Texas Estate Planning FAQ

(903) 757-3331

At Adams, King, & Smith, we believe informed clients make the best decisions about their estate plans. That's why we want to break down complex terms and clarify confusing principles so that you make the right choices for your estate, too. Contact our office either online or at (903) 757-3331 for a FREE CONSULTATION  FOR WILLS, PROBATE OF A WILL, OR ESTATE PLANNING TO INCLUDE TRUSTS to get specific legal advice for your estate plan. In the meantime, here are responses to some of the most frequently asked questions we get when new clients come to our office in Longview.

What is estate planning?

Estate planning is a process allowing you to make provisions during your lifetime, such as Powers of Attorney, Directives to Physicians, or Living Trusts and after you pass away, arrange how you want your assets to be managed and distributed upon your death. Sometimes, if you have limited assets, limited beneficiaries, and limited instructions on how to distribute your assets to the beneficiaries, planning is pretty straightforward. On the other hand, the more assets, the more beneficiaries, and the more instructions  involved, the more complex and varied the  estate plan may need to be.

Generally, there are two components of estate planning with one involving the legal aspects and the other involving the non-legal aspects of the plan. Your estate planning attorney can help with both. Legally speaking, your lawyer will review your personal and financial situation and create documents that address these aspects. 

What goes into an estate plan in Longview?

An estate plan will include the documents that accommodate your specific needs. It may involve some or all of the following:

  • Will, formally and traditionally called a Last will and testament 
  • Living trust
  • Irrevocable trusts (e.g., life insurance trusts, gift trusts, special needs trusts, charitable trusts)
  • Asset protection from divorce, creditors, others
  • Health care directives, including medical powers of attorney, Directives to Physicians
  • Succession plan for business
  • Charitable planning

WILLS: click here Wills FAQ 

What is probate?

Probate is the legal process of transferring  property from a deceased person's estate to their heirs or beneficiaries. It is overseen by the local probate court.

What is a trust?

A trust controls property  that is set aside to be managed by a trustee, for the benefit of you or someone else, called the beneficiary.

What is the purpose of a trust in Longview?

A trust sets aside some assets for a trustee (which can be you,  a close relative, friend or an institution such as a bank) to manage for the sake of a beneficiary. The assets set aside in the trust do not go through probate, simplifying and expediting its transfer out of the estate. The trustee must follow the instructions set out by the trust.

Can I have both a will and a trust in Longview?

Yes. Many trusts are testamentary trusts, and are created in the decedent's Will. Lots of other trusts are made during a person's life to set aside some assets outside of their Will.

Are trusts only for rich people in Texas with lots of assets?

No, trusts can be created by anyone who wants to set aside money for themselves or someone else but who does not want to give the money in a lump sum. They are especially common when the beneficiary is underage or unable to manage their own affairs.

What happens to jointly owned property when one spouse dies?

It depends on what kind of estate planning or other documents, or the lack thereof, are in place. Marital status, and characterization of the property as separate or community are also important. See our Estate Planning Attorney in Longview, Gregg County, Texas to discuss the ramifications of the interplay of all these factors. 

How can we make sure our special needs child is cared for after we die? 

A common way to ensure a special needs child continues to receive the care they need is to appoint a guardian for them and  create a trust. Special needs trusts are specifically for this purpose.

How can I make sure my pet is cared for after I die?

A common way to care for pets after their owner passes away is to  create a  trust for the benefit of the pet.

How much will an Estate Planning attorney in Longview cost?

The costs for an estate planning attorney depend on multiple factors. First, what all do you want in your estate plan? How many assets do you have? The more complicated your estate plan, the more costs you will incur. Second, how does the attorney charge? Is it a flat fee, which is common among estate planning attorneys, or by hourly rate?   It may cost a few hundred dollars, or for more elaborate estate plans two or three  thousand dollars or so. It may well be the best use of money you have spent potentially saving thousands in legal expenses that might have to be expended in trying to sort out a mess that could have been avoided, not to mention the months or sometimes years of distress failing to plan could put your loved ones through.

When do I need a power of attorney in Texas?

A power of attorney is essential for people who are unable to make important medical or financial decisions on their own behalf, usually because they are incapacitated or suffering from a medical condition. There are several types of powers of attorney, each with their own purpose, some of which are :

  1. Durable power of attorney
  2. Medical power of attorney
  3. General power of attorney
  4. Limited (special) power of attorney

Contact an Estate Planning Lawyer in Longview, Gregg County, Texas Today

At Adams, King, & Smith, we know you have lots of questions about estate planning. Our estate planning lawyer in Texas is here to answer your specific questions. Contact us either by using our online form or calling us directly at (903) 757-3331 to schedule a FREE CONSULTATION FOR WILLS, PROBATE OF A WILL, OR ESTATE PLANNING TO INCLUDE TRUSTS.

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