Estate planning can be quite a challenge if it isn’t done with the right mindset, end goal, and legal guidance. But, before beginning your first draft of a will, it’s important to decide on which estate planning path will serve your best interests and uphold the needs of your family and friends. Our estate planning lawyers in McAllen want to go over three very important things to consider before beginning your estate plan.
Is a Will Right for Me?
A will is a public document that’s created to leave behind any possessions to beneficiaries (family and friends). The will can be updated/changed as many times as you like as long as it’s signed and witnessed by a professional each time. Once this happens, the will becomes binding. Creating a will can be beneficial since they:
- Are relatively easy to put together on your own.
- Can be cost-effective.
- Ensure that all of your beneficiaries will inherit what you leave them.
- Prevent a court from splitting your possessions and handing them down to your beneficiaries as it sees fit.
What is a Trust?
Trusts are private documents that re-title your assets to a trustee. You can also name an executor to manage an inheritance if you have children who have yet to reach adult age. Trusts benefit you by:
- Ensuring that your beneficiaries receive what you left them with no option for contesting.
- Letting you keep control of your assets and the trust until you pass away.
- Avoiding future costs by paying off your legal expenses up front.
How do the Costs Differ?
Choosing how your possessions will be handed down to your beneficiaries may be determined by cost. You should consider that:
- Expenses for a will are halted until you’ve passed away and will be paid for using the funds you’ve left behind.
- Trusts are more expensive and don’t include other services such as medical power of attorney.
- Trusts are not as flexible as wills. If you forget to add an item to your trust or end up retitling it, your beneficiaries may never receive it.
Our Estate Planning Lawyers Want to Help
Make sure that your estate planning efforts are free of errors with the help of our lawyers in McAllen. Don’t leave any asset unturned, so contact us today to set up an appointment or free consultation.