Estate Planning & Probate Attorneys in
Dallas-Fort Worth

Frequently Asked Questions

What assets are included in an estate plan?

The Internal Revenue Service (IRS) has defined a person's estate as the fair market value of everything a person owns at the time of their death minus debts. The totality of a person's estate would include, but is not limited to, the following: bank accounts, stocks and bonds, real estate, business interests and property, personal property, and life insurance policies. Items like cars, jewelry, coin collections, and artwork are considered personal property for the purposes of a last will and testament; however, the proceeds of life insurance are not, as they can only pass through the beneficiary designated on the insurance policy.

Why is it important to have a will?

First, dying without a will allows state law to dictate what the court system will give to your heirs, which may not match your intentions while alive. Having a properly executed will prevents your property from being distributed by state law and significantly decreases infighting among your heirs (e.g., your children can't fight over your assets if you tell them exactly what each gets). Further, not having a will may cause financial and emotional pain if assets you intended to leave to your spouse end up, at least in part, going to your spouse's stepchildren. If you have minor children and die without a will, the court will appoint a guardian based on statutory guidelines and without any guidance from you. This means that your children could become wards of the state or be placed with an inappropriate relative who may squander the children's inheritance as trustee. Importantly, dying without a will leads to significant litigation and prevents assets from being distributed to those in need. Trustees, legal fees, and the costs of administrators can all be avoided by having a validly executed will before death.

What is a trust?

A trust is a written agreement created to hold certain property in trust for designated beneficiaries. Trusts serve various purposes, such as reducing the tax liability of an estate, protecting property, and avoiding probate. To set up a trust, you need the following information: 1) a trust maker, or person making the trust; 2) defined rules and objectives of the trust; 3) a confirmed legal trust based on these rules and objectives; 4) property to be placed into the trust; 5) at least one beneficiary to receive the benefits of the trust; and 6) a trustee to manage the trust property and the interests of the beneficiary according to the trust rules.

What are the different types of trusts in Texas?

There are many benefits to the creation of a last will and testament, mainly the security and organization of assigning personal and financial assets to beneficiaries of the testator's choice upon death. The use of trusts for estate planning has been steadily increasing in Texas; however, unlike a will, using trusts for estate planning purposes has advantages and disadvantages. Our Dallas trust attorneys can properly advise on and draft trusts to meet your estate planning needs. Some of the various types of trusts in Texas include the following:

• Testamentary Trusts
• Revocable Living Trusts
• Spendthrift Trusts
• Educational Trusts
• Crummey Trusts
• Irrevocable Life Insurance Trusts

At Wilson Legal Group, our estate lawyers utilize a team-based approach that benefits from having access to multiple attorneys with substantial years of experience in many practice areas. Whatever your estate or trust needs may be, our business attorneys have the talent, resources, and experience to meet them in an efficient, timely, and cost-effective manner.

When should I update my estate plans?

It is recommended to review your estate plan every few years and after major life events such as marriage, divorce, the birth of a child, or significant changes in assets. Changes in family dynamics, financial status, tax laws, and personal wishes should all prompt a review and possible update of your estate plan. While some minor updates can be done without a lawyer, it is generally advisable to consult an attorney to ensure that changes are legally valid and aligned with your overall estate planning goals.