Additional Information
There is a common misconception that only the extremely wealthy need wills. This misconception could not be further from the truth. All of us need a will. Whether you are rich, poor, or somewhere in between, you need a will. Without a will, you do not get to select how and to whom your assets are distributed upon your death. You have worked hard for your money, and you have the right to control who will benefit from your hard work by a properly drafted will.
Failing to have a viable plan for the disposition of one’s assets upon death, and a means to implement that plan, can lead to unintended results and unnecessary expenses for a deceased’s spouse and family. Dying without a will creates a substantial risk that the deceased’s property will not be inherited as the decedent wished. The attorneys at Wisener Nunnally Gold, L.L.P. can work with you and your family to develop an estate plan that will avoid this undesired result.
You have taken your whole life to accumulate your wealth, assets, and possessions. Great care should be taken to make certain that your estate plan carries out your wishes without undue problems or burdening your loved ones. By utilizing competent professional help, you can ensure that your estate plans meets your specific goals, objectives, and needs.
A careful estate plan is the first step in making certain that your estate will be administered and distributed according to your wishes. Competent attorneys can assist you in minimizing the gift or estate tax consequences that would be incurred when your property is passed to another person, either during your life or at death. As part of your viable estate plan, your attorneys can also help you develop and implement a plan for taking care of your spouse and family after you die.
Many people are interested in revocable trusts, sometimes referred to as “Living Trusts”. These trusts are an alternative way to own property during your life and to transfer property upon your death. You can create a living trust during your lifetime by signing legal documents that direct how property transferred to your trust will be managed and how the trust property will be distributed when you die.
After consultation with an attorney, you may decide that you need a living trust, but first you should review carefully your personal situation with your attorney so that you can decide if a living trust is the right thing for your situation. It could be that a will, or some other arrangement, would be better suited for your situation. Our team will assist you in the design and implementation of a financial plan that makes sense for you and your family. The plan will ensure that the long range goals and objectives of you and your family are set. Your customized estate plan will help you manage and control the disposition of your wealth.
Probate is the process by which, upon your death, a will is filed with the court, along with other legal documents, so that title to your assets can pass to those that you choose. In many states, probate can be a long, cumbersome, and expensive process. Texas, however, has a very “user friendly”probate system, whose centerpiece is a system of Independent Administration. This means that, in most cases, the executor appointed in your will to administer your estate will be able to do so free of court supervision. This system avoids much of the delay and nuisance encountered in probate proceedings in other states. In Texas, a properly drafted will has a self-proved affidavit attached to it. The self-proved will is admitted to probate without the necessity of locating or calling to testify the witnesses to the will. This process further streamlines the probate procedure in Texas and underscores the importance of a properly drafted and executed will.
Through this process your assets are managed and distributed to those you intend after your death. Without an orderly probate process, title to your assets may not pass clearly, leading to unnecessary confusion and future expense for your loved ones.