Wills and Trusts are basic estate planning tools that can be used to achieve several different goals, the most fundamental of which is to protect, preserve and distribute assets to family members after a death. Wills and Trusts can accomplish other important objectives as well, but only if they have been prepared properly and kept up to date.
Whether you are starting the estate planning process or your family or business situation has recently changed and you need to update an existing estate plan, our Wills and Trusts lawyers can assist you.
A Will is the most basic component of an estate plan. This legal document states the preferences of an individual to be carried out upon his or her death. A basic Will is often customized to address:
There are many kinds of Trusts and they can accomplish a multiplicity of goals. The most common goal is to transfer property or assets to an heir without the need for that property to go through probate. This saves considerable time and money for the beneficiary.
A Trust can also hold assets for a minor child. A Trustee then distributes those assets as needed for the child’s care. Upon reaching age 18, or 21 (or any age specified in the Trust itself), the child could then inherit the assets in the Trust. Until that time, your chosen trustee utilizes his or her discretion to expend funds for the benefit of the child.
A special needs or supplemental needs Trust can be established to provide for medical or personal care of a person with special needs, such as autism, mental illness, developmental disabilities or physical disabilities. By utilizing such a trust, it can allow the person to still qualify for certain benefits that may be limited by the income or assets of the person.
Trusts are also a valuable tool for asset protection, such as Irrevocable life insurance Trusts (ILIT) or credit shelter Trusts.
Trusts can be used to fund charitable giving, with or without the creation of a family foundation.
There are also Trusts with unique purposes, such as a pet Trust to provide for the care of a pet who survives its owner, or a gun Trust that allows people to purchase, hold, and use NFA Title II firearms that would otherwise be restricted.
There are Trusts to meet every need. We can help you establish a revocable Trust, an irrevocable Trust, a living Trust, or any other type of Trust. Albin Oldner Law, PLLC can also assist with Trust administration. We serve clients in McKinney, Celina and communities throughout Denton County.