How Do Wills and Trusts Work Together in an Estate Plan?

Wills and trusts are the foundational documents for estate planning. Fundamentally, they describe how your assets are distributed to your heirs when you pass away.

A last will and testament is a legal document detailing who is authorized to administer the decedent's estate, as well as how assets are to be distributed. Having a last will and testament can remove many complications and stress from the probate administration process for the beneficiaries.  A revocable trust is similar to a will, but avoids probate and provides a level of confidentiality.  We are experts in both wills and trusts and can help guide you to the correct mechanism for distributing your estate.

When a person passes away and does not leave a will or trust, probate becomes much more complex, expensive, and time-consuming. In our experience, probate without a will can be 3-4 times as expensive and will take much longer than if the decedent had a will. Additionally, if you have specific ideas about how your assets should be distributed, such as giving a specific gift to a child or charity, this will not happen unless you have a will or trust.

What Are the Different Types of Trusts in Texas?

As noted above, there are many different types of trusts available. Some trusts, called inter vivos trusts, are created during your lifetime. Other trusts, called testamentary trusts, are created within your will. The selection of the proper type of trust depends on your specific circumstances.

Examples of common trusts include:

• Revocable Living Trusts (RLT)
• Irrevocable Life Insurance Trusts (ILIT)
• Gift Trusts for children and grandchildren
• Contingent Trusts in a Will
• Lifetime Trusts for children
• Charitable Leads Trusts
• Charitable Remainder Trusts
• Gun Trusts
• Qualified Domestic Trust (QDOT) for gifts to non-US citizens
• Bypass Trusts (also known as Credit Shelter or A/B Trusts)
• Supplemental Needs Trusts for beneficiaries with special needs

Create a trust to safeguard your future. Reach out to our estate law office in Conroe by calling (281) 410-2792 right away to speak to an experienced estate attorney near you!

How Do I Create a Power of Attorney?

Any comprehensive estate plan also includes planning for incapacity during your lifetime. In the event you are unable to handle your financial affairs or make your own medical decisions, a well-drafted power of attorney will name an agent to act on your behalf and will ease the burden on your family. If you become incapacitated and do not have a power of attorney in place beforehand, your family may be required to establish guardianship with the courts. 
Once you are incapacitated, it is too late to sign a power of attorney.

There are several types of powers of attorney that may benefit you, such as:

• Durable Power of Attorney for Property
• Medical Power of Attorney
• Physician's Directive (aka "Living Will")
• HIPAA Release

Do I Need an Attorney for Setting Up My Estate in Conroe?

If you have assets and properties that will need to be protected after you are gone, there is nothing that should stop you from pursuing estate planning. We highly recommend you do so with the guidance of our estate planning lawyers at Dossey & Jones, PLLC, located in Conroe, Texas. 

We can handle all types of estate cases for individuals in Conroe, Spring, The Woodlands, Montgomery, Houston and surrounding areas. Paige H. Jones is a board-certified estate planning and probate specialist with the Texas Board of Legal Specialization. Jim Dossey is board certified in estate planning and probate and tax law and has an MBA from the MIT Sloan School of management. Our estate law firm has what it takes to get the best possible results!

You don't have to manage your estate plan alone. Fill out a case evaluation for personalized advice or call Dossey & Jones, PLLC today at (281) 410-2792 to speak with an estate planning attorney near you.