Estate Planning Help from Crain & Wooley

Last Will & Testament

A valid will provides your loved ones and the probate court-specific instructions for distributing your assets when you pass away. Your will doesn’t become a legally binding document until you pass away. It is important to note that just because you have a will doesn’t mean your estate avoids probate. People often wrongly assume that a will gives their family and friends immediate power to distribute assets. However, a will requires that your executor (the person you named to be in charge) complete the probate process.

Trust Attorney in Dallas-Fort Worth

There are multiple types of trusts, but three of the most common are:

• Revocable Living Trusts
• Irrevocable Living Trusts
• Supplemental Needs Trusts

Trusts are often thought to be beneficial only for the extremely wealthy who want to hide monies in offshore bank accounts. In reality, trusts are used by everyday people of all backgrounds and for many reasons.

A revocable living trust, the most common type of trust, is a highly flexible estate planning options. It allows for divorce protection of an inheritance, provides the option of setting up age appropriate distributions, offers the opportunity to create education funds and much, much more. It also directs the disposition of your estate after you pass away, allowing trust beneficiaries to receive assets without court interference – avoiding probate.

There are many benefits to using a trust as your estate planning tool. Learn how each type of trust can accomplish your goals by reading our easy-to-understand booklet.