A will allows you to specify what happens to your money, property and personal belongings after your death. It also allows you to name someone who will settle your estate. 

A married couple in their late 60s sought legal advice to make sure their estate was settled according to their wishes. Their assets included a home, several investment accounts and valuable personal items. For professional help, contact Will And Trust Attorney Fort Worth.

A good online estate planning service can help you draft documents that are customized to meet your specific needs. This helps to reduce the chances of legal disputes and complications after your death, and it also ensures that all of your wishes are clearly documented. A skilled estate planning attorney can guide you through the entire process and ensure that your documents adhere to all legal requirements. They can also help you avoid common mistakes that can invalidate your entire will, including improper modifications and the failure to update beneficiary designations on assets.

One of the most recognizable estate planning services is Trust & Will, which has helped more than 200,000 customers since it launched in 2017. All of its available documents have been designed and approved by estate planning attorneys and are covered by a money-back guarantee. To use the service, you first select your state from the list and complete a click-through questionnaire that asks questions about your finances, assets, and personal preferences. Then, the service generates your legal documents, which include a last will and testament, living will, durable power of attorney, and healthcare proxy.

You can also choose to add a living trust, pour-over will, family will, and codicil. A living trust is a legal arrangement that allows you to transfer ownership of your assets into a trust account, which is then managed by a trustee i on behalf of beneficiaries. This allows you to avoid probate and keep your affairs private. A pour-over will is a document that is used alongside an existing trust agreement to “pour” over any remaining assets into the trust so they can be distributed according to its terms. A family will is a special type of trust that can be used to divide up assets among multiple families with varying ages and financial dependents.

The service also includes a beneficiary designation form, which you can use to update the names on your retirement accounts, bank accounts, life insurance policies, and other assets. This ensures that your assets will be transferred to the correct heirs after your death. You can also set up a beneficiary list for any debts you may have, such as unpaid mortgages and credit card balances.

Prevent Common Mistakes

A revocable living trust is an excellent tool to prevent your estate from going through probate, but you have to properly fund it with your assets to make it work. An experienced will and trust attorney can advise you on the best way to do this, so your heirs get what they’re entitled to.

For example, one of our Queens trust attorneys recently worked with a couple in their 60s who set up a revocable living trust and a last will and testament. They had a large amount of assets, including the family home, investment accounts and vehicles. They planned to divide their assets equally between their two children and grandchildren. The estate planning attorney advised them that setting up a trust was the best option to prevent their assets from being subject to taxes and to reduce the possibility of future litigation over their inheritance.

However, the couple did not properly fund their trust by changing the record title of the properties to the name of their trust, or making a transfer to the trust. When the couple died, their unfunded trust was not part of their taxable estate and their heirs received nothing. The couple could have avoided this problem by simply following the advice of their estate planning attorney and re-titling their assets into their trust, but they didn’t.

Another common mistake involves not updating a trust document as needed due to new circumstances or changes in personal relationships. This can have devastating consequences for your heirs when it comes time to administer your trust or will. Our experienced will and trust lawyers can advise you on when it’s necessary to change your estate plan, so you don’t lose your hard-earned legacy.

Another feature Trust & Will offers that can help you avoid these mistakes is its partnership with Mobile Notary Zone. This service makes it easy for you to book an appointment with a mobile notary to come to your home or office to have your documents notarized. This can save you both time and money on the cost of notary services, which typically run $5-$15 per signature.

Saves Your Heirs from Legal Complications

One of the most challenging parts of estate planning is thinking about your own death and deciding what will happen to your assets. It’s important to plan your estate and distribute assets in a way that provides for family members, minimizes taxes, and protects your business. A will and trust attorney can help you set up these documents, as well as other legal instruments, to accomplish your goals.

While many people assume a will is enough to protect their family, trusts can provide additional benefits that are not available with wills alone. For example, while a will goes through probate, assets in a trust bypass this process. This can save time, money and reduce the chance that the document is successfully challenged. Trusts can also offer more privacy, as they are not a matter of public record.

Another advantage of a trust is that it can allow you to put restrictions on how and when an heir receives your assets. This can be helpful if you want to ensure your child pays off any debts they have or spends the inheritance responsibly. You can even specify that your heir can only access certain assets when they reach a specific age. This is known as a spendthrift trust.

You can use a trust to leave any type of asset, from sentimental keepsakes and jewelry to real estate and investment accounts. You can also leave sums of money (called a bequest) to multiple beneficiaries. If you have a large amount of money or significant investments, it may be best to consult an experienced estate planning attorney.

A will and a trust can protect your family from costly and complicated legal issues after your death. An experienced attorney can draft a valid, legally binding document that is clear and easy to understand. The lawyer can also review your beneficiary designations on bank and investment accounts, as well as any employer-sponsored life insurance plans. Handwritten documents may be valid, but a typed document is generally preferred to prevent confusion and possible errors.

It’s not pleasant to think about your own death, but a will and trust can help you avoid some of the potential problems that could occur if you do not have the proper documents in place. In some cases, dividing up assets equally among heirs can create family strife and problems that take years to resolve.

Legally Okay

The decision to make a will and a trust is a significant one that forces people to contemplate fiscal matters both while they’re living and after their death. It’s essential that the process be done properly and comprehensively to ensure that the family’s assets are distributed according to their wishes, without the need for expensive and time-consuming probate. A seasoned trust and estate attorney is best-suited to handle this task for their clients.

Generally speaking, making a will is relatively straightforward. It’s a legal document that stipulates how you wish to distribute your property, appoint guardians for any minor children, and nominate an executor to manage your estate. Most states have specific requirements for a valid will, such as that it must be signed in front of two witnesses and notarized. A reputable online will-maker service can help you create a legal document for between $139 and $440, including HIPAA authorization forms for your agent to access your medical information.

A specialized trust and estate lawyer, on the other hand, can assist with a more comprehensive plan that’s likely to be more tax-efficient. They can offer a variety of strategies and techniques to maximize the value that you’re able to pass on to your beneficiaries and heirs.

An experienced attorney can also help you prepare for incapacitation, whether by creating a power of attorney or living will. A well-drafted incapacitation plan will ensure that someone you trust can act on your behalf in the event of a mental or physical disability. If you don’t have a written incapacitation plan, your family will be left with the difficult task of choosing a representative for you and may struggle to get the medical information they need to act on your behalf.

While it’s true that a competent attorney will charge more than a will-maker service, the cost is well worth the peace of mind you gain from knowing your family’s future will be secure. The right New York wills and trust attorneys can ensure that your estate is properly drafted, avoid legal complications, and minimize tax burdens.