Drafting Your Trust in McKinney
Estate Planning Lawyers Help Create a Plan for Your Assets
Creating a trust can be critical part of the estate planning process, and can help save your family time, frustration, hassle, and confusion in the event of your death. By having a trust in place, you can have control over how your assets are distributed when you die rather than having the State of Texas decide how your property will be divided.
At The Willingham Law Firm, PC, our estate planning attorneys understand how important it is to have a comprehensive and legally sound trust in place. We work with clients in the McKinney area to help them achieve their unique estate planning objectives in a fast, affordable, and effective manner.
Advantages of a Trust
Some of the advantages of having a trust in place include:
- Having control over how and when your assets will be distributed after death
- Reducing the amount of gift and estate taxes
- Avoiding the time, cost, and hassle associated with probate
- Being able to name a successor to manage your trust after you die
- Ensuring security for your loved ones
- Protecting the privacy of your personal financial affairs
- Avoiding disputes over your assets after death
Trusts vs. Wills
Some of the most common questions about trusts revolve around their cost and the benefits that they provide in comparison to a will. The simple answer is that, because they are more complex, trusts do require more legal sophistication and typically cost more. However, trusts offer numerous advantages that wills do not.
With a will in place, you only have the power to transfer property to another individual. This means that designated recipients who are minors receive property, but, because they do not have the same rights as an adult, they will have a court-appointed guardian over the estate. This guardian has access to the child's finances, can make determinations on what is in the best interests of the child, and potentially take advantage of the situation.
With a trust in place you can designate how, when, and why someone receives your property, and even designate a trustee over the finances, giving you a higher degree of control and more peace of mind.
Schedule a free consultation with our McKinney estate planning lawyers by calling us today at (214) 499-9647 in McKinney