It’s a real blessing, in a time of crisis and grief, to know that there is a Will or a Trust in place. It makes the process of probating or administering an estate so much easier. Your family does not have to guess at what you would want, and there is less chance of family conflicts.  Our Midlothian estate planning attorneys will ask about your goals and then explain the benefits and options of using a Will or a Trust to distribute your estate. We can help you on choose the right tools for an estate the size of yours and the goals you would like to achieve.  Last Will and Testament: A Will is a simple and cost-effective document to distribute things you own.  If you don’t have a Will, state law will determine how your estate is distributed. With a Will, you can exclude people who otherwise would have inherited, and decide in advance how best to divide your estate.  If you transfer your estate through a Will, your estate will go through the probate process. That can be a relatively easy process in Texas, depending on the size of your estate and the relationships within your family. If you choose to put your estate into a Trust instead, it will not go through the probate process.   Trusts: What all Trusts have in common is this: they transfer the assets of an estate to the selected heirs at the time that you, the Trust funder, designate. Trusts also avoid the probate process.  Depending upon the type of Trust you choose, this estate planning tool can help you protect assets from tax liability during your lifetime and meet a variety of goals after you are gone. With a Trust you can:

• Provide money over time for an underage child, disabled relative, or an elder. The money is managed by the Trust, which disperses it as directed. 
• Money held in a “special needs” Trust does not count against the heir if he or she requires Medicare or Medicaid to help pay for assisted living or nursing home care. 
• Money can be set aside in a Trust for a pet or a horse, providing for their long-term care. 
• Money can be held in the Trust and then transferred when the beneficiary completes a certain requirement, such as reaching the age of 21 or 30, completing college, or getting married.
• A charitable Trust can be used to provide ongoing financial support to a favorite charity. 
• Land can be set aside in a Trust, to conserve and protect it. 

A Trust can achieve a lot more goals, but it is also more expensive to establish and to manage. In a Living or Revocable Trust, a person retains some control over the use of the money and assets in the Trust while they are alive. With an Irrevocable Trust, the funder does not control the Trust in the Trust; the Trustees do.  When you visit our office, we can talk about the most cost-effective way to do what you would like to do with your estate plan.