Estate planning is important for every adult, whether or not you have a family of your own or substantial wealth. You should never assume that estate plans only benefit senior citizens or rich people, as having an effective plan can protect your family members and your estate should something unexpected happen.
At Kirker Davis, LLP, our legal team assists clients in all types of situations with wills and trusts. We can assess your circumstances and help design an estate plan that is right for you and your family. Contact us today for more information.
A last will and testament is the foundation of an estate plan. While it is far from the only estate planning document you may need, a will is often the document drafted first. There are different purposes of a will, including:
Wills are submitted to the probate court when you pass away, and this document allows you to dictate what happens to your estate instead of the court. If you pass away without a will, your property will be distributed in accordance with Texas law, and the court will appoint an executor and a guardian for your kids when needed. Having a will not only allows you to control what happens, but it can reduce the opportunity for conflict between family members and unnecessary costs or delays during probate.
While a will can make the probate process easier, having a living trust can work to keep your property from going through probate in the first place. Trusts also have many other benefits, including:
Creating a trust involves choosing a successor trustee who takes over after you pass away, drafting the trust document that instructs the trustee what to do, and transferring your property into the trust. You can still access and manage the trust property while you are living, as you will be the trustee.
It is important that wills and trusts are created to comply with Texas law, so you know your estate plan is valid and enforceable. The estate planning attorneys at Kirker Davis, LLP, can help you draft your will, create your trust, and execute any other estate planning documents, such as powers of attorney. Contact us to set up an appointment with our team to learn about the many ways a properly-created will and a trust can benefit you and your family.