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.

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Wills

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A Will is a legal document that:

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• Says who should receive your property after you die

• Lets you name an executor to handle your estate

• Can name guardians for minor children

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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:

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• 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

 

The biggest difference is that a revocable trust can help your family avoid probate for assets that are properly funded into the trust. That often means:

 

• Faster transfer of assets

• Less court involvement

• More privacy

 

A Will becomes part of the public record during probate. A trust typically does not.

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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.

 

I'm not wealthy - do I still need a Will?

 

Yes. A Will isn’t just for people with a lot of money. A Will is for anyone who wants to make things easier on their family and stay in control of what happens after they’re gone. Even if you don’t consider yourself wealthy, you may still have assets like:

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• a home or land

• a car

• bank accounts

• retirement benefits

• personal belongings

• life insurance

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Additionally, if you have minor children it is imperative that you designate their potential Guardian in your Will.

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What happens if you die without a Will?

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If you pass away without a Will, Texas law decides:

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• who inherits your property

• who is in charge of handling your estate

 

In many cases, your family may also have to go through extra court procedures (like determining heirs), which can take more time and cost more money.

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What a Will does for you

 

A properly prepared Will allows you to:

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• choose who receives your property

• name an executor to manage your estate

• name a potential guardian for minor children

• reduce delays and unnecessary court costs

• make the process easier for your loved ones

 

A Will is about protecting your family

 

Creating a Will doesn’t mean you expect something to happen soon. It simply means you’re planning ahead — the same way you would with insurance or a savings account.

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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:

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• You get married, divorced, or remarried

• You move to another state (estate and probate laws vary by state)

• The person you named as executor, trustee, or agent dies, becomes ill, or is no longer someone you trust

• A beneficiary dies, becomes disabled, or is no longer able to responsibly manage an inheritance

• You have a child, adopt a child, or your family situation changes

• Your assets change significantly (buying/selling a home, starting a business, inheritance, etc.)

• You simply change your mind about who should receive your property or how it should be handle

 

Keeping your documents current helps ensure your plan still matches your wishes and protects your family.

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What is a "Living Will"?

 

A Living Will (also called an Advance Directive) is a document that lets you put your medical wishes in writing in case you ever become too sick or injured to speak for yourself.

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In a Living Will, you can state whether you would want certain treatments in an end-of-life situation, such as:

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• CPR or resuscitation

• breathing machines (ventilators)

• feeding tubes and artificial nutrition/hydration

 

Where should I store my Will and other estate planning documents?

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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.

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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

 

A note about safe deposit boxes

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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.

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Other storage options:

 

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:

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• you request it during your lifetime, or

• an authorized person retrieves it after your death so it can be probated.

 

A bank safe deposit box

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You can store your Will in a safe deposit box at a financial institution, but this option can create problems because access may be limited after death.  If you choose this option, it is strongly recommended that you:

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• 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.

 

Whether you need a simple Will, a revocable trust, or more advanced estate planning, Estes Law Office, P.L.L.C. prepares customized plans designed to protect you, your loved ones, and your legacy. If you have questions about your estate plan, contact us today to schedule a free consultation.

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Powers of Attorney and other Disability Documents

 

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 during your lifetime. 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 in order to handle your affairs.

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.

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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.

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Medical Power of Attorney
Allows you to name an agent to make medical decisions if you cannot communicate your wishes.

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Directive to Physicians (Living Will)
Lets you state whether you want life-sustaining treatment in the event of a terminal or irreversible medical condition.

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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.

 

If you have questions about powers of attorney or disability planning, contact Estes Law Office, P.L.L.C. to schedule a free consultation. We’re happy to explain your options and help you protect yourself and your family.

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