Estate Planning
estate planning lawyer dfw
Be Prepared, Avoid Probate
Without a will, trust, or other legal device to manage your affairs after your passing, the state will determine how to distribute your assets. This means your assets will have to go through a court proceeding called probate.
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Why You Need an Estate Plan
The probate process can be costly and may take a year or longer to resolve, depending on the issues involved. Now is the time to plan for the future and ensure your loved ones can:
- Avoid probate.
- Carry out your wishes in a less costly and more efficient manner.
- Experience less stress during a difficult time in their lives.
- Have privacy – wills that are probated become public documents; a trust document is not filed in court.
We can guide you through your options and help you put together an estate plan that fits your needs.
Our Commitment to You
At the Law Office of Beverlei Colston, PC, we will ensure that your case is handled in the most professional, competent, and personal manner. We understand this is a difficult time for you, and we will help you navigate the legal system and get you on the road to a better financial future.
Affordable Estate Planning Services
We offer affordable prices for essential documents, including:
- Will
- Revocable Trust
- Durable Power of Attorney
- Medical Power of Attorney
- Transfer on Death Deed
- Beneficiary Review
Estate Planning FAQs
Why do I need a will?
Having a will is essential to ensure your assets are distributed to your loved ones according to your wishes. It allows you to name an executor who will manage your estate and designate guardians for your minor children, providing you with peace of mind.
That being said, most people find a Will insufficient to accomplish their estate planning goals. This is because having a Will based estate plan guarantees probate, which will be a lengthy, expensive, and public process. To help avoid probate and provide ongoing management of your assets, consider setting up a revocable living trust. A revocable living trust can offer additional benefits and flexibility in how your assets are handled.
It’s advisable to consult with an estate planning attorney to discuss your options and create a plan that best suits your needs.
What if I die without a will?
If you die without a will, legally known as intestate, even though you don’t have a plan the State of Texas has a plan for you. The matter will go to probate court. The probate court will decide the personal representative whose job it is to administer your estate, who should receive your assets and when they should receive them. By not having a will or revocable living trust, your estate may be managed by the last person you would have wanted, your assets may be given to those who you would not have wanted to receive them, and in a manner in which you may not have wanted.
What is a Trust and why do I need one?
A Trust is a legal arrangement that allows a third party, known as the trustee, to manage and distribute assets to beneficiaries according to your instructions. Working on a trust can be a good idea depending on your assets.
Trusts offer these advantages:
Privacy: Trusts are generally private documents, while Wills are typically subject to public probate proceedings. There are lots of different reasons, and it is very valuable to look into them.
Control: You can establish specific conditions for asset distribution, such as setting up funds for education or healthcare.
Probate Avoidance: Assets held in a Trust may avoid the probate process, saving time and potential expenses.
Incapacity Planning: Certain Trusts can provide for your care and financial management in case of incapacity.
What are the benefits of using a trust over a will?
Using a trust over a will offers significant benefits by avoiding probate, which is a lengthy, costly (3%-8% of the estate), and public process that can expose your loved ones to risks and headache. A properly set up and funded trust bypasses probate entirely, providing privacy and saving on long-term probate costs.
While a will requires probate and adds administrative challenges and expenses for your heirs, trusts, though more expensive upfront, allow assets to transfer more seamlessly post your death to your beneficiaries. They are especially beneficial for complex estates and can provide ongoing financial support for minor children. Keep in mind that a will is still necessary to appoint guardians for your children and any well drafted trust based estate plan will contain a will component for this and a few other reasons.
Additionally, trust assets must be retitled into the trust’s name, whereas assets covered by a will do not require retitling. Considering these advantages, using a trust over a will can offer greater privacy, efficiency, and control over how your assets are managed and distributed both during your life, upon incapacity, and most importantly upon death.
Can I Transfer the Title of Property a Family Member Instead of Transferring Property into a Trust?
The answer to this question is yes, but it may not always be beneficial. This is because once the title is transferred to a family member, you no longer are in charge of making the decisions that have to do with this property. What this means is that your family member can now sell this property whether you would like to or not. Also this property is not protected from the family member’s creditors the same way it would be had it been transferred into, for example, an irrevocable trust.
Will I lose control of my assets if I put them in a revocable trust?
No. With a properly drafted and funded revocable living trust, you retain control of all of your assets. You can name yourself as executor of your estate and make all decisions regarding your assets. Additionally, you can take assets out of your trust, or put them into your trust, whenever you see fit.
Is it too early to begin drafting my estate plan?
In short, it is never too early to begin planning your estate. Life is an unexpected, tumultuous journey in which the end is unknown. Anything can happen to anyone unexpectedly and it is important to ensure that your best interests are carried out long after your death. It is also important to have a designated power of attorney in place in case of medical or financial emergency, as well as numerous other benefits associated with planning of your estate.
Do I still need a will if I have a revocable living trust?
Yes — you’ll typically also need a pour-over will to catch any assets not transferred into your trust during your lifetime.
Does a revocable living trust protect me from creditors or Medicaid?
Not fully. A revocable trust doesn’t protect assets from creditors or Medicaid spend down. Ask us about irrevocable trust options if you want stronger asset protection.
What is the cost of estate planning?
We have affordable flat fee rates for various estate planning packages. Please give a call for a free consultation.
