and, most importantly, ensure that your documents are legally compliant!
Trust The Law Office Of Michelle E. Murphy To Draft Your Will And Trust
Attorney Michelle E. Murphy understands that creating an estate plan that benefits your loved ones is a sensitive process, not to be taken lightly. She also understands that you want to spend your time enjoying what life has to offer rather than worrying about tedious tasks like legal paperwork. With over twenty years of experience in estate planning, she offers personalized service for each of her clients, getting to know you and your family circumstances so that your will can be uniquely tailored to your needs. If you are in need of a Barker wills and trusts lawyer, contact Michelle Murphy to schedule a free consultation today!
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