Pasadena, TX Will And Trust Lawyer

Having a will and trust is essential, no matter how young or healthy or wealthy you are, but most people procrastinate. It’s easy to believe that you have all the time in the world to get your affairs in order, or that you don’t really have enough money to need a trust; however, the stark reality is that none of us are guaranteed tomorrow! If you pass away unexpectedly or suffer an unexpected illness or injury, everything you’ve worked so hard for could be at risk. Your family might not know what you would have wanted and may suffer financial hardship if you didn’t plan ahead. 

That’s why our Pasadena will and trust lawyer is so passionate about helping Texas residents get these important documents set up today. Call now to schedule your free consultation and learn more!

Types Of Wills And Trusts

Did you know that there are actually many different kinds of wills and trusts to choose from? Which one you select will depend on a variety of factors, including what your beneficiaries are like, how much wealth you have, and what your legal goals are, but you do have options. 

Here are a few of the most popular types of wills and trusts and their functions!

Last will and testament – This is what most people think of when they think of a will – it’s a simple, straightforward document outlining what beneficiaries will inherit what possessions when you pass away. 

Pour-over will – This is a type of will that, at the time of your death, would transfer all the assets named in the will into a trust that has already been created. 

Joint will – A joint will is a single will that applies to two people (usually spouses). When one passes away first, there may be a provision in the will where all of their assets pass to the will’s other creator, and when that creator passes away, the assets pass to the beneficiaries (usually, their children). 

Living will – A living will is actually not a real “will” in the traditional sense; it has nothing to do with assets, but instead gives instructions to your doctors and medical team in the event that you can’t make healthcare decisions for yourself. 

Revocable trust – Revocable trusts are entities where you can secure assets to be managed by a trustee (who can also be yourself) for the benefit of yourself and your beneficiaries. You can set up flexible terms and add assets and beneficiaries at any point during your lifetime. 

Irrevocable trust – Irrevocable trusts are similar to revocable trusts, except once they are created, the terms, assets, and beneficiaries cannot be changed in any way. This provides additional tax shelter benefits. 

Special needs trust – A special needs trust secures assets for an individual with disabilities so that they can access the assets without it jeopardizing their eligibility for government financial aid and benefits. 

Charitable trust – A charitable trust manages and secures assets for the benefit of one or more charitable organizations you choose to donate to! It can provide tax benefits. 

Our Pasadena will and trust lawyer can explain all of the different types in more detail so you can make an informed decision based on your goals! 

Benefits Of Wills And Trusts

A will can make your wishes known and legally enforceable. When you pass away, your loved ones won’t have any questions about who you would have wanted to inherit what, or who should raise your minor children….it will all be laid out in the will! If you don’t make a will, the state of Texas will distribute your assets according to intestacy laws. These laws don’t take your family dynamics or history or spoken wishes into account, which may result in your wealth and possessions going to family members you didn’t intend to have them! 

However, wills only go into effect upon your death, and will still have to go through the complicated, tedious Texas probate process. That’s why it’s also advantageous to have a trust, which can bypass probate and keep your assets safe even during your lifetime. 

Why You Need To Work With Our Pasadena Will And Trust Lawyer To Make These Documents

There are many generic, downloadable templates that you can find online to make your own will and trust without the help of a lawyer, but this is never recommended. Your life is unique, and these documents are some of the most important ones you will ever have; they should be tailored to your specific desires! They also need to be up-to-date and compliant with the most recent state laws, and only an attorney will be able to confirm this. Attorney Michelle E. Murphy has been creating wills and trusts for Pasadena residents for over 20 years. She can help you find peace of mind! Don’t wait until it’s too late to plan. Call her office today to schedule a free consultation and get started!