Elmo, TX Estate Planning Law Firms & Lawyers

A will is only effective after the death of the creator (testator). A will requires opening a probate and appointing an executor to execute the terms of the will under the supervision of a court. There are extra expenses with a will resulting from opening a probate. An advantage of probate is that it cuts off claims against the estate at 6 months after opening the probate. A living (grantor) trust goes into effect while the creator (grantor) is alive. Assets are placed into the trust when created and can be dealt with by the grantor while alive. The living trust is fully amendable and revocable by the grantor. Successor trustees are named and thus upon the death or incapacity of the grantor the named successor trustee is able to act and deal with the trust estate without having to go to court. A successor trustee's ability to step in for the grantor could help avoid the necessity of a guardianship in the event of a loss of capacity. Creation and amendment of a living trust is not as formal as creation of or changing a will.

Absolutely! You should discuss that with your estate planning attorney. This information is only intended to give general information in response to an inquiry. It does not establish an attorney client relationship. This response is only based upon the limited facts presented and is merely intended to assist you in determining if you should contact an attorney to provide you with legal advice.

Probate is the process where you prove someone is dead and you administer their estate. You should get a lawyer to help you, as it can get tricky fast.