Dallas Wills and Trust Attorneys
Preparing a Plan for Your Future
When planning for the future of you and your family, your discussion might include a topic that is somewhat difficult to talk about: death. If you have property or assets, it's important to have instructions in place, directing to whom and how they are distributed upon your passing. If you don't have a will or trust set up, the State will decide how to divide your belongings, and it won't adhere to any wishes you communicated verbally. The laws concerning these types of plans can be complex, and it's best to discuss them with a knowledgeable attorney.
At Hamilton Grant NTX, we have extensive legal experience, and we can guide you through the process of creating your will or trust. Our Dallas lawyers will provide the personalized attention you deserve. We will be sensitive to your needs and wants and help you make informed decisions about how to proceed with your plans.
To learn more about how you can begin planning for your future, call us at (214) 225-7117 today.
What's the Difference Between a Will and a Trust?
Both wills and trusts are legally binding documents that provide directives concerning what happens with your property and assets after your death. However, they are separate, and each has its own functions.
With a will, you can name beneficiaries for your property and assets. Upon your death, your belongings will be distributed to them as you wanted. You can also name guardians for your minor children and leave instructions on how your taxes and debts should be handled. A will takes effect after you pass away.
A trust is similar to a will in that you provide directives for how your property and assets will be distributed after your death. However, with this type of plan, you establish a trust that you put your property into. You also name a successor trustee who will manage the trust upon your passing. This individual must handle the trust exactly as you directed. A trust takes effect after you have signed it.
One of the most significant differences between a will and a trust is probate. Probate is a legal process that verifies the validity of the document and ensures your property and assets are distributed as you wished. It can be lengthy and can be met with conflict. A will passes through probate, whereas a trust does not.
Please note that the above is a broad overview of wills and trusts. Various subtypes of each exist that cover different situations. Speak with our lawyers to get a more detailed explanation of wills and trusts.
Should I Set Up a Will or Trust?
Planning for the future is not only for older or wealthy individuals. Anyone who has property should consider setting up a will or trust.
Property can include things such as:
- Real estate
- Bank accounts
If you have any of the above or other assets, thinking about how they are managed after your death is important. But how do you know if you should establish a will or a trust? The answer to that depends on your specific situation. One type of plan may be more effective for you than another. You might even want to set up both a will and a trust.
Get Skilled Guidance from Hamilton Grant NTX
When you choose our Dallas attorneys to help you plan for the future of you and your family, we will answer all of your questions and go over the most effective options with you. Our goal is to ensure you understand the benefits of each type of plan to help you make a decision focused on your best interests.
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