Answering the Big Questions
Estate planning is an incredibly important step that you can take to protect your loved ones and your assets. However, it can be a confusing process, and many people have questions about how it works. Continue reading to learn the answers to some of the most frequently asked estate planning questions in Texas.
What If I Die Without a Will?
In Texas, dying without a will means that your property will go to your closest relatives under the state's intestacy laws. Intestate succession is the order in which the court will distribute your property if you die without a will.
In Texas, if you are married and have children, your spouse will receive one-third of your separate property and all of your community property, and the remaining two-thirds of your separate property will be split among your children. If you are not married or do not have children, different rules apply.
It is always best to consult with an experienced estate planning attorney to ensure that your wishes are carried out as you want.
What Happens if I Move to Texas from Another State?
If you move to Texas from another state, your out-of-state will is generally still valid in Texas. There are some exceptions to this rule, so you should consult with an attorney to make sure that your will meets the requirements of Texas law.
What is a Trust?
A trust is a legal document created by one person, called the trustee, and dictates how property is to be held for the benefit of another person, called the beneficiary. Trusts can be used for many purposes, including estate planning, asset protection, and tax planning.
Because there are several options of trusts available in estate planning, it is always best to discuss your concerns with an experienced estate planning attorney to determine which type of trust is right for your specific situation.
What Are the Different Types of Trusts?
The two main types of trusts often found in estate plans are revocable trusts and irrevocable trusts. Revocable trusts can be changed or revoked at any time by the person who created the trust (the grantor), while irrevocable trusts cannot be changed or revoked once they have been created.
There are many types of trusts that can be included in estate plans, including living trusts, testamentary trusts, charitable trusts, and special needs trusts. Each type of trust has its own unique features and purposes.
It is always best to discuss your specific situation with an estate planning attorney to determine which type of trust is right for you.
What Are the Benefits of Creating a Trust?
Creating a trust carries many benefits, including avoiding probate, protecting your assets from creditors and predators, and reducing taxes. Trusts can also provide financial resources for minor children or disabled adults, establish guidelines for how your property will be managed after your death, and control how your property is distributed.
Reach Out to Our Estate Planning Team With More Questions
Estate planning is a great way to protect your family’s future and ensure that your best wishes are upheld if something unexpected occurs; however, it’s understandable to feel overwhelmed thinking about all of the issues that must be addressed. If you have more questions about estate planning, be sure to get them answered by the experienced estate planning attorneys at Burrows Law Group. We are committed to helping out clients plan their futures and protect their families.
Learn more about estate planning in Texas or schedule a consultation by calling (972) 236-7798 or by visiting our website.