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Do I need a will? Do I need a trust?

Are you in search of a Bexar County Attorney for Wills and Trusts? The Law Firm of Taylor & Lopez, PLLC can provide you amazing services and protection of assets. Whether you’re in need of estate administration or the composition of a legal document, we have an attorneys that are second to none.

What is a Will?

In a sense, a will is a legal document that simplifies and delegates the various assets within your possession to your extended family or those you have selected.

A will is necessary, as it provides the ability to convey your desires in a legal fashion. We must advise that you take the time to build a will with your attorney, and we can provide you with an exceptional one. This is because there are a lot of small details and fine points which require an expert in the field to interpret. Otherwise, you may jeopardize some of your property and its value, or rather access to it.  Without a Will, it becomes more difficult to discern the value and ownership of your property.

The Contents Of A Will:

  • Designation of an executor, who carries out the provisions of the will.
  • Beneficiaries—those who are inheriting the assets.
  • Instructions for how and when the beneficiaries will receive the assets.
  • Guardians for any minor children.

Each of these sections deserves delicate attention because you will have no control over posthumous events unless a proper will is intact. Make sure to be able to name every beneficiary with exact detail. It’s imperative to ensure that the members who you aim to have parts of your assets are designated. Otherwise, there will be confusion in how to divide the property — even more difficult in the instructions of how to obtain it.

What Is A trust?

To understand a Trust, you have to know that the probate is a very calculated and extremely expensive way of dividing your estate. In essence, it is the most bureaucratic and callous method to do so. Therefore, the role of Trusts is to move your assets into the possession of a third party which will hold it for you under such circumstances. It is usually to avoid or at the very least lower the taxes or cost of the Probate. In some cases, you can bypass it almost entirely.  Through this format, your beneficiaries may gain access to these assets faster than using a will. If it is an irrevocable trust, it may not be considered part of the taxable estate. That means fewer taxes may be due upon your death. It is a great way to protect your wealth and ensure your legacy is preserved.

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