Dallas Estate Planning Lawyer Serving Texas

How Can an Estate Planning Lawyer Help?

The creation of a trust to provide for loved ones or the drafting of a Will to ensure that your property is distributed and your dependents are taken care of in accordance with your wishes are just a few of the many issues an estate planning lawyer can assist you with. It’s crucial to work with a knowledgeable attorney who can complete your estate planning, trust creation, Will drafting, probate administration, or guardianship.

The management and distribution of assets or income from an estate or trust, in accordance with the instructions of the decedent’s Will or the trust instruments, can be overseen by individuals you preselect.

In order to take care of a loved one who is unable to manage his or her own affairs due to age or any form of impairment, you can draw up a legally binding agreement with the aid of an estate planning lawyer who is familiar with guardianship law.

What is Estate Planning?

You must give instructions outlining who is to receive what from you, what you want them to receive, and when they are to receive it in order to ensure that your intentions are followed. Of course, you’ll want to do this with the least amount of money spent on taxes, legal expenses, and court charges.

Making a plan in advance, designating the individuals or organizations you want to have your possessions, and taking actions now to make executing your plan as simple as possible are all examples of estate planning.

Estate planning should include everything from disturbing your finances, appointing guardians for young children, to even identifying an owner for your animals. While you cannot leave anything to your animals, you can direct who they go to and have money set aside to spend on them.

What is an Estate?

The entirety of a person’s net worth, including all real estate, personal property, investments, cash, and other assets that the person owns or controls, makes up their estate. An estate is the whole economic value of a person’s holdings, assets, and interests.

Estate planning is the process of managing how assets will be distributed to beneficiaries when a person passes away.

The value of a person’s estate at death may be subject to estate taxes. Though, Texas does not have an estate tax, so it will only be subjected to federal state tax.

What is Probate?

The process of general administration of a decedent’s estate, or the estate of a decedent without a will (intestate), is known as probate. Once the assets of a deceased person have been distributed to beneficiaries, the probate process is complete.

A person is considered to have died intestate if they pass away without leaving a will. A will that was submitted to the court and was found invalid constitutes an intestate estate, as well. An intestate estate’s probate procedure comprises allocating the decedent’s assets in accordance with state regulations. There may not be a need for probate if a deceased person has no assets.

To complete the probate process, an executor or administrator is appointed, either in accordance with the will or an appropriate person is identified when there is no will.. In order to do this, the deceased’s assets must be gathered, used to settle any outstanding debts from their estate, and then given to beneficiaries.

A person is considered to have died intestate if they pass away without leaving a will. A will that was submitted to the court and was found invalid constitutes an intestate estate, as well. An intestate estate’s probate procedure comprises allocating the decedent’s assets in accordance with state regulations. There may not be a need for probate if a deceased person has no assets.

Hiring an Estate Planning Lawyer

A person does not have to be wealthy to create a will or a trust. Anyone can use these instruments during estate planning to allocate the disbursement  of their assets. Anyone that has property and other assets should consult with an estate planning lawyer before it is too late.

Contact our Dallas estate planning lawyer at Elaine Law Group. Call us at 214-432-3113 or complete the online form to set up an initial consultation.