It may be difficult for a person to face their own mortality but preparing for it in advance may make a huge difference for those left behind when that comes. Anyone who passes away without a will could leave their family with months of stress while the probate courts decide which of their heirs should get their assets. The process is even more complicated for those who own real estate in multiple states. All of that could be avoided with a comprehensive estate plan.
A Will Has Limitations
The main purpose of a will is to provide instructions. Savvy estate planners use the will to direct loved ones to their other estate planning documents. A will is also a good tool for parents to use to name a guardian for their minor children. If both parents die without naming a guardian, probate courts will make the decision for them. Although there’s no guarantee the guardian named in the will is going to be the one to take care of the children, it is highly likely as long as they are willing and able to take on the role. An Estate Planning Attorney in Lubbock TX is the ideal professional to speak with regarding all matters regarding wills.
Advantages of a Living Trust
The limitations of a will may be overcome by adding a living trust to the estate plan. A living trust provides the option of naming heirs for specific amounts of money and pieces of property. Many people use living trusts solely because they allow assets to be transferred without probate. Because it’s important for a living trust to be drafted properly in order for it to be valid, anyone who wants to use one as part of their estate plan should work with an experienced Estate Planning Attorney in Lubbock TX. A living trust can be changed at any time and the owner doesn’t have to give up control of their assets after putting them in the trust.
It’s never too soon to start working on an estate plan but it’s possible to wait too long. Anyone who is of sound mind and does not have an estate plan yet can browse our website to get more information and schedule an appointment to start the process.