Beaumont Estate Planning, Wills & Trusts Lawyer

Beaumont Estate Planning, Wills & Trusts Attorney

Even if you don’t expect to become ill or infirm anytime soon, it’s never too early to begin planning for the future of your family or legacy. Consult with a qualified Beaumont estate planning, wills & trusts lawyer about what’s most important to you when starting to draft an enduring estate plan today.

You can trust the experienced team of legal professionals at Renick Law Firm, PLLC, for any estate planning needs you may have, including updating a previous living trust, creating a comprehensive estate plan, and help managing administration for a loved one’s will, among many others.

How Estate Lawyers Help

An estate planning attorney may handle any number of matters related to estate law. Estate law concerns all legal documents, proceedings, and issues related to any of the following:

• End-of-life medical decisions
• The dissemination of assets upon death
• The granting of power of attorney
• Designating beneficiaries and guardians for minor children
• Other wishes that are important to the person, such as preferences for burial

Estate law also includes the necessary legal procedures for settling the estate of the deceased individual, which may include probate or trust administration. Estate planning is not legally required and may be as comprehensive or simple as you would like. After death, however, all wills must go through the courts to address what money and belongings that person left behind.

For this reason, creating an estate plan time can make the process easier for your loved ones by avoiding any confusion or conflict when your estate goes through probate. Your estate planning lawyer can help you craft your own estate plan or help you if you need assistance with a legal matter regarding another person’s estate. Everyone’s estate plan will look different as it’s catered to their wishes, business interests, obligations, and the size of their estate.

Wills Versus Trusts

A person’s estate encompasses all of the assets they own, which includes the money in their bank accounts or other funds (e.g., pension, retirement account), real estate or property outside of Texas, personal belongings, motor vehicles, stocks, bonds, and investments, businesses, and more. Certain properties may not be subject to probate, such as jointly owned assets, community property, and accounts payable to a designated beneficiary, among others.

Among the most common estate planning documents are wills and trusts, of which there are variations of each type. A will is subject to the probate process as well as a public record but is the most direct way for a person to dictate how their assets are to be divided amongst their beneficiaries. A trust, on the other hand, is much more structured but can be put in place prior to a person’s death. It can dictate specific stipulations on when and how your assets are divided.

Both must be drafted while the testator is of sound mind and include their wishes for how their property is to be distributed after their death. Once a will is in place, you may continue to alter the terms with your attorney in order to keep it updated. A trust could be alterable or unalterable, depending on the type of trust you create. The benefits of a trust, however, are that it helps to avoid probate, is private in nature, and offers tax benefits that a will cannot.

Both types of estate planning have tremendous value and help to legally declare what your final wishes are for the assets you have spent a lifetime collecting. With proper estate planning, your beneficiaries will continue to feel supported by you after your death and will benefit from your due diligence. An estate planning attorney can help ensure that whatever type of estate planning you choose is right for you and meets your needs.

FAQs

How Do I Obtain an Estate Plan in Texas?

If you wish to create an estate plan in Beaumont, TX, you may choose from several different approaches depending on your resources and personal preferences. For a person with limited funds and a relatively small estate, it may be ideal to begin by drafting a will. After acquiring enough property, you may ask your estate attorney about setting up a trust. Someone with a high-value estate might consider the benefits of creating a comprehensive estate plan.

What Are the Benefits of Having an Estate Plan in Texas?

There are numerous benefits to having an estate plan in place, regardless of your goals or the size of your estate. Having a last will and testament can greatly simplify the legal processes involved for your loved one after your death, such as shortening the procedure of probate and avoiding conflict or confusion about which parties are entitled to the estate’s properties. If you have minor children, it may be important to designate a guardian should you be unable to do so.

What Does Estate Administration Involve in Texas?

Estate administration is the legal process of settling a deceased individual’s estate. A person’s estate encompasses their property, money, debts, and other obligations. The first part of estate administration is probate, which all wills must go through, even if the deceased lacked a valid will. Estate administration may include trust administration if the deceased created a valid trust, along with various other procedures. These include filing the person’s final tax return, paying off their debts, and distributing assets to beneficiaries.

Do I Have to Make a Will in Texas?

While you are not required by law to create a last will and testament in Texas, it is generally advised for many reasons. Ensuring you have a legally valid and enforceable will prior to your death can make the court process much easier for your loved ones and avoid any confusion surrounding what you may have wanted done with your property. If you died without a will, your estate will be subject to the state’s intestate succession laws.

Beaumont Estate Planning, Wills & Trusts Lawyer

At Renick Law Firm, PLLC, our team of attorneys can help you prepare your will or trust and help you with any other estate planning needs you may have. Our knowledge and experience can help you properly prepare the documents needed to carry out your final wishes and ensure your beneficiaries receive the assets you would like. Schedule a consultation with our office today.