Life happens unexpectedly, but proactively discussing your after-death wishes with your family and a dedicated attorney can help protect everything you have worked so hard to earn. Effective estate planning could even save you money on taxes and probate costs so that you can leave your assets in the best way possible.
Do not wait until disputes arise to sort through your assets. From drafting a will to providing for your elderly parents, an experienced Houston trust and estates lawyer from Romano & Sumner can help you prevent probate litigation and obtain peace of mind.
Many people delay estate planning until it is too late. While this can be an uncomfortable topic for some, it could eventually benefit and reduce the stress of your loved ones. Preparing the following common estate planning documents now could help your family avoid costly probate disputes later:
An experienced estate planning attorney can tailor each of these documents to your specific needs. A Romano & Sumner trust and estate attorney can draft documents according to your unique legal concerns.
Generally, trusts function as holding accounts for family assets. One or more parties transfer assets, such as a home or money, to a trust account managed by another family member or a professional trustee. Upon a specific date or triggering event, the assets immediately transfer to the designated beneficiaries of the trust.
Trusts may also protect an elderly parent’s home and money from medical and tax liabilities. Further, assets placed in trust do not enter probate or pass through a will. If an individual is considering setting up an account for holding assets, discussing the benefits of a properly executed trust with an experienced estate planning attorney in the area is the right first step.
Texas’s Estates Code § 101.001 specifics that, upon death, a person’s estate immediately vests according to a valid will. If you die without a will, your assets will pass under the intestate laws, Texas Estate Code § 201.011, in the following order:
Different distribution rules may apply depending on if your assets are separate or community property.
No matter the size of your estate, protect what you have. Effectively planning your estate now can save your family time and money after you pass, and you can rest knowing that there are protections in place should anything happen.
Live in the present but prepare for the future with the help of a knowledgeable Houston trust and estates lawyer. Speak with Romano & Sumner’s qualified estate planning team to discuss your needs today.
Romano & Sumner – Sugar Land, TX Attorneys