Wills and Trusts in Texas
Wills and Trusts are two of the most common estate planning tools used in Texas. Both are useful tools for planning your family’s future after you pass.
You might use one or the other depending on your circumstances. However, they are often used together to prepare a more complete estate plan. There is peace of mind knowing your affairs are in order and your family is protected.
- A will is a document that may outline how your property and assets will be distributed when you die.
- It may declare a guardian for your minor children. (You can create a trust inside a will to manage their inheritance as minors.)
- It goes into effect when you die.
- A will is relatively inexpensive to create.
- It becomes public record through the probate proceeding.
- It appoints an executor who is the legal representative to carry out your wishes.
- A will covers property that is in your name only.
- It does not cover property held jointly or in a trust.
- Although the probate proceeding is typically fairly quick, there are court costs and legal fees.
- A trust is an entity set up by a written document known as a Trust Agreement.
- Once set up, you transfer any or all of your assets into the trust.
- You maintain control of the trust and your assets until you die.
- Trusts are somewhat more expensive to set up initially.
- A trust avoids probate and thus the fees associated with probate.
- They are not public records and are therefore more private.
- Does not declare a legal guardian for minor children.
- Trusts should be maintained and updated.
The Steinbach Law Firm has affordable fees for preparing Wills and setting up Trusts.
Our fee to Prepare a Will is $500.00. For no additional charge, we include a Durable Power of Attorney, a Medical Power of Attorney, a Physician’s Directive and a HIPPA Release.
Our fee to Set up a Trust is $950.00.
Do you have questions about Wills or Trusts? Speak directly with attorney Scott Steinbach at (972) 960-1850 for a free consultation.
R. Scott Steinbach is AV Preeminent rated by Martindale-Hubble. Peer rated for Highest Level of Professional Excellence.