Review your plan every 3–5 years and after any major life change.
WILLS AND TRUSTS
What is the difference between a Will and a revocable trust?
A Will and a revocable living trust are both tools that let you decide what happens to your property when you die — but they work in different ways.
Wills
A Will is a legal document that:
Says who should receive your property after you die
Lets you name an executor to handle your estate
Can name guardians for minor children
A Will only takes effect after death. In most cases, a Will must go through probate, which is the court process used to transfer property, pay debts, and wrap up the estate.
Revocable Living Trust
A revocable living trust is a legal document you create during your lifetime. You can:
Put your assets into the trust while you are alive
Serve as your own trustee and keep full control
Name a successor trustee to step in if you become incapacitated or after you die
After your death, the successor trustee distributes the trust assets to your beneficiaries according to the trust instructions
THE BIGGEST PRACTICAL DIFFERENCE
A revocable trust can help your family avoid probate for assets properly funded into the trust.
Faster transfer of assets
Less court involvement
More privacy
A Will becomes part of the public record during probate. A trust typically does not. Overall, whether you choose to prepare a Will or a revocable trust will depend on your individual circumstances and goals. It's important to consult with an attorney who specializes in estate planning to help you determine the best approach for your situation.
KEEPING YOUR PLAN CURRENT
How often should you review your estate planning documents?
It's a good idea to review your estate plan every 3–5 years, and anytime you experience a major life change. You should update your Will, trust, or other estate planning documents if:
01
You get married, divorced, or remarried
02
You move to another state (estate and probate laws vary by state)
03
The person you named as executor, trustee, or agent dies, becomes ill, or is no longer someone you trust
04
A beneficiary dies, becomes disabled, or is no longer able to responsibly manage an inheritance
05
You have a child, adopt a child, or your family situation changes
06
Your assets change significantly (buying/selling a home, starting a business, inheritance, etc.)
07
You simply change your mind about who should receive your property or how it should be handled
POWERS OF ATTORNEY & DISABILITY DOCUMENTS
Planning for illness or incapacity during your lifetime
Many people think estate planning is only about what happens after death. but just as important is planning for the possibility of illness or incapacity. if you become unable to manage your finances or make medical decisions, the right legal documents can allow someone you trust to step in and help — without your family having to go to court.
without these documents, your loved ones may need to seek a court-ordered guardianship. because guardianship can be expensive, time-consuming, and court-supervised, most people prefer to plan ahead and choose for themselves who will be in charge.
RECOMMENDED DISABILITY DOCUMENTS
Statutory Durable Power of Attorney
FINANCIAL POWER OF ATTORNEY
Allows you to name an agent to handle financial matters if you become incapacitated.
Medical Power of Attorney
Allows you to name an agent to make medical decisions if you cannot communicate your wishes.
Directive to Physicians
LIVING WILL
Lets you state whether you want life-sustaining treatment in the event of a terminal or irreversible medical condition.
HIPAA Authorization
Allows you to name individuals who can receive medical information and speak with your health care providers.
Declaration of Guardian
PRE-NEED GUARDIAN DESIGNATION
Allows you to name the person you would want the court to appoint as guardian if a guardianship ever becomes necessary.
SAFEKEEPING
Where should I store my Will and other estate planning documents?
Your estate planning documents should be kept in a safe place where your family can easily find them when needed. For most people, the best option is a fireproof safe at home or another secure location that your loved ones can access quickly.
It's also a good idea to
Tell your executor (and/or successor trustee) where the originals are stored
Keep a list of important documents and contacts with your estate plan
Store copies in a separate place (or digitally) as a backup
Safekeeping with the County Clerk
In many Texas counties, you can deposit your original Will with the County Clerk for safekeeping. There is usually a one-time fee. The Will is stored securely until:
you request it during your lifetime, or
an authorized person retrieves it after your death so it can be probated.
A note about safe deposit boxes
Many people assume a bank safe deposit box is the best place for a Will. However, this can create delays because family members may not be able to access the box immediately after death without legal paperwork. If you choose this option, it is strongly recommended that you:
list at least one additional person who has legal access to the box, or
confirm with the bank what documentation will be required after death.
If no one else is listed on the box, your family may need a court order to access it, which can delay the probate process.
FREE CONSULTATION
Plan with confidence. Protect your family.
Contact Estes Law Office, P.L.L.C. to schedule a free consultation at our Frisco or McKinney office.
MCKINNEY · PRINCIPAL OFFICE
105 N. Benge Street, McKinney, TX 75069
(469) 325-1861
FRISCO
6160 Warren Parkway, Suite 100, Frisco, TX 75034
(972) 418-2919
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