Building a Complete Estate Plan in Texas
At the Law Office of Randy Michel, we understand how important it is to preserve the wealth you have accumulated throughout your life. With our comprehensive estate planning services, we help clients draft a complete estate plan that protects their assets, transfers property according to their wishes, and ultimately achieves their end of life goals.
Attentive Legal Counsel
“I highly recommend Mr. Michel and his staff. Ms. Tracy and Ms. Andrea were very helpful with my legal needs and were available to speak with me.” Sara K.
Why We Recommend an Estate Plan
We are all familiar with the old axiom that "the only certainties in life are death and taxes." While pessimistic, this saying is quite true. We all pass on eventually, and at our office, we believe having a clear, understandable and executable plan for the end of your life is a great way to show your family and friends you loved them.
Notable Benefits of an Estate Plan
Preparing a complete estate plan can also:
- Reduce the possibility of familial disputes over assets
- Ensure your wishes are carried out
- Significantly save on costs down the road
What Does an Estate Plan Involve?
Most of our clients are familiar with wills and trusts as the basic tools for estate planning. But what exactly are wills and trusts, and how can they benefit you?
- Wills: Wills can range from very basic to extremely complex. All wills, however, should (i) establish how property is to be divided, (ii) establish guardianships for minor children, (iii) name an executor, and (iv) grant permission to pay off final debts or taxes.
- Trusts: There are many different types of trusts, but all establish a third-party trustee to hold assets on behalf of a beneficiary. The exact type of trust that will benefit you will depend upon your unique circumstances and goals. The two most common types of trusts, however, are the (i) revocable or "living" trust and the (ii) irrevocable trust. The living trust allows a person to retain control over assets during his or her lifetime, while an irrevocable trust will transfer assets outside of a person's estate.
Benefits of Wills & Trusts
There are many benefits to having both wills and trusts. These benefits include:
- Avoiding state-guided property distribution
- Avoiding probate
- Avoiding certain taxes
We believe having a clear, understandable, and executable plan for the end of your life is a great way to show your family and friends you loved them.
Additional Factors to Consider
A simple will or trust might be enough for some, but other items should be considered to ensure your estate plan is complete. These items include:
- Establishing health care directives
- Establishing a financial power of attorney
- Covering funeral expenses
- Reviewing insurance policies
- Succession planning for businesses
- Others particular to your situation
Speak with an Estate Planning Attorney Today
We are anxious to learn more about you and your estate planning needs. Please call our Texas office at 979-764-2435 or contact our firm online to get started today.
We are located off Southwest Parkway between Wendy's and Wells Fargo. Don't trust your GPS — it will point you to a different neighborhood. We are tucked behind the Wells Fargo