The most fundamental of estate planning documents is a last will and testament. Standing alone or in concert with other estate planning documents, the will provides for the disposition of your assets constituting your probate estate (some assets such as life insurance proceeds and retirement plan accounts may pass outside of the probate process depending on how they are set up).
At the Texas law firm of Robert M. Mendell, Attorney at Law, P.C., we endeavor to provide personal attention and prompt service to every client. Our firm recognizes the importance of your will to you and to your heirs. Retaining an experienced estate planning lawyer who pays close attention to your personal objectives is important.
A Will Guides The Distribution Of Your Estate
One of the most important aspects of a will is to prevent the state of Texas from deciding who will receive your property after you die. When a person dies intestate (without a will), there are statutes that determine who the heirs will be and how the property will be divided.
- If you have created a will, your estate will go through probate, but without the expense and time required when there is no will.
- Even when a person has trusts and other means of transferring assets, a will can ensure that any items left out of other documents will be properly distributed.
- A will can do more than direct the distribution of assets. Your will can also give direction about the guardianship of minors.
- Often your last will and testament will contain important U.S. estate tax reduction provisions such as the establishment of a bypass trust, sometimes referred to as a credit shelter trust, exemption equivalent trust, A/B trust, or a unified credit trust.
- Other important estate tax planning techniques often contained in a will include qualified terminable interest property trusts (QTIP trusts) and qualified domestic trusts (QDOT).
