When a Will May Not Be Enough for Your Estate Plan

Many times, prospective clients come to us for an initial consultation asking for help writing a will. While the will can be a valuable tool in estate planning, there are times when writing a will may not be enough. Today, we cover some reasons that your estate plan might need more than a will. As always, to talk more about the specifics of your estate and the planning process ahead, contacted a trusted Houston estate planning attorney that can walk you through your next steps.

Reason 1: Avoiding Probate

The first and most obvious reason to explore an estate planning tool outside of the will is that you want your loved ones to avoid probate after you are gone. A will is generally subject to probate, meaning a probate court reviews the will and decides if it is valid. Only after deciding the will is valid does the court approve the will so that beneficiaries can receive their assets. Probate takes time and resources that many people don’t have or don’t want to expend.

By using a trust instead of a will, you can oftentimes avoid probate altogether. The trust allows property and assets to go straight to beneficiaries instead of through the intermediary of the probate court. This allows for more efficiency, both in terms of cost and time.

Reason 2: Maintaining Privacy

Secondly, you might want to choose a tool beyond the will if you would you to maintain a greater sense of privacy. When a will goes through probate, it become part of the public record. In contrast, other estate planning tools that avoid probate avoid the nature of the public venue altogether.

Reason 3: Sorting Through Complex Assets

If your estate has complicated assets that might not fit within the parameters of a will, you may consider going beyond the will. A complex estate might include businesses, investments, stock options, and real property. In order to deal with this kind of complex estate, a trust can be beneficial, especially given that it allows the decedent and the beneficiaries to avoid significant estate taxes. Grantors might also choose strategies such as family limited partnerships to make gifts over a long period of time.

Have You Found Your Houston Estate Planning Attorney?

At McCulloch & Miller, we have over three decades of experience providing legal services to Texans as they make their estate plans. Our clients trust us to look at their circumstances and create a plan that is tailored to their goals, and we are proud to be experts in this process. Whether you’re just getting started or you’re knee-deep in your estate planning journey, call our office to see how we can help.

If you are looking for a Houston estate planning attorney for you or a loved one, the best way to get in touch with us is by calling our office at 713-955-7281. If you prefer, you can also fill out our online form to have an attorney reach back out to you as soon as possible regarding your estate plan.