Best Estate Planning Attorneys in Irving, TX

If you divorce your spouse and do not update your will and other estate planning documents, benefits to your ex-spouse in your will are nullified, because your ex-spouse is treated as if he or she died before you. Additionally, all beneficiary designations in life insurance policies in favor of the ex-spouse are nullified, unless (1) the divorce decree designates the former spouse the beneficiary, (2) the spouse re-designates the former spouse after the divorce, or (3) the former spouse is designated as the beneficiary to receive the funds in trust for your children. If the beneficiary designation of a spouse is nullified and you do not name an alternate, the proceeds are paid to your estate.

Yes, a will simplifies the process for your heirs. A properly executed Last Will and Testament assures that your property passes to the loved ones that you choose. The preparation of a will can be accomplished simply by writing it in your own handwriting and signing it, but it is much safer to use an attorney to draft your will and supervise its execution.

A trust is not necessary for everyone. Texas has a fairly simple and inexpensive probate process. If any assets are left out of the trust by accident, then probate will be required regardless. There are several reasons to consider a trust, however. Some are tax planning, owning property out of state, funding for special needs or disabled family members, a medical diagnosis of dementia or a degenerative disease, and planning for blended families and same-sex couples.

A dementia diagnosis means you need to assess every aspect of your life with an eye for the future. By placing your assets in trust you allow for an easier transition when you are no longer able to manage your financial affairs. The new trustee needs to only take one step to manage your affairs for the future. If your assets are not in trust, your future financial caretaker must deal with each of your bills, banks, and financial providers or asset holders individually to take control. This process outside of a trust can be time-consuming and difficult.

Probate is the legal process that transfers the property of a person who has passed away to their heirs or beneficiaries. If a will exists, it is submitted to the court and upon proper proof, the executor is accepted and granted letters testamentary. The executor may then carry out the business of wrapping up the estate.