A will is a legal document containing instructions for the distribution of assets after the writer (testator) of the will has passed away. Testators can also appoint an executor whom they trust to control how assets are distributed. An executor is also legally permitted to name guardians for minor children of the deceased. Setting up a will prior to death is relatively easy and inexpensive. An Austin will and estate planning lawyer can expedite the process of getting a will through probate so that heirs named in the will can receive their inheritance.
What Is a Trust?
A living trust is a document describing a legally binding relationship between a beneficiary and a trustee. Trustees possess valuable properties, such as stocks, antiques, money, or real estate. The person establishing a trust is called the trustor. It is common for trustors to designate themselves as trustees until they pass away. In addition, trustors can put additional properties and items into their trust at any time.
Trusts are more complicated to legally establish than a will and typically need the assistance of a will and trust attorney. Trusts are usually not public record, nor do they need to go through the probate process. The primary difference between a trust and a will is that trusts usually take into effect once created, wills take action after one has passed away.
Get Immediate Direction
It is never too late to draw up a will with the help of a will and trust attorney. Having a will ensures property, bank accounts, and investments go to specific people only. Wills are also a great way to prevent disgruntled family members from going to probate court and arguing over who gets what items.
Call the Lawyer Referral Service of Central Texas (LRS) in Austin to get connected with an experienced Austin will lawyer.
Why Hire a Will and Trust Attorney?
Owners of multiple real estate properties might consider a living trust as more applicable to their needs. Owning several properties may complicate the probate court process even when a will has been established.
Individuals with minor or disabled children may think about setting up both a will and a trust. Having both documents drawn up by a will and trust attorney ensures children will be cared for by designated caretakers in the event of death.
What Are the Advantages of Hiring an Austin Will Lawyer?
Online wills are generic documents that do not address a person’s unique needs. Many online will websites also attempt to upsell visitors by offering a low-cost will but with a hook for expensive will and trust packages. Finally, online wills have limited space to include details and specific information, which means many wishes and concerns must be omitted.
When they want a professional wills attorney, Austin residents rely on LRS to put them in contact with an experienced and vetted trust attorney in the area. Having a lawyer draw up your will means you always have a legal mind on which to rely if you need to make changes. An Austin will lawyer can also identify methods for reducing tax liabilities when you pass. Online wills give you no recommendations, no guidance, and no help with creating a will.
Families of individuals who draw up wills must eventually hire a probate attorney to process the will through the probate courts. Establishing a relationship with a trusted will attorney using Austin LRS services means your family has one less thing to worry about at the time of your passing.
Contact Austin LRS to get immediate help with finding the best will and trust attorney in your area.