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What Is A Will?
A last will and testament is a legal tool that details exactly who will inherit your possessions when you pass away. There are other types of wills, such as living wills, that detail instructions for your medical care should you become incapacitated and unable to make those decisions for yourself, and joint wills, that acts as the combined wishes of married spouses. However, last will and testaments and joint wills only take effect upon your death, and typically have to go through a Texas court process known as probate before their terms can be carried out. Because probate can be time-consuming and expensive (and because death isn’t the only event you need to plan for), you should have other estate planning documents besides just a will, such as a trust.
What Is A Trust?
A trust is a fiduciary arrangement between three parties that secures your assets. You (the grantor) create the trust and then name someone (the trustee) to manage the assets for the benefit of someone else (the beneficiary). You can technically serve as all three parties, although you will need to designate a backup trustee to manage the trust if you pass away or become incapacitated, and will also need to designate backup beneficiaries for the same reason.
The trust will go into effect immediately after it is created, which means it can start providing security for your wealth right away. There are many different types of trusts, including:
- Revocable Trusts
- Irrevocable Trusts
- Medicaid Planning Trusts
- Charitable Remainder Trusts
- Special Needs Trusts
- And others.
A trust can bypass probate, which means that your family can receive the contents according to the terms you set following your death without any hassle or delay. Trusts can minimize taxes and have many other benefits.
Why Is It Important For You To Work With A Friendswood Will And Trust Attorney?
Without a will and a trust, you risk leaving your loved ones in a difficult position – and with a lot of legal paperwork to deal with – if anything happens to you. Because no one is guaranteed tomorrow, you need to work with a Friendswood will and trust attorney to create these documents that can take care of your family when you can’t!
Hiring an estate planning lawyer is an investment, and so some people try to get around the cost by attempting to create their will and trust themselves using advice and downloadable templates found online. However, this is a risky move that isn’t recommended. Lawyers go to school for years to understand how to draft these complex documents. They are familiar with the most up-to-date state laws; information you find online may not be correct or specific to Texas, and it is certainly not customized to your unique family’s situation. If you have a blended family, for example, you have special concerns that our firm can help you work through. We will ensure your documents are legally compliant and will actually prove to be effective when you or your family needs to use them!
Trust The Law Office of Michelle E. Murphy To Give You Peace Of Mind.
Friendswood will and trust attorney Michelle E. Murphy understands that planning a will and trust can be highly sensitive and personal, and she will take an equally personal approach to guiding you through the process. She truly care about you and your family’s future! She will take the time to get to know you, answer all of your questions, and explain your options as to which type of will and trust will accomplish your goals. You can rely on her over 20 years of experience serving the Friendswood community! Schedule a free consultation to get started.
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Ms. Murphy made sure to use all of her resources and did everything legally possible to help me. She fought harder than other lawyers out there and found ways to make everything work in my favor. I really appreciate how she helped me and made me feel at ease under the worst circumstances. I recommend her highly.
Why Choose Us?
20+ Years Of Experience
Personalized Attorney Attention