Creating your estate plan is an important and complex endeavor. For those who try to work out their estate plans themselves through online do-it-yourself forms, there are significant risks involved. Failure to handle all of your estate planning forms carefully, including any trust instruments, could result in inefficiencies and losses in the transfer of wealth. Make sure you take the process seriously and only work with an experienced attorney you can trust to help you create a comprehensive estate plan that will be clear and effective.
At The Powell Law Firm, we work with clients in all types of estate issues, including trusts. We have more than 70 years of combined experience representing clients in Pearland, Houston and throughout the surrounding area of Texas, and we will use this knowledge to help you create trust instruments that will protect your interests and control the details of wealth transfer.
Creating And Using Trusts
Many people do not understand trusts and how they work in estate plans. Although trusts can be confusing for those who have not yet created their estate plans, trusts are relatively simple when working with an experienced estate planning attorney.
Simply, a trust is a wealth transfer instrument that has a number of important benefits over transferring wealth directly or through a will:
- A trust gives you greater control over the means and timing of the transfer. For example, you could create a trust to a child or grandchild that will transfer assets after graduating from college. Trusts are also available to transfer assets only for specific purposes, as in a special needs trust. Living trusts and other trusts are available for a variety of purposes.
- A trust can help you avoid estate taxes and other inefficiencies in the transfer.
- A trust can allow you to transfer wealth in segments over a significant length of time.
- A trust can help your estate avoid probate.
- A trust can allow you to name someone you trust (a trustee) to handle the details of the transfer of wealth.
Our lawyers are committed to helping each client achieve his or her estate planning objectives. We will listen to you and understand your situation so we can help you establish trust instruments that will work in concert with your overall estate plan to make sure your interests are protected and your wealth is transferred according to your wishes.
Contact The Powell Law Firm
Talk with a lawyer from our firm today to discuss your estate plan. Call 281-870-2053 or email us to schedule a consultation.