The basic goal of any estate plan is to ensure that people in Austin can dictate that their property ends up with the people they want to have it after they pass away. This can be done in a few different ways. However, there can be more to an estate plan then simply passing their property on to their loved ones.
Wills can address the basic goals of the estate plan, but there are times when people may need something more to address additional concerns. One option people have is to create a trust instead of just a will.
Benefits of trusts
Some of the benefits of a trust include:
- Trusts can allow the estate to avoid probate. This means that the loved ones will not need to file court documents and a court will not oversee the administration of the trust. It also keeps the whole process private.
- Certain types of trusts which are irrevocable can help an estate potentially avoid estate taxes
- Trusts allow people to control how and when the beneficiaries receive the assets. Trusts allow people to give beneficiaries assets over time as opposed to a large lump sum right away
- Trust assets can be used while people are incapacitated and still living which wills do not do allow people to do.
- There are different types of trusts that can also allow people to provide for loved ones with special needs or to set up trusts for charities.
There are many considerations that people need to consider when they are going through the estate planning process in Texas. People need to know their children, their maturity and needs. They also need to understand the probate process and know what their personal representative will need to do in order to distribute the assets to the beneficiaries. They also need to understand potential tax consequences. Experienced attorneys understand all aspects of an estate plan and may be able to guide one through the process.