wills and trusts
The Importance of a Will
A Will, also called a Last Will and Testament, allows a person to give property and other assets to specific people or organizations as well as naming an Executor to settle the affairs of the estate. Without a will, a person’s belongings will be distributed according to Texas law, which may not be desirable.
Often a will is the best solution for estate planning purposes. Unlike many states, the Texas Probate process is very efficient and cost effective making the use of wills in Texas very desirable. While a simple will can suffice for most estates, Texas law allows for the creation of wills that can aid in tax planning and include built in trusts. Some of the reasons a person would want to create a will include:
- Appointment of guardians for minor children
- Control over asset distribution after death
- Avoid real estate related complications
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Having an estate plan in place has dual roles in helping to protect what matters most and supporting an efficient wealth transfer, while also easing a burden that may be placed on family and survivors. Without a plan, family members or beneficiaries may be left trying to piece together a deceased’s financial affairs, which may be difficult, time consuming, stressful, and even messy for the family. Among the complexities to navigate are the impact of taxes on assets controlled by an individual at death, along with potential legal fees that may be required to settle the estate.
These are just some of the financial issues we help clients plan for and resolve:
- Providing clarity and guidance to an Executor or Trustee carrying out your estate plan
- Dealing with debts owed to you by a beneficiary
- Minimizing estate and income taxes
- Avoiding the cost and delay of probate court
- Transferring interests in a business
- Making gifts of special items, such as heirlooms, art or collections
- Making charitable gifts in a tax efficient way
Distributing property and assets is the primary function of an estate plan, but an estate plan can also serve to:
- Avoid family conflict after you’re gone
- Treat children in different circumstances fairly
- Protect a beneficiary’s inheritance from divorce and other creditors
- Balance the interests of a second spouse and children from a previous marriage
- Maintain a disabled beneficiary’s eligibility for benefits
- Provide for the care of pets left behind
Proper estate planning can lessen a family’s emotional burden in the wake of a loved one’s death.