Kendall and Bexar County Estate Planning
Texas Estate Planning Blog
Shawn McCammon is the founder and managing shareholder of McCammon Law. Shawn has been practicing for over 20 years, starting off in litigation before working in-house as a corporate attorney, and finally opening his own firm in 2009.
When planning for the future, many Boerne families believe that drafting a will is enough to ensure that their wishes are honored after they pass. However, this is a common misconception. While a will is an essential tool in estate planning, it does not prevent probate—a court-supervised process that can be both time-consuming and costly. This article will explore why a will alone might not be sufficient to guard your estate and what additional steps you can take to protect yourself, your assets, and your loved ones.
A will is a legal document that outlines your wishes regarding the distribution of your assets after you die. It designates who will manage your estate and, if you have minor children, who will care for them. However, while a will directs the distribution of your assets, it does not shield your estate from the probate process.
Probate is the legal procedure that validates your will and oversees the distribution of your estate under the guidance of the court. This process can be lengthy, expensive, and public, often leading to unnecessary stress for your family during an already difficult time. Probate can also expose your estate to creditors, further reducing the inheritance your loved ones will receive.
A significant limitation of a will is its inability to address your needs if you become incapacitated in Boerne. If you are unable to make decisions due to illness or injury, a will offers no guidance on managing your healthcare, finances, or legal affairs. Without proper planning, your family may need to seek court intervention to appoint a guardian or conservator, which can be a costly and emotionally draining process. Read more in our article, What Can I Do to Plan for Incapacity?
Assets distributed through a will are subject to claims from creditors and potential legal disputes. For instance, if a beneficiary is facing a lawsuit or divorce, the inheritance they receive from your estate could be at risk. This vulnerability can result in a significant portion of your assets being lost to external claims, leaving less for your intended beneficiaries.
It's important to recognize that not all of your assets will be covered by your will. Properties held in joint tenancy, life insurance policies, and retirement accounts with designated beneficiaries will bypass the will and Boerne probate process entirely. While this can streamline the distribution of these assets, it also means that without careful coordination, your estate plan could result in unintended consequences.
To circumvent the drawbacks of a will and Boerne probate, many individuals turn to trusts. A trust allows you to manage your assets during your lifetime and dictate how they should be handled after your death, all while avoiding probate. Trusts offer privacy, protect against creditors, and ensure that your assets are distributed according to your wishes without court involvement.
Trusts can be tailored to your specific needs. For example, a revocable living trust allows you to maintain control over your assets while you're alive and well, with the flexibility to make changes as your circumstances evolve. Alternatively, an irrevocable trust can offer more robust protection from creditors and legal challenges, although it cannot be easily modified once established.
While a will is a fundamental part of estate planning, it's only the beginning. A comprehensive estate plan should include a combination of wills, trusts, powers of attorney, and healthcare directives to fully protect your assets and ensure your wishes are honored. By taking these steps, you can provide peace of mind for yourself and your loved ones, knowing that your estate is secure.
At McCammon Law, P.C., we understand that estate planning can be complex and overwhelming. That's why we're here to guide you through the process, offering personalized solutions that reflect your unique situation. Don't leave your family's future to chance—take action today to protect what matters most. Request a Consultation with our Boerne estate planning team today.
Suppose you become incapacitated and only have a will. In that case, your family may need to petition the court to appoint a guardian or conservator to manage your affairs, which can be costly, time-consuming and stressful.
No, a will does not protect your assets from creditors. Assets passed through a will are subject to claims by creditors, as well as potential lawsuits and divorce settlements against your beneficiaries.
Probate is public, which means that the details of your estate become a matter of public record. It's also often a lengthy and costly process that can deplete your estate's value and delay asset distribution to your beneficiaries.
Unlike a will, a trust takes effect during your lifetime and can manage your assets in the event of incapacity. Trusts also allow your estate to bypass the probate process, offering privacy, speedier distribution of assets and protection against creditors and legal challenges.
No, certain assets that are co-owned or have designated beneficiaries, such as life insurance policies and retirement accounts, are not covered by a will and pass outside of probate directly to the named beneficiaries.
To ensure that your estate plan is comprehensive, consult an estate planning attorney to discuss your specific situation and goals. Your plan should likely include a combination of a will, trusts, powers of attorney, healthcare directives and carefully coordinated beneficiary designations to cover all aspects of your estate.
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