Wills and trusts are two of the most basic yet important building blocks of a comprehensive estate plan. If you want to control how your property is transferred when you pass away, instead of allowing intestacy law to determine the fate of your assets by default, you need to make an estate plan. A will is an integral part of your plan, while trusts can give you much more control and can provide important protections for assets and heirs.
The Bond Law Firm can help you to determine how wills and trusts can be used to provide for your loved ones, keep your assets safe, and ensure you leave your desired legacy so your life will make a positive contribution to your family and to the world.
Give us a call at (218) 448-4100 to find out more about how a Houston wills and trusts lawyer can help you and to get answers to questions you have about wills and trusts including:
- What do I need to know about making a will?
- Do I need trusts and how can I create a trust?
- How can a Houston wills and trusts lawyer help me?
What do You Need to Know About Making a Will?
In Texas, most of your property – but not all – will transfer through the probate process after your death. Outside of property like IRAs, annuities, life insurance accounts, and trust assets, the bulk of your wealth goes to heirs or beneficiaries through probate. If you have not made a will or used other estate planning tools, intestacy law will determine what happens to your assets at the close of the probate process.
You don’t want default laws determining who will inherit, so you want to make a will that gives you the control over what happens to assets. Requirements for making a will vary from state to state, so you should work with The Bond Law Firm to find out how to create a will that is going to be legally valid in Texas if you own property there.
There are different kinds of wills, such as a simple will that involves leaving assets to your spouse or your children, or a pour-over will instructing that any property which would be probate property should be put into a trust you’ve created. Your attorney can also assist you in drafting a will that accomplishes your goals. This can include adding the necessary clauses to your will that make the probate process easier for your loved ones and that fully provide for your family’s protection during the probate process. For example, our legal team can help you to add the necessary clause to ensure your will is self proved so no witnesses have to be presented during the probate court hearing to testify to the validity of the will.
Writing a comprehensive, legally valid will is not a DIY endeavor if you want your will to be enforceable and to be as detailed and complete as you need it to be. Let The Bond Law Firm help you to make certain your will accomplishes the estate planning goals you set out to achieve.
Do You Need Trusts and How Can You Create a Trust?
A will is a valuable estate planning tool, but is not the only tool or even the most effective tool in certain circumstances. It has limits on the control you can maintain over the gifts you gift to heirs. Inheritances given in a will can also create substantial complications and even cause problems in certain circumstances, such as when you leave money to a loved one who has a disability. The inheritance that you leave behind in this case could cause a loss of access to important means-tested government benefits often received by those who are disabled.
You can use other estate planning tools that go far beyond what a will can accomplish. With the right tools, you can protect assets so you are actually able to leave a legacy. You can ensure spendthrift heirs don’t squander an inheritance; direct who will manage property for a minor who inherits; or ensure trust assets are used to provide for supplemental needs of a disabled loved one.
There are many different kinds of trusts, from Miller trusts that keep assets safe by allowing you to get Medicaid to pay for nursing home care even if you have a high income, to living trusts that give a trustee control of your assets after incapacity. The Bond Law Firm helps you to determine if a trust can help accomplish your goals. Our legal team also assists with the trust creation process if making a trust is right for you.
How can a Houston Wills and Trusts Lawyer Help Me?
The Bond Law Firm can assist you in making a will, determining if trusts should be a part of your estate plan, and helping you to make a legal plan that provides all of the necessary protections for your assets and your heirs. Give us a call at (218) 448-4100 or contact us online to talk with a Houston wills and trusts lawyer about the assistance we offer in securing your legacy and protecting your loved ones with wills and trusts.