In Dallas, Southlake, Fort Worth and the surrounding DFW metroplex areas, Schultz & Kellar, PLLC, assist clients in the preparation of their last will and testament and related legal instruments.
Great peace of mind comes with ensuring that your assets and possessions will be allocated in accordance with your wishes upon your death. Our experienced Texas estate and asset-planning attorneys help our clients identify the proven legal strategies that help them achieve their goals while legally minimizing any potential liabilities that could eat away at their estate.
No matter what assets you have accumulated during your lifetime, you are the only person who should decide how they are distributed upon your death. If you die without a will — known as dying intestate — your estate will be disbursed at the discretion of probate court under the Texas probate laws. The court will also make decisions about the distribution of community property.
In a worst-case scenario, your assets could end up in the hands of whomever the court deems appropriate. Your spouse could even be forced to sell your home if the court distributes your half of community property to other family members.
As you can see, having a valid, updated will is a critical component of your overall estate planning, wealth preservation, and asset-transfer plan.
It is important to understand the limitations of a will, so you can address any additional considerations while you’re planning for the disposition of your assets at the time of your death.
When you experience life changes — marriage, the birth of a child, divorce, etc. — your will is affected and should be reviewed for any necessary changes. Another consideration is the method by which your assets will transfer to your heirs. Your will dictates which of your assets go to each heir, but it does not control how that transfer takes place. This could subject your assets to higher tax liability at the time of transfer.
The other issue you must consider is that you can only plan for what happens at the time of your death. You cannot plan for your incapacitation or inability to make decisions using a will.
Whether you are in need of a broad asset and estate plan or you simply want to prepare or update your will, the experienced attorneys of Schultz & Kellar, PLLC, can assist you. We provide a highly personalized level of service to ensure that your legacy lives on and your assets provide maximum benefit to the designees you select.
In addition to standard wills, we can assist you with living wills, advanced directives, and health care powers of attorney. Contact us today to learn more about how we can assist you with wills, trusts, estates, and other financial-planning strategies.