estate planning mckinney texas

Benefits of hiring a

probate attorney

Many of us have heard the word ‘probate lawyers' several times. However, really few know what exactly they do and why we should seek their services. If you are one of those people, here is all the information you should know about probate lawyer in McKinney Texas.

http://willprobateattorneys.com/

http://willprobateattorneys.com/probate/


What is probate?

In simple words, probate is the procedure that occurs after someone passes away that involves

taking care of any debts and distributing assets. This process occurs regardless there is a will or

not.

A probate lawyer is basically an estate or trust lawyer. He helps to create a plan to allocate the

assets of the decedent to heirs. He manages the filing of the last will or testament of a deceased

individual. If there are any disputes regarding the disposition of property, probate lawyer helps

you to resolve those issues.



When it comes to challenging a will in a Texas, it is very stressful and emotionally difficult. By

hiring a probate attorney in McKinney Texas you can ensure that your interest is protected in the

legal battle.

It is very common that many people do not have enough information about a probate lawyer.

Until someone has passed away, many people do not think of finding a probate lawyer. Hence,

when someone passes away, in the urgency, people do not get enough time to gauge a lawyer's

skills and expertise and sometimes this result in making a wrong choice.



To avoid such a condition, it is necessary to have adequate information about

probate lawyer who will best represent your interests.

It is extremely necessary to ensure that everything is taken care of well

before passing on, otherwise even a single mistake can set back your executor

by months. A probate lawyer possesses special expertise required to prepare a

will and has a thorough knowledge of everything that needs to be done to

probate an estate in a timely manner. Hence, working with him proves a

beneficial decision.



Duties of a probate

lawyer: • A probate attorney can help you make a last will and testament. This will

ensure that the family members of a decedent can have some security.

• He can also assist with trust planning, powers of attorney and medical

powers of attorney.

• A probate lawyer can help an individual with asset protection.

• He assists in the preparing and filing of all documents needed by a probate

court.

• A probate lawyer can request court permission for various actions and the

retitling of the decedent's assets to the heirs.



When Should I Write a Will?

At the Willingham Law Firm, our attorneys

often get questions about when someone

should write a will. A will is a great thing to

have in the event you or someone close to

you passes on. But when should one create a

will? This is a complicated question to

answer. Let’s break down the reasons why

someone would need a will in the first place.

What is a Will?

A will is an complex legal document.

At the Willingham Law Firm, we have

created thousands of wills through

complex estate planning in McKinney,

Texas. Many people have heard of one

from various movies and television

shows but very few know what one is

exactly. Let’s iron out some of the

specifics about what a will is before

we get too much into the why and

how of it.

Where there is a will, there is a way

What if I die Without a Will in Texas?

This is a question that not a lot of people think about until it’s too late. People die every day and many do not have wills. In some cases this isn’t a major issue, however, in a lot of them it can be detrimental. Not only for your loved ones but also any organization you may have wanted to help upon your passing. To avoid lengthy legal battles and ensure those you care most about are taken care of, a will is not only recommended but highly warranted.

What types of property pass to your

beneficiaries outside of a Will in Texas?

What types of property pass to your beneficiaries outside of a Will in Texas?

One of the key points of a will is to make sure that something is left behind for the people you

care most about. However there are certain things that automatically by design do not or should

not be stated in a will.

Life insurance

Life insurance, like a will, is a means to make sure your family is taken care of should you

unfortunately die. One of the key elements of a life insurance policy is that you have to specify a

beneficiary who will receive the money upon your death during its inception. Because a life

insurance policy has to have a listed beneficiary on its own it shouldn’t be outlined in your will as

the designated beneficiary is already chosen.

Retirement investments

Planning for one’s retirement is tough enough let alone thinking about what will happen to

it after you have passed on. Unlike other assets, retirement accounts have special measures

attached to them that alleviate some of the guess work that comes after one dies. Similar to life

insurance, retirement investments like 401K’s or IRA’s have to have a beneficiary listed in their

creation. This is to safe guard the investment in the event of the investor passing away. Because

this already has a specific beneficiary attached to it, it will automatically default to whoever it is

assigned to upon your passing.

Stocks and bonds

Stocks and bonds, unlike life insurance or retirement accounts, do not

automatically designate beneficiaries when purchased. However, listing them in a

will may not be for the best as all inheritances put forth in a will goes through a

probate court. This to ensure all assets are accounted for and to inform all

connected parties of the death of the person who previously held the assets.

However, many states have a Transferable On Death (TOD) law in place that allows

for stocks and bonds to be passed on to a designated beneficiary. As long as the

specific assets are registered as TOD and a beneficiary is listed then the stocks and

bonds would bypass the probate court and would not have to be listed in the will

for the beneficiary to receive them.

Bank accounts

In life bank accounts serve as a safe repository for your finances. After you are no

longer around, they are one of the many assets you can use to help your loved

ones. A payable upon death bank account is a specific bank account that allows

you to name a beneficiary to receive the funds held in the account upon your

passing. Not all bank accounts are set up this way by default so it is best to check

with your bank and see if any current accounts are listed as such and if they are

not, what you have to do to make them.

Trusts

Another asset that can help manage the care of families and especially children is living trusts. A

living trust is a specific fund that is governed with guidelines by a designated trustee. A trustee is

very similar to the executor. They are a person or entity that you feel will abide by the guidelines

you set forth regarding the usage of the funds in the trust. For example a college trust would have

a designated amount of money in it to go towards a specific beneficiary upon reaching college age.

Like with a will the beneficiary has the choice to use the money however they see fit as long as

they reach the requirements specified and are over seen by the appointed trustee. As this asset is

already designated to a specific beneficiary, there is no need to designate it to them in your will as

they will already be receiving the money. Additionally trusts like other assets that do not require

being assigned to an individual in a will would bypass probate as well.

State by state

As is with most cases these rules can differ from one state to the next. Before you begin making

plans for after you are gone it is highly recommended that one consult with an attorney prior to

taking steps regarding their will. The Willingham Law Firm has great estate planning attorneys in

McKinney, TX waiting to assist you in the creation of your will.

A tough road ahead

Thinking about one’s eventual demise is never a fun task. The last thing anyone wants to do is plan

for when they are gone. A will is a step in the right direction no matter how you slice it. But a will

only goes so far, by taking some of the above steps into account you can make sure that when the

time arises you can rest easy knowing that you have successfully taken care of those around you.

Business Formation

Our head attorney, Taylor Willingham,

started his law firm as a General Practice

Attorney in McKinney, Texas. As a General

Practice Attorney, Mr. Willingham has been

involved in cases in Negligence, Fraud,

Real Estate, Deceptive Practices,

Bankruptcy, Probate, Divorce, Criminal,

Estate, and Tax litigation. All of these

areas have helped him develop a broad

understand of the legal world and its

complexity.

CALL TODAY FOR YOUR CONSULTATION – (214)

250-4407 or Visit

:http://willprobateattorneys.com

