Austin Wills & Trusts Attorneys
Helping Travis County Families Take Advantage of Estate Planning Tools
Wills and trusts are two of the most common and most important aspects of any comprehensive estate plan. Many Texans take advantage of these tools to prepare their loved ones for the future and ensure their legacy is preserved according to their wishes.
Working with an attorney while drafting a will establishing a trust can prove beneficial and ensure that you complete the process lawfully. At Hembree Bell Law Firm, PLLC, we offer comprehensive guidance to clients who need help navigating these processes. Our Austin wills and trusts attorney is eager to help your family plan for the future.
Last Will & Testament
Your last will and testament is one of the most important estate planning documents you can draft. A will provides instructions to the ones you leave behind regarding how you want your assets distributed and your debts paid upon your death. The sooner you make a will, the better – just be sure to update it occasionally, especially after significant life events like marriage or divorce.
When drafting your will, you may want to include provisions regarding:
- Your personal representative or executor. This is the person who will lead the charge and make sure your will is carried out as written.
- Beneficiaries for specific property. You should explain in detail who will receive certain assets, including cash, real estate, and personal property.
- Alternate beneficiaries. Life is unpredictable. It is wise to have back-up beneficiaries in case one of your primary beneficiaries does not survive you.
- How business assets will be allocated. If you own a business, those assets are separate from your personal assets. You should establish a plan for how the business will be passed on or dissolved.
- How debts and taxes will be paid. Upon your death, your loved ones will incur final expenses – such as funeral and probate costs – and you may leave behind unpaid debts. Be sure to leave instructions on how those debts will be paid.
- The care of your pets. If you have a pet, you can include a provision that names a caretaker for your furry friend.
A trust is another important type of estate planning tool. By establishing and funding a trust, you can leave behind assets for specific beneficiaries. Many people establish a trust to financially support their loved ones – often children – or to give to their favorite charities upon their death.
Hembree Bell Law can help you establish and fund many kinds of trusts, including:
- Revocable living trusts
- Irrevocable living trusts
- Special needs trusts
- Family trusts
- Life insurance trusts