In Texas, a person who dies without a valid Will has their assets distributed in accordance with state law. If your wishes do not match up with these laws, it is possible that your estate will not be passed on as you intended. For this reason alone, you should consider putting a Will in place. Additionally, transferring your assets without the assistance of a Will is often significantly more expensive, as your heirs will be required to demonstrate that no one else is eligible to inherit from you. Finally, a properly drafted Will can provide for the creation of trusts that give your assets crucial protection from creditors.
A Trust is a legal instrument created to hold property for a variety of different reasons. Many different types of Trusts exist, and each type has a distinctive purpose. These purposes can include funding a charity, protecting assets, and avoiding probate. The attorneys at Plunk Smith, PLLC, can identify and explain the various types of Trusts and help you determine whether a Trust is right for you.
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