TURN TO THE GARZA LAW FIRM FOR FAMILY LAW AND ESTATE PLANNING NEEDS
Creating a legally valid will or trust is the essential cornerstone of any estate plan, because upon your death these instruments will determine the disposition of your real and personal assets according to your wishes. Without a legally valid will, the assets of your estate are distributed to your heirs in accordance with Texas Estates Code, which may or may not be what you intended. This becomes particularly important in blended families where one or both spouses may have children by a previous marriage. Creating a will or trust gives you complete control over the final disposition of your assets.
ADDITIONAL BENEFITS OF HAVING AN ATTORNEY CREATE YOUR WILL
Other benefits of having a will created by experienced San Antonio family lawyer Martin S. Garza is that he can help you include provisions for taking care of minor children, minimizing estate taxes, making gifts to charitable organizations and transferring ownership of property with specialized deed instruments.
REVISING YOUR WILL
Once your will has been finalized, it is a good idea to review it every five years to account for changes that may need to be made. You may need to make revisions sooner if there are changes to your marital status, financial situation or when natural born or adopted children become a part of your family. You may inherit property or other assets that you will want to add to your will, or you may want to change how your assets will be distributed.
WHY OPT FOR A TRUST?
A trust allows property to be held by the trustee you have appointed for the benefit of named beneficiaries. The trustee can be yourself, a relative, a friend or a professional entity, such as a bank or law firm. A trust is often advantageous for managing property for people who are not able to direct their own financial affairs, such as minor children or individuals with special needs.
The great advantage of a trust is that it will bypass probate altogether. Going through probate is a public process and it can be time-consuming and costly. A trust does not need to be probated and is therefore more private and more difficult to contest than a will. Another benefit is that you have more flexibility in detailing how specific assets are to be distributed upon your death. Discuss the various types of trusts with Martin and he can help you choose the best option for your situation.
