Dallas Will & Trust Preparation Lawyer
Estate Planning in Texas
Ensuring you have a well-crafted will or trust is an important aspect of planning for your family’s future. Whether you need to draft the document for the first time, amend what you have, or expand it to include new beneficiaries, our Dallas will preparation attorney is here to help. We are thoroughly versed in Texas’ estate laws and can walk you through the various procedures and ramifications of your choices in documents.
Kamuche Law Firm, PLLC is prepared to help you draft the will or trust that is right for your family. Call us at (214) 273-6959 today to learn more about what we can do!
How to Set up a Living Trust in Dallas
A will is where you can name your final beneficiaries for some of your property, name your executor, and name guardians for your children. A will is not the place to leave funeral instructions, put restrictions on gifts, or release property held in a living trust, retirement plan, or life insurance policy. If you want to accomplish those tasks, you’ll need to consult with a knowledgeable Dallas wills and trusts family law attorney who can direct you to those forms.
Properly executed, a will can help both your family and the probate court understand matters such as:
- Who will administer your estate (be your executor) after your passing
- What property you own, and who you would like that property to go to
- Who will serve as guardian for any minor children you may have
- Determining who should and should not be a beneficiary of your estate
It is important to note that a county court will read out your will and ensure it is carried out. This means that the will is often not addressed until days or weeks after your death.
Are Trusts Right for You?
The benefit of a trust over a will is that a trust is put in the hands of the trustee, who you choose to execute your wishes, as opposed to a publicly-read will, which is carried out by a court and has the potential for dispute.
The four components of a trust are:
- The grantor, or trust-maker
- The trustee, who manages and executes the trust
- The beneficiary, or receiving person or party
- The corpus, or assets within the trust
There are several distinct types of trusts. A testamentary trust is executed after probate and usually deals with the money from a life insurance policy and can accrue legal fees. An irrevocable trust essentially removes the trust maker's rights of ownership and grants the beneficiary complete control over the assets. A revocable or “living” trust allows the trust-maker to remain in control of his or her trust while they are still living in case their wishes change.
To find out more about the different types of trusts and which works best for your wishes, contact our knowledgeable Dallas estate planning attorney at (214) 273-6959.
