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It is always a good time to plan for your family’s future. While creating a will and trust is something many people know they need to do, they still procrastinate because it seems like one of those things that can be handled “later.” Unfortunately, tomorrow is not promised and anything can happen in the blink of an eye. It is important to remember that if you don’t make the decisions now regarding what will happen with your assets, property, and children, the state of Texas will do it for you later. Michelle E. Murphy has worked as a Texas City will & trust lawyer for over 20 years. She knows that the idea of creating a will might seem frightening or intimidating, but it does not have to be. When you work with her, she can help you draft a will & trust that works for you and ensures that your wishes will be honored!
What Is A Will?
A will is documentation that legally clarifies how you want your assets distributed in the event of your death. If you have minor children, it also clarifies who will absorb guardianship of them. Below are various types of wills you can choose from:
- Simple Will (or Last Will And Testament) – A simple will is what most people think when they hear the word “will.” It allows you to decide who gets your assets and what happens to your children in the event of your death or incapacitation. While writing a simple will can be, well, simple, online will templates and legal advice can be misleading and cause you to make mistakes. It is important to work with an experienced Texas City will & trust lawyer to accomplish a proper, legal will that will be effective.
- Joint Will – A joint will is signed by two or more parties. It essentially joins two individual wills into one combined last will & testament. It allows both parties to decide who will get their assets, and what happens to their children. Joint wills are typically for married couples and state that in the event of one spouse’s death, the other spouse absorbs their estate.
- Living Will – A living will is almost exactly what it sounds like. Rather than dealing with what happens to your assets after your death, it allows you to decide which medical treatments you would and would not like to have if you were to become incapacitated. For example, you can decide on life support, organ donation, pain management, and more!
What Is A Trust?
A trust is a legal tool and investment that allows you to transfer your ownership of assets to the trust itself, along with the transfer of assets to the trustee that you name. You create the trust, and then name a trustee who can manage the trust on behalf of your elected beneficiary. One of the most common misconceptions is that you need to be “rich” to have a trust. Trusts aren’t only meant for upper class citizens; you don’t need to be wealthy and have excessive assets to protect what you have worked hard for!
While wills traditionally go into effect after a death, a trust can go into effect immediately. There are several different types of trusts to choose from including:
- Revocable Trusts
- Irrevocable Trusts
- Medicaid Planning Trusts
- Charitable Remainder Trusts
- Special Needs Trusts
- And more!
A revocable trust in Texas, which is the most common type of trust, has several benefits including the ability to bypass the probate process, the ability to minimize taxes and the ability to save yourself money in the future by investing in yourself and your family now to keep your assets out of probate court.
Why Do You Need To Work With A Texas City Will & Trust lawyer?
Developing a will not only allows you to control what happens to your assets and property, but also gives you the ability to control what happens to your dependent children. While young parents never plan on going anywhere, unforeseeable things still happen. Don’t you want to ensure that your children are raised by someone that you know and trust? Maybe you want more control of your assets now and assurance that your assets will be managed properly after you are gone. If you fail to create a will or trust, you run the risk of making a difficult time even more difficult for your loved ones. Without a trust – even if you have a will – your family will have to navigate the complex Texas probate process when they should be mourning you properly. Probate is not only extremely time consuming, but costly and invasive.
It is important to remember that creating an estate plan is absolutely an investment into you and your family’s future. While you might be tempted to pursue the “free, simple will & trust,” templates and legal advice available online, it will only cost you down the road. In this case, an experienced lawyer knows best! You need to work with a seasoned Texas City will & trust lawyer who knows what they are doing so they can help you avoid mistakes and
Call the Law Offices of Michelle E. Murphy!
Attorney Michelle E. Murphy can handle the legal nuances, paperwork and more on your behalf! Schedule a free consultation today where you can get to know her, ask questions, and learn about your next steps.
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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.
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