Providing for your family after you pass away involves establishing a will. Without a will, there is no guarantee that your family and loved ones will inherit from your estate. To ensure your family is taken care of and your legacy is passed on, you should begin the estate planning process.
At Russell Manning Attorney at Law, I am determined to help my clients establish the best estate planning arrangements for their families. With over 30 years of experience, I am prepared to help you through difficult family situations that may arise. I proudly serve clients in Corpus Christi, Texas, throughout South Texas, the Coastal Bend area, Bee County, Kleberg County, Nueces County, and the nearby areas.
Drafting a will is a key task that must be done to take care of your family and ensure your legacy after your passing.
A will is a document directing how you wish your estate, including your property and assets, to be distributed after your death. Within a will, you must name an executor of your estate who will carry out your wishes. If you have any debts, the will must direct how those debts are paid.
There are several types of wills that range in legality.
In the content of your will, you can direct exactly how your assets and personal property will be distributed. You can specify who you would like to receive certain assets, and you can also direct that some of your assets be donated to charity.
All of your assets should be considered when you establish your will. Commonly inherited assets include bank balances, investments, life insurance policies, IRAs, and real estate property.
Who needs a will? Essentially, anyone who wants to care for his or her family or loved ones needs a will. There are two key reasons why it is critically important to have a will. Ultimately, your will is important for the protection of your family and your legacy.
When an individual passes away without a will, their death is considered intestate. That means that the state can choose how to distribute the individual’s assets. The state uses a preset formula in determining who will receive what from your estate.
If you would like any influence on how your property is distributed after your passing, you must have the appropriate estate planning documents in place.
A will is beneficial when it comes to the probate process. The probate process is how the state handles your estate after your passing. During the probate process, the court makes sure that your wishes are followed according to your will. Without a will, the probate process could take months or even years. Your family could end up not receiving your assets for years after your death.
The benefits of a will are clear, but you may have heard that a trust is a better estate planning tool than a will. However, which is the better tool will depend on your specific situation. It’s important to speak with a knowledgeable Texas estate planning attorney to be confident that you’re making the right choice.
A trust can be beneficial when it comes to certain estate tax situations. Trusts are also preferable in that they may help your family avoid the probate process. If you have a revocable living trust, you may still need a pour-over will.
Ensure your wishes are respected after your passing. As an experienced estate planning attorney, I am dedicated to looking closely at your unique situation and guiding you through the legal process. At my firm, Russell Manning Attorney at Law, I am proud to represent clients in Corpus Christi, Texas, throughout South Texas, the Coastal Bend area, Bee County, Kleberg County, Nueces County, and the nearby areas. Contact my firm today to schedule your consultation.