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Setting up a Living Trust is the best way to ensure your assets are passed onto the right people if you pass away. To start the process, you will need to gather all pertinent information about your assets, choose your primary and secondary trustees, determine how you want the trust to operate after your passing, and finalize the trust agreement with the help of an attorney.

There are times when a Living Trust is a smart estate planning tool that can simplify or avoid probate, and save your family thousands of dollars. A Living Trust is not always a necessary part of an estate plan. However, if you own property in multiple states or counties, have beneficiaries who require special assistance or restrictions, or need special help in managing your assets, a Living Trust may be a good idea.

Guardianships are a complicated legal proceeding. Most people have no clue exactly how complicated and expensive they are. In some situations, however, a guardianship is required to manage the affairs of a loved one.

One of the first questions the family of a loved one who has passed will ask is, 'What will it cost to settle the estate in Texas?' The answer to this question depends on four key factors: the type of assets that will be transferred, if payable on death designations were made on the assets, whether there was a Will, and if the heirs agree with the terms of the probate. Based on these factors, you could expect to pay anywhere between $1,000 to upwards of $5,000.

These are a few of the risks you may face if you choose an attorney who is incompetent, unethical, or simply the wrong fit for your needs. The biggest concerns will be cost, the quality of their work, their availability, and your peace of mind. If an attorney charges you well above reasonable rates, doesn't respond to your questions, or leaves you feeling confused or concerned about the probate process, don't be afraid to find a new attorney who will be a better fit for your situation.

Even well-meaning people can make mistakes, especially when overwhelmed with obligations and grief. When a loved one passes away, however, it is important that you don't wait too long to start the probate process, distribute their property before probate has finalized, contact their bank or retirement accounts too soon, forget to inform social security or pension, fail to maintain their property, or drive their vehicle. These common mistakes could end up causing more trouble and expense for you and your family in the long run.

Many people incorrectly assume that a living trust is a magical estate planning tool for everyone. For some people, a living trust truly is a smart way to handle their estate, but for others, it is an unnecessary expense. A living trust is more costly to prepare than a standard Will. However, it allows you to include specific, detailed provisions in your estate plan and protect your mineral or real estate issues.

People frequently delay having a will drawn up because of concern for the cost. The cost of preparing an estate plan package is very reasonable. A standard "Mom and Pop" Will without other detailed provisions generally ranges from about $500 to $750 per person. Compared to the expense you would be out to handle your estate without a Will or other estate planning documents, it is a bargain.

Today, there are many ways you can go about getting a Will. To ensure your Will accomplishes your wishes while also avoiding the greatest expense and complications, you should consult with an experienced estate planning attorney. This is always the best way to draw up a Will. Online and DIY options often come with unexpected risks. You should draw up your Will as soon as possible and revise it whenever you experience certain life events, such as marriage, having a new child, opening a new bank account, or purchasing new property.

While not everyone needs a Will, it's wise to explore whether it would be a smart investment for you and your family's future. A few benefits of drawing up a Will include choosing how your estate will be distributed, selecting a guardian for minor children, and providing for step-children or other beneficiaries. An attorney will explore with you whether the assets you own can be passed down without a Will or whether having a Will is really key to simple passage of title to assets on your death.