Not sure if you need a will or a trust for your Frisco City estate?
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Frisco City Estate Planning and Trust Services
Estate planning can be an overwhelming and confusing process. Frisco City as well as all Texas cities has very specific laws about what types of estates and inheritances will pass through probate and what the costs and taxes will be.
- Have an estate planning question for your estate?
- Need your trust or will reviewed?
- Call our Frisco City Estate Planning Office to schedule your free consultation:
Although a Will can seem a good estate planning strategy for estates based in Texas, it can often be much more costly than living or revocable trust.
Most wills will end up passing though probate court where there will be mandatory court fees as well as attorney fees.
In addition to the increased long term cost of a will, the time it takes to get the estate through the court system can be even more costly than the court and attorney fees.
More frustrating is when the estate becomes an object of infighting and hostility between family members during an already difficult time.
Your estate is as unique as your individual legacy. Depending on your estate needs you can setup a living trust or a will that will transfer to your family and loved ones smoothly and according to your desires.
How much does setting up a living / revocable trust or will cost?
The complexity of your will or trust needs will determine the cost
The first step to securing your estate is finding out if you need a will or a trust.
Find out if you need a will or a trust here:
So what are the main differences between a will and a trust?
To keep it simple a will can:
- A will CAN distribute your estate and assets.
- A will CAN make declarations about who will be in charge of managing and distributing your assets.
- A will CAN declare a guardian for minor children involved in your estate.
Here is what a will cannot do:
- A will CANNOT avoid probate court although if it can possible make the probate process simpler.
- A will CANNOT cover your medical or legal power of attorneys or decide what decisions will be made about your estate if you become incapacitated.
- A will CANNOT keep your affairs private.
So what exactly is a trust and how can it benefit your estate?
Trusts are usually know as a revocable or living trust. They mean the same thing. Essentially it will take all your estate assets and retitle them under the conditions and name of the estate trust.
To being with a trust is “empty” until it is given authority and management of your estate.
The process of “funding” your living trust is signing over the authority to your trust, and you designate who are the “trustees” or benefactors of your living / revocable trust.
There are many more things a trust can do than a will but to keep it simple:
- A living trust can ensure who has control and ability to manage your estate.
- A living trust can avoid the entire probate process
- A living trust does include the legal power of attorney.
- A living trust can avoid court and legal expenses.
- A living trust can keep your affairs private because they are not on file publicly.
Making the right choice for your estate can have serious and costly implications.
That’s why we recommend you call and have a complimentary estate planning consultation to determine if you will be best fit for a will or a living trust.
Have other estate planning questions?
Call our Frisco City Estate Planners Office today:
Once you are able to determine the size, complexity and needs of your estate you’ll be better equipped to make the right decisions for you and your family.
If you own property, have a life insurance policy or if you have special needs or would like a medical directive in the case that you become incapacitated it can affect your estate planning strategy.
If you do have any of the above needs and it is not spelled out properly in your trust or will it can be very costly and time consuming to pass through all the estate planning red tape that the court systems inevitably create.
Unfortunately the laws of Texas and Frisco City are not getting simpler, but it is possible to understand your estate and make the best financial decisions for your situation.
What happens next?
When you call our Frisco City Estate Planning Office you will schedule a free consultation with a licensed attorney with experience in wills and trust management and creation under Texas and US law.
You will be asked to have some information about your estate available.
The phone call will not cost you any money and will simply help you determine what is right for your estate.
Should you have needs other than creation and management of a trust or will, they can also be discussed at that time.
You will not be asked for any credit card or payment for the initial estate planning consultation
After you have completely your estate planning consultation you are free to do whatever you would like with the information you receive.
Our Frisco City Texas office is open from 8am to 5pm Monday through Friday.
Should you call outside office hours we will call you back on the next business day.
What if your estate interests are outside of Frisco City or Texas?
Frisco City Estate Planners have relationships and partners we can refer you to based on the situation and location of your estate.
If you need a referral please call us and explain your situation and we will help and direct you as needed.
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