Our The Woodlands, TX high net worth estate planning lawyer can help you protect your assets, and build a better future for your loved ones. At Stuart Green Law, PLLC, we’re a boutique trusts & estates law firm that’s dedicated to safeguarding your legacy. With our in-depth knowledge of tax compliance (and a managing attorney who worked at a Big 4 public accounting firm), we have the experience and knowledge to help you protect your estate.
What Happens If I Don’t Plan My Estate?
Estate planning can be a difficult process, but it shouldn’t dissuade you from having a plan in the first place. Unfortunately, if someone fails to create a will or trust, it’s up to the state to determine who gets what assets, and who’s in charge of distributing everything you’ve worked so hard to build up for yourself and your family. On paper, this might seem like a trustworthy solution, but it doesn’t always work out according to your wishes.
Why You Should Name An Executor
If you fail to leave behind proper instructions for your loved ones, the state will decide who’s in charge of dividing up your estate. Usually, this is a spouse, or one of your children. Unfortunately, the state doesn’t know your whole family history. If you’re estranged from a family member, it doesn’t matter – there’s a chance that family member is going to be in charge. When you create a will or a trust, you get to name a trusted family member to handle the proceedings after your death. This person is the executor.
Probate
When you die, there’s an entire process that your loved ones will need to deal with before they see any of the assets you’ve left behind for them. This process is known as probate, and unfortunately, it can be lengthy and frustrating.
Probate involves tracking down your beneficiaries and informing them of your passing. But it also involves valuing all of the contents of your estate, paying taxes, and paying legal fees at every step. Another major downside is the possibility of disputes throughout the whole process. Your loved ones may end up contesting your will, and dragging the process out even longer than necessary.
Am I Better Off With A Will, Or A Trust?
Wills are easier to establish and require minimal maintenance. But after your death, your family will need to deal with probate. On the other hand, a trust requires more input during your lifetime, but it makes dividing your estate much easier for your family after you’ve died. The final decision is up to you, but your estate planning lawyer can help you decide what’s best for your situation.
Contact Us Today
It’s never too late to start planning your estate. Whether you’re ready to establish a living trust, or you just need extra information about your next steps, Stuart Green Law, PLLC is here to help. Get in touch with us today, and see what our The Woodlands high net worth estate planning lawyer can do for you.