Using Wills And Trusts As Part Of A Comprehensive Estate Plan
A comprehensive estate plan will use a variety of estate planning tools to help preserve your assets and wealth for your heirs, while at the same time minimizing tax consequences. The wealth management attorneys at Boon Calk Echols Coleman & Goolsby PLLC work with clients from all walks of life throughout East and Northeast Texas from our office in Longview. We can customize an estate plan strategy that is right for you.
Why Everyone Should Have A Will
A will is an estate planning tool that directs where you would like your property and assets to go when you die. If you have minor children, a will can also appoint guardians for those children. If you die without having a valid will, your estate will be distributed according to the Texas laws of intestate succession. In other words, the court decides who gets what. A valid will also save your family additional stress, time and money that comes with an intestate estate at the time of your death. Instead, they can focus on celebrating your memory in peace. Should your circumstances change, a will can be easily updated as the need arises.
How A Trust Can Help Complete Your Estate Plan
Often, wills and trusts go hand-in-hand. A trust is a fiduciary arrangement that allows your property and assets to pass to your heirs while avoiding the probate process. A trust by design helps to eliminate estate taxes when transferring high-yield assets, like money and real estate to heirs. In many cases, they can be created as part of your will. There are several different types of trusts, including:
- Irrevocable trusts
- Revokable trusts
- Testamentary trust
- Special needs trust
- Asset protection trusts
- Charitable trusts
Deciding which one is best for you will depend on your situation and circumstances, but that is one of the primary benefits of trusts; They can be tailored to your needs. For example, once an irrevocable trust is created, as its name suggests, it cannot be altered or revoked. An experienced wills and trusts attorney can help you understand the differences between the various types of trusts and identify what is best for your situation.
For business owners, our wealth management lawyers are also well-versed in business succession planning to ensure that your business survives and continues to thrive after your death. Additionally, our attorneys can offer guidance and assistance with the probate process and the administration of an estate after a loved one passes.
Creating An Estate Plan? Contact Our Estate Attorneys Today.
For assistance with crafting the estate plan that is right for you, or for a review of your existing estate plan, call us today to schedule a consultation. We offer a free, no-obligation initial consultation to answer any questions that you may have about our services and tell you more about how we can help you achieve your legal goals. You can schedule your appointment by calling our offices at 903-704-0592 or by sending an email through our online form.