A will and a trust are separate legal documents that typically share a common goal of facilitating a unified estate plan. While these two items ideally work in tandem, since they are separate documents, they sometimes run in conflict with one another–either accidentally or intentionally. A revocable trust, commonly called…
Once you understand what a will can do, the reason that everyone needs one becomes a lot clearer, especially if you have any minor children or any assets. A will is a legal document used to provide clear and binding instructions on how you want your assets to be distributed…
It’s easy to focus most of the estate planning attention on the will and distribution of assets. However, a power of attorney is often as important as a will. Naming a person to take on the role of Power of Attorney is not easy. For some families, it can hang…
Here’s a legacy that you may not want to leave for your family to pay: your credit card debt. It doesn’t go away when you die. Three out of four consumers die in debt, says Yahoo Finance’s recent article, “What Happens to Credit Card Debt When You Die?” That means…
Think of trusts like the Swiss army knives of estate planning. There are many different trusts that are used to accomplish many different tasks. At its essence, a trust is a legal document that permits a third party, called the trustee, to hold assets on behalf of a beneficiary. The…
The foundation of your estate plan is a will, also known as a last will and testament. Depending upon your situation, your Houston area estate planning attorney may recommend additional documents, including trusts. The first part of your estate plan is the creation of a will to provide clear instructions…
You’ve heard the expression “trust fund babies.” However, trusts are not just for the wealthy. They have a number of uses in estate planning and can be helpful at any asset level. The reality of our own mortality keeps some of us up at night. For others, it’s a disturbing…
Gun owners, you may own guns to protect your family or because you admire the workmanship or history of firearms. However, without a gun trust, your heirs may face a surprising consequence. Mistakes with inherited IRA accounts can become expensive, but the penalty is financial. Inherit a gun collection without…
Among the top three reasons for an estate plan are to make sure that your assets are distributed according to your wishes, helping your loved ones from having to pay more taxes than necessary and if possible, avoiding having your estate go through probate. When there are minor children or…
There are a number of different estate planning documents that are easily confused, including “Power of Attorney.” Let’s get a look at the different types of “Power of Attorney,” and what they do. Of the estate planning documents, most people have heard of a will and some have a health…