Wills, Trusts & Probate
Wills, Trusts, and Probate is an important area of the law that allows individuals to designate who will be able to inherit their property and wealth. Without a Will or Trust in Texas , a person's property will be distributed under Texas law. This distribution can cause problems as a surviving spouse does not always inherit the estate. In fact, parents and siblings of the deceased can inherit portions of property that prevent a surviving spouse from selling property. Further, if minor children are involved their interests in real estate can prevent sale or refinancing unless there is a court order or a designated ad litem or guardian. Make sure that there is an inventory of all assets including all passwords, account numbers, and approximate values. Make sure that there is a valid Will or Trust in place that designates how your estate should be distributed. Make sure that all old Wills are properly destroyed and all insurance policies are updated as to current beneficiaries.
If someone close to you has died and there are others that are attempting to wrongfully seize assets, make sure that there is someone to look out for your interests. Someone to assist in seeking inventories and obtaining an accounting as to what has been spent.
-Wills-
Simple Wills for married couple - Every family should have a will. You should appoint guardians for your children, and may want to create a trust to hold your estate's assets until your children are of legal age. Along with each spouces will, The Law Offices of Jason S. Coomer will draft powers of attorney and other forms needed to protect your assets and health if you become incapacitated.
Simple Will for single person - If you have children or not, it is best to name the beneficiaries of your property and sign a power of attorney. This can save time and money during the probate process.
Wills and bypass trust - If your estate exceeds $1.5 million the taxes that your estate will pay can be greatly reduced if you and your spouse have created a bypass trust. The Law Offices of Jason S. Coomer. will draft a trust to fit you and your families specific needs.
-Living Trusts-
Simple living trust with pourover wills -
Living trust with bypass trust provisions and pourover wills -
Along with saving time and money a living trust can eliminate the need to have a public court hearing, thus protecting your privacy. Furthermore a living trust will assit in the management of your assets if you become disabled, and deter possible hiers from challanging your estate plan.
-Estate Planning-
Life insurance trust - In most cases life insurance is exempt from income tax but it is included in the taxes that your estate will pay. A life insurance trust can save your estate and it's heirs time and money after your death.
Residence trust - This type of trust can help save on the estate taxes that would be paid on the value of your home.
Please contact The Law Offices of Jason S. Coomer for more specific estate planning needs.
The Law Offices of Jason S.
Coomer
406 Sterzing, Second Floor
Austin, Texas 78704
(512) 474-1477