Socorro, TX Estate Planning Lawyer
Many people procrastinate when it comes to drafting a will or establishing a trust because they think they have plenty of time to do it later. While it is easy to get caught up in the events of life, no one is promised tomorrow. If something were to happen to you with no plan in place for your money or belongings, it could cause a lot of stress and legal issues for the loved ones you leave behind. It is worth it to take the time to plan now, rather than let the courts decide for you; after all, you’ve worked hard to build your estate, and nobody knows your family better than you. Our Socorro estate planning lawyer can explain your options and help you navigate the process in order to accomplish your goals. Call the Villegas Law Firm to schedule your free consultation and learn more!
Wills
A will is just one type of estate planning document that our Socorro estate planning lawyer can assist with. These are usually what you see in a movie or TV show being read by a lawyer, as they detail which person will inherit various items. However, they are actually much more involved than that, and there are even different types. Some of them are:
Last Will And Testament: these are the traditional documents where you can name the people you wish to inherit your money, property, or possessions. They can also include specific instructions for your funeral and burial wishes.
Joint Will: these act as the combined last will and testament for two people – usually spouses. However, joint wills are usually not recommended in Texas, as they can cause problems for the surviving spouse after one dies.
Pour-Over Will: with this type of will, all property and assets of the deceased person get transferred into a trust at the time of their death in order to avoid the probate process.
Living Will: this can include various documents which outline your wishes for medical care and artificial life-saving measures
Trusts
Many people choose to plan their estate through a trust, which is a legal entity that they transfer all of their assets into. The grantor – or creator – works with their estate planning attorney to outline terms which must be followed by the trustee – or the person in charge of administering the trust. Trusts are more beneficial to use as an estate planning tool than a will because trusts bypass the probate process. There are several types of trusts a person can have, such as:
Revocable Trust: this type of trust can be altered, added to, or taken from at any time
Irrevocable Trust: this type of trust cannot be revoked or altered
Charitable Trust: a trust that can be set up to benefit your beneficiaries, as well as a charitable organization you want to give to
Special Needs Trust: this trust allows you to leave assets to a family member with special needs in a way that does not threaten their access to government benefits
Can I Plan My Estate Without The Help Of An Attorney?
A quick internet search can pull up thousands of sites offering “DIY” approaches to estate planning, but don’t be fooled! Estate planning is extremely complex and must comply with state and federal laws to be valid. In order to ensure your assets are protected for your family and will avoid the Texas probate process, it’s in your best interest to work with an estate planning attorney who is experienced and knowledgeable of the legal system. Our lead attorney, Jorge Villegas, can offer sound, professional advice that he has accrued from over 15 years in his career.
Trust Our Socorro Estate Planning Lawyer To Accomplish Your Goals
Call our firm today to schedule your free consultation and let us help you accomplish your estate planning goals. Mr. Villegas is also a Certified Public Accountant, giving you a unique advantage when it comes to planning for your finances. He can answer any questions you have and clear up any misunderstandings that come up along the way. Providing the highest quality service to you is our priority. Let us help protect what matters most!