Estate planning isn’t the most pleasant task, but it is necessary for most people. If you have assets you wish to protect or loved ones you want to provide for after your death, you need to have a solid estate plan in place.
About Estate Planning in Texas
Estate planning is a practice area dedicated to the creation of wills, trusts and other tools that are used to handle various issues after the creator dies. Some of the tools commonly used in estate planning include:
- Wills – A will is a document that describes the creator’s intentions for his or her property and assets after death. This document names an individual who will oversee the payment of debts and disposition of assets during probate, and it will describe how the assets are to be distributed. This document may also be used to name a guardian for the creator’s minor children.
- Irrevocable Trusts – An irrevocable trust is an estate planning tool that allows the creator to transfer assets directly to his or her named beneficiaries after his or her death without the need for probate. Because the trust is irrevocable, its terms cannot be changed easily once it has been created.
- Revocable Trusts – Like an irrevocable trust, a revocable trust isan estate planning tool that allows the creator to transfer assets directly to his or her named beneficiaries after his or her death without the need for probate. However, because the trust is revocable, the creator can make changes at any time during his or her life.
- Power of Attorney – Power of Attorney is a legal arrangement that allows another person to make important decisions on the creator’s behalf if he or she is no longer able to do so.
Hiring an Attorney
If you are in need of an estate plan, or if you would like to make changes to an existing estate plan, you need to consult an experienced attorney who understands probate law in Texas. Joseph R. Soto has many years of experience helping his clients with a variety of estate planning issues, and he can help you create the plan that is best for you. To get started, please contact Joseph R. Soto & Associates today to schedule a consultation or to learn more about our services.