Simply put, a last will and testament is a document that declares who will receive a person's property and assets upon death. It's like a "how-to" guide for the probate court, and it makes the entire process faster and easier. However, that doesn't mean the will itself is simple to prepare. There are many components that, when not considered, can lead to complications or disputes in court, lengthening the probate process.
A trust is similar to a will except that it allows for more stipulations and complex inheritance plans. Rather than sending your assets directly to the beneficiary, a trust places the inheritance in the control of a third-party trustee. This person passes along the assets to the beneficiary when certain requirements (as designated by you) are met. These can include graduating from college, reaching a certain age, or working a certain number of years. A professional attorney can even help establish trusts that eliminate or minimize expensive estate and gift taxes.
Living trusts can be helpful if you become incapacitated before death by eliminating the need for guardianship, allowing you to specify who will manage your business or property, and outlining who will inherit money in your will or trust.
Our attorneys have the experience and knowledge to help you determine whether you need a simple will or a complex trust, and we are committed to keeping your family's estate safe and secure.
Experienced Central Texas Attorneys
From offices in Austin, our lawyers advise and represent clients in communities throughout Travis County, Caldwell County, Bell County, McLennan County, Hays County, Williamson County and Bastrop County in Central Texas. Call us at 512-476-2622 or contact us by email to arrange an initial consultation with one of our experienced Austin estate planning attorneys.