When you contact our The Woodlands, TX revocable living trust lawyer, you’re getting a trusted ally who can protect your legacy. As a boutique law firm, we provide close attention to detail for clients seeking private wealth solutions. And with plenty of experience with tax compliance (including a stint at a public accounting firm), we can make sure your estate receives the care and respect it deserves.
What To Know About Wills Vs. Trusts
When it comes to estate planning, most people immediately think of wills and trusts. These are both important tools, but many people don’t know which to choose. Since they both outline your assets and provide instructions to be followed upon your death, many people choose wills since they’re easier to establish and don’t need regular updating and management. But unlike a trust, leaving behind only a will means your family will have to deal with the probate process.
Dealing With Probate
When you die, your assets don’t magically appear on someone else’s doorstep. There’s an entire process that takes place first: probate.
Probate takes several steps. Your beneficiaries need to be tracked down, and a third party needs to assign a value to all of your existing assets. There are taxes and fees to be paid at almost every turn, and there’s also the chance of disputes between different beneficiaries that think they aren’t getting their fair share.
Probate can be lengthy and frustrating, not to mention expensive. It’s not an ideal situation, but it comes with the territory if you’re just leaving behind a will. And while probate may be an ordeal for your loved ones, it’s still miles better than leaving them no instructions at all.
Protecting An Estate Without A Will Or Trust
If you fail to create a will or a trust before your death, the state will decide who’s in charge of dividing up your assets. Typically, this is a spouse or one of your children, providing that child is an adult.
While this may seem like a workable solution on paper, the court doesn’t always take your family dynamics into consideration when it names your legal representative. There’s a chance an estranged or separated family member will be in charge of handling your estate, and they may not have your best interests in mind when it comes to distributing your assets.
Choosing The Right Executor
It can be difficult to choose the right executor when you’re planning your estate. You’ll need to choose someone close to you, and someone you know you can trust to do the right thing according to your final wishes. Fortunately, your revocable living trust lawyer in the Woodlands, TX can help you determine who’s the best fit.
Contact Us To Get Started
Your estate is your legacy, and without the proper safeguards in place, it can lead to a difficult time for your loved ones after your death. At Stuart Green Law, PLLC, we’re ready to help you plan your future, protect your estate, and protect your family from any additional challenges they may have to deal with when you’re no longer there to support them. Get in touch with us today, and see what a revocable living trust lawyer from the Woodlands can do for you.