Wills & Trusts Attorney in Plano, TX
The Law Offices of John F. Williams, Jr. Provide Estate Planning Using Wills and Trusts
As an experienced Estate Planning Attorney in Plano TX, I have dealt with many different estates and the number one question I get is; What’s the difference between a Will and Living Trust? I’ve listed a brief explanation of when you only need a Will based estate plan and the core documents. I have also stated reasons you might need a Living Trust and the core documents necessary for doing proper estate planning.
No matter which estate plan you feel you need, I will gladly sit down with you to discuss your legal needs and assist you with creating the right estate plan for you and your family. Estate planning is not a one size fits all approach, and no matter where you start, your estate plan needs to be flexible to anticipate changes. I can assure there will be both personal and legal changes that you will need to address.
Will – Estate Planning
If you have little or no assets or personal liabilities (such as children) and do not expect an inheritance, a Last Will and Testament should suffice. The ancillary documents listed will be a good start for your estate plan. Your Will Plan includes the following five important legal documents:
- Last Will and Testament
- Advance Medical Directive
- Health Care Power of Attorney
- Durable Power of Attorney
- HIPAA Release
Trust – Estate Planning
If your family is growing and your net worth is increasing along with your other assets you will want to consider a Living Trust. If you are single, own property, have substantial assets, own a successful business, and your net worth is taking off, you may want to consider a Trust. These examples are not set in stone, but are listed to give you an idea of why you may want an advanced estate plan over that of a simple Will. Your Living Trust estate plan will include the following six important legal documents:
- Living Trust
- Pour Over Will
- Advanced Directive
- Health Care Power of Attorney
- Durable Power of Attorney
- HIPAA Release
Generally speaking, every adult should consider establishing a will or a living trust, along with the other estate planning documents. This ensures that your loved ones are provided for and avoid the financial and emotional damage that would occur without planning. It really comes down to one question; Given the choice between your family and the State of Texas, who would you rather have controlling your affairs?
Our firm can help you determine the best approach to your estate planning needs. We can help you navigate through the thicket of confusing laws to see that your wishes are carried out. Whether through wills, living trusts, Irrevocable Life Insurance Trust or family limited partnerships, we will help you set up an estate plan that does what you want, when you want and will protect your family. Call today, the Law Offices of John F. Williams, Jr., is here to help with planning the continuation of your success to future generations.