ESTATE PLANNING, WILLS, & TRUSTS

What Is A Last Will & Testament?

Wills are a legal document that spells out who will inherit people’s property when they die. Specifically, a last will and testament is a written document or declaration that identifies a person's requests and testimonial on how personal assets and finances are to be distributed and to whom they are supposed to be distributed. There will also be an executor appointed in the will. The deceased individual specifies where the assets are allotted to, for instance, if it goes to charity, a group, or specific individuals as stated in the will. A last will and testament will also address financial accounts, financial interests, debt, and other financial and non-financial items related to the testators estate. Our Dallas estate planning attorneys can advise you on a wide range of legal matters including will drafting, probate and trusts. For a comparison of a last will and testament to a trust follow this link: Comparing a Last Will & Testament to a Trust .

What is a Trust?

A trust is a written agreement created for the purposes of holding certain property in trust for designated beneficiaries. Although trusts serve many different purposes, trusts are commonly created to reduce the tax liability of an estate, to protect property in an estate, or to avoid probate. To set up a trust, you need at least the following information: i) a trust maker, or person making the trust; ii) defined rules and objectives of the trust; iii) a confirmed legal trust based on such rules and objectives; iv) property to be placed into the trust; (v) at least one beneficiary to receive the benefits of the trust; and (vi) a trustee to manage the trust property and the interest of the beneficiary pursuant to the trust rules. Our Dallas lawyers provide trust administration and Texas probate legal guidance. 

What Are The Different Types of Trust In Texas?



There are many benefits to the creation of a last will & testament, mainly the security and organization of assigning personal and financial assets to beneficiaries of the testators choice upon death.   The use of trusts for estate planning has been steadily increasing in Texas; however, unlike a will, using trusts for estate planning purposes has advantages and disadvantages. Our Dallas trust attorneys can properly advise on and draft trusts such that they meet your estate planning needs. Some of the various types of trusts in Texas include the following:

• Testamentary Trusts;

• Revocable Living Trust;

• Spendthrift Trusts;

• Educational Trusts;

• Crummey Trusts; and

• Irrevocable Life Insurance Trusts.

At Wilson Legal Group our estate lawyers utilize a team-based approach that benefits from having access to multiple attorneys with substantive years of experience in many practice areas. Whatever your estate or trust needs may be, our business attorneys have the talent, resources and experience to meet them in an efficient, timely, and cost-effective manner.