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Wills

What is a trust?

Creating a Trust in Texas

Tarrant County Estate Planning

If you haven’t considered how a trust could help you pass your wishes and wealth on, you could be making a critical mistake in your estate planning. Especially for individuals with substantial assets, protecting wealth for future generations should at the top of your priority.

Benefits of a Trust in Texas

An effective trust is carefully drafted by a qualified attorney and takes into account your specific circumstances and as well as current laws. Not having proper documentation could result in you not reaping the benefiting from the benefits of a trust.

Trusts Service

6 Reasons to Consider a Trust

Private Passing of Wealth

One of the most powerful and straightforward ways to use trust is by ensuring that your heirs have timely access to your wealth. When transferring assets through a will, your estate undergoes a procedure known as probate, conducted in state courts.

This probate process can carry some unforeseen negative consequences for the administration of your estate, such as:

  • Delays – Probate proceedings can be lengthy, with some taking longer than others. Additionally, if you own property several states, probate may be required in each state.
  • Costs – The fees included in probate can be quite substantial. The fees are hefty, even in basic cases, with no conflict between beneficiaries.
  • Publicity – The probate process is public. A will becomes a public record once admitted to probate. This means that anyone who wishes to view it can do so. Such transparency can create unwanted scrutiny.

Control the Distribution of Your Assets

Texas Estate Planning

Texas Family Law firm

Trusts establish possible ways to transfer assets. Such as:

  • Distributions for specific purposes – Ability to stipulate that the trustees shall make money available to children or grandchildren only for college tuition or maybe future health care expenses.
  • Age-based terminations – The assets in a trust can also be distributed to heirs at periodic intervals. For example, 30% at the age of 40, 30% at the age of 50, and so on.

Building Your Legacy

The purpose of a trust is to help people realize a vision for their assets. With that being said, you should guide the discussion with your attorney with the goals you have for your estate. Overall, trusts can definitely help build your legacy the way you want it. Contact The Fetty Firm today at (214) 546-5746, for more information on our estate planning services.

Tarrant County Estate Planning

What is estate planning?

Estate planning means making a plan for how you want to divide your property after you die. Part of estate planning is deciding in advance who should be in charge of your medical and financial affairs if you are unable to make important decisions for yourself. An estate plan documents stating how you want your property to be distributed after you die. A plan can include any combination of a will, powers of attorney, special deeds for real estate, a set of documents called advance directives, and other estate planning forms.

Estate planning begins with a will.

A will sets forth your intentions as to how your property should be distributed after you die, who should be guardian of your minor children and other important choices. A will can also reduce family conflict and streamline probate, which refers to the court process of distributing property to heirs upon death.

Intestacy

Don’t assume that your spouse will get all of your property when you die. If you die intestate (without a will), Texas law will determine your heirs based on close blood relationships. Heirs include all of your children, including those from past relationships. Heirs do not include your significant other, friends, or stepchildren. Your grandchild won’t inherit from you unless the parent (your adult child) dies before you. Along with identifying heirs, the probate court must classify your property as real estate or personal, community or separate. Dying intestate is a lengthy and expensive process, with fees and court costs paid from your estate. A will isn’t a way to avoid probate, but it does ensure that your property will pass according to your wishes and with minimal court involvement.

Named Beneficiaries, Joint Owners, Payable on Death Accounts

With or without a will, some assets are not included in probate. Insurance proceeds, retirement funds, bank accounts payable on death and similar assets pass to the beneficiary you named on the contract or account when you opened it. Joint bank accounts, as well as real property held jointly with a right of survivorship, pass to the other joint owner(s). Check to make sure that the beneficiary information on each of your accounts is up to date.

Powers of Attorney and Advance Directives

These give another person the right to act on your behalf if you become incapacitated. They can be revoked at any time, and expire when you die.

A Power of Attorney (POA) can be broad or limited, depending on what you authorize your agent to do. Powers can include business and financial decisions, purchase and sale of property and many other decisions. If it permits the sale of real estate, the POA must be recorded in the deed records where the property is located. Note: A General Durable Power of Attorney allows your agent to do almost anything in your name except make medical decisions. Be fully informed before signing any power of attorney.

Revocable Trust and Pour-over Will in Texas

A pour-over will is yet another estate planning option that further ensures the protection of your assets. If you’ve established a trust, or plan to start one, you might want to consider adding a pour-over will.  The Fetty Firm can help you create both.

Some individuals deliberately choose not to place all their assets into their trust all at once. Other individuals might simply forget to do so, or run out of time. All of these are likely scenarios in which a pour-over will add a layer of protection.

What is a Pour-Over Will?

A pour-over will is a type of will that names your living trust as the beneficiary of any and all assets. Upon your death, any assets not already owned by your trust are “poured over” into it. Pour-over wills provide a safety net to ensure that any assets that you might have left out (either accidentally or on purpose) are transferred into your trust when you pass away. Unfortunately, any assets that are poured over must go through probate because they won’t have been already owned by your trust before your death.

 

What is a Revocable Trust?

A revocable trust is a type of trust that can be revoked, modified, or updated if needed. It’s a favorable option if you want to establish a living trust, and foresee the need to make changes or prefer having flexibility. This is as opposed to an irrevocable trust, which does not allow any changes to be made.

Pour-Over Will and Revocable Trust – Do I Need Both?

A pour-over will and revocable trust work in tandem, so you will need both if you’d like for your pour-over will to work. If you don’t plan to establish a living trust, or if everything you own is already placed in a trust, you might not need a pour-over will. It’s still a good option to know about as it’s worth your consideration.

Setting up a pour-over will is a great tool to implement if you have a revocable trust. By doing so, you can rest assured that any assets not already owned by the trust will automatically transfer over at the time of your passing. However, keep in mind that these assets will have to go through probate first. Because of this, it’s best to place all of your assets into your trust now, unless you have a good reason not to. Bottom line, a pour-over will should be treated like a safety net that adds reassurance.

Tarrant County Attorney for a Will

Drafting a Will

Legal consultation for a will is something everyone will at one point require in their lives. A will is a document that expresses someone’s final wishes. This is of great use to make sure that your assets go exactly where you want them to go. The Fetty Firm P.C. is experienced in Texas estate planning. So you can rest easy knowing that the will is drafted correctly. With our sole attorney, Rashelle Fetty, you’ll receive the knowledgeable and capable services of an attorney with over 10 years of experience.

Tarrant County Law Attorney

Legal Consultation on Wills

Drafting a will is a very delicate matter for a number of reasons. You want to make sure that your loved ones are taken care of. Additionally, you will have to try and anticipate any problems that may arise in the future. The best way to handle the drafting of a will is with the services of an experienced and trusted law firm. With The Fetty Firm P.C., you’ll receive the results of a big firm combined with the personal and attentive services of a small firm.

Metroplex Estate Planning

In order to make a will, you will need to be over 17 years of age, been lawfully married, or a member of the United States military. In addition, you are required to have a sound mind. This means that you can understand the business in which you are engaged when making the will, the effect it will have, the nature and extent of your property, and the number of relatives you have.

Expert Consultation for Drafting of Wills

Legal consultation for drafting wills

Here are some things to keep in mind when drafting your will:

  • A will can be used to leave property to individuals or organizations
  • Name a guardian for your children
  • In the case that you leave property to minors, have a trustee to handle the property
  • Name an Executor of your estate
  • To validate your will in Texas, you must sign the will with two witnesses and the witnesses must also sign the will

This is a very delicate matter.

Tarrant County Estate Planning

Therefore it makes sense to have the best services available. Contact The Fetty Firm P.C. today to learn more about the ins and outs of will-drafting. You can get in touch with us by calling (214) 546-5746 or clicking here. Furthermore, if you want to learn more about our Legal Consultation on Wills, click here.

Advanced Directive

Advanced Directive in Tarrant County

An advanced directive, also known as a living will, is an important aspect of estate planning. In short, this document provides doctors and caregivers instructions on what medical treatments you do or don’t want in the case that you’re unable to give those instructions yourself. Those instructions can include orders such as don’t resuscitate and orders regarding organ donation. By creating a living will now, you’ll ensure your last wishes are carried out while also preventing potential problems with loved ones. Living wills typically cover:

General Overview of Living Wills

General Overview of Living Wills

  • Resuscitation, such as CPR or an electric shock to the heart
  • Breathing machines
  • Tube Feeding
  • Dialysis
  • Medicine
  • Palliative care
  • Organ donations

Overview of Living Wills in Texas

A valid living will meets the following conditions:

  • The declarant must be in a state of competence
  • A requirement of two witnesses
  • The living will can be oral with two witnesses and a present physician
  • A written directive becomes part of your medical records. If the directive is oral, the witnesses have to sign the medical record
  • Advanced directives are not operative for pregnant patients
Top-Rated Attorney in Texas

Top-Rated Attorney in Texas

Keep in mind that livings wills can be revoked at any time. You can sign and date the revocation or choose to do it orally. The revocation of the document takes effect one the document of intent is sent to an attending physician or when the physician is notified of the revocation. This document will remain valid until it’s revoked. Even more, there are additional legal conditions that’ll apply to these documents. As such, it’s best to contact an experienced attorney for a better understanding. Rashelle Fetty and The Fetty Firm can provide answers to your questions.

 

If you wish to learn more about this delicate matter, contact us at your earliest convenience. You can reach us by calling (214) 546-5746. Moreover, you can set an appointment by clicking here. Together, we’ll work towards a comprehensive, advanced directive based on your circumstances.

Tarrant County Estate Planning – What is a Will? What is a trust?

What is a will? What is a trust?

Estate Planning in Tarrant County

You may have used or heard of the words “will” and “trust.” Some people believe they are interchangeable, but that is not the case. On the surface, these two documents may be very similar, but they have several differences. A will is used to distribute any property you have after your death. A trust is when a trustee signs over property to another known as beneficiary.

Trusts can start once it is completed, upon a person’s death, or after. A will takes effect after the person has died. There are other significant differences between a will or trust. The Fetty Firm specializes in both of these documents. If you are interested in setting up either, get in touch with the firm today. Rashelle Fetty is the owner and sole attorney at the firm. She can help you decide which document is best.

Sit down with a Tarrant County Estate Planning Attorney so that you can learn what it is that you need for your situation.

Major Differences of these Documents

will and trust

A will and trust are not the same thing.

One major difference between the documents is a will only distributes the property under your name. If you have any property that is owned jointly, that will not be distributed. When it comes to a trust, the property must be in the name of the trust to be distributed. Another major difference is that wills go through probate. Probate is when a will goes through court to prove its authenticity.

If there is no will when a person dies, then the court can distribute the property how they like. Wills are not private records since they go through probate. Trusts bypass probate and are remained private. Additionally, trusts are capable of planning for disability or saving for taxes. It cannot specify a specific person or funeral arrangements.

Wills and trusts have their advantages and disadvantages. It is important families know the differences and determine which document is best for them. The Fetty Firm can help clients find the right document for their future. There is a wide range of reasons to choose one over the other. Let Rashelle Fetty help you make that difficult decision.

Choose the Right Document

Get in touch with The Fetty Firm today. You can reach our firm by calling (214) 546-5746. Clients should also visit our pages about wills and trusts. They provide important information that may help you decide which document is better.

Estate Planning – Tarrant County

Tarrant County Wills and Trusts Attorney

Probate is when a will goes through a legal process to determine if it is authentic. Texas has its own set of probate laws. Specifically, you want to have a Wills and Estates Attorney in Tarrant County that is informed about the local probate laws.

It is a common legal procedure, but it is also very timely. Being well acquainted with the local structure for probate can be helpful.

Wills that go through probate take time and money, which is why some try to avoid it altogether. There is a way to skip probate, and there may be scenarios when you would want to skip the process. Hire an attorney near you, like The Fetty Firm to help with your estate planning.

Wills are used to pass on property to beneficiaries once a person dies. If a will is not established, then the courts will create one and distribute property how they see fit. Wills are very beneficial for the families after a family member’s death and the testate, the person dying. The family will have a more comfortable process after their loved one’s passing. Plus, their loved one will have peace of mind when they do pass.

Ways of Avoiding Probate

Will

Most wills go through probate.

There are ways of avoiding probate, but there needs to be careful planning. Firstly, it is best to have a will. Those who die without wills may also require probate. You may want to avoid probate to skip the many legal fees you will incur or avoid the estate taxes. Be prepared. Choose an attorney close to you. Get yourself a Tarrant County Probate Attorney.

Regardless of the reason, there are ways of avoiding probate. One way of avoiding this lengthy legal process is to set up a revocable living trust. Property is placed into the trust that is only accessible to the owner. Once they die, the property is given to a beneficiary, and no probate is needed.

Life insurance policies are another way you can avoid probate. They require policyholders to add a beneficiary to the plan. Once the holder passes, then the property is passed on to the beneficiary. Retirement plans may also be another option, but not all of them work the same way.

In general, you will most likely go through probate. Unless you actively plan to avoid it, the process will most likely occur. That said, probate is relatively inexpensive, and the process has been streamlined over the years.

Call for a Will or a Probate Lawyer

If you are needing to create a will or want probate assistance, get in touch with The Fetty Firm. Rashelle Fetty has years of experience with family court. Give her firm a call at (214) 546-5746. Clients should also visit her Tarrant County will and Tarrant County probate pages to find out more about the process.

Tarrant County Estate Planning

Creating a will in Texas is an invaluable decision. Here in Colleyville, TX, find a lawyer that understands your estate planning and probate needs. A will  protects your spouse, children, and assets, it also explains how you would like to handle important matters when you have passed away. The Fetty Firm is the premier firm for Estate Planning in Tarrant County.

Here are FIVE EASY Suggestions for Creating a Will in TEXAS.

Distribute Your Estate

Colleyville TX Will Lawyer

Colleyville TX Will Lawyer

A will lets you decide on how your estate is handled after your death. Without a will, it’s not certain that your wishes will be carried out. A will helps minimize any type of family fights about your estate that could arise. Essentially, a will allows you to distribute your estate exactly as you desire. You want to create a will in Texas so that you can prevent issues with distribution or the state taking the assets.

Designate a Guardian

A will also allow you to make an informed decision about who should take care of your minor children. Without a will, the court will take it upon itself to choose among family members or a state-appointed guardian. Allow The Fetty Firm to discuss designation laws here in the state of Texas. The Fetty Firm will guide your process to designate a guardian in the state of Texas.

Streamline the Texas Probate Process

Every estate must go through the probate process, with or without a will. However, a will speeds up the probate process in addition to informing the court on how you would like to divide your estate. Without a will, the court decides how to divide estate without your input. Here in Texas, having an attorney walk you through the Texas Probate Process will take away so much of the stress so that your family may grieve in peace.

Minimize Estate Taxes

Our law firm can help you

Tarranty County Law Firm for Estate Planning

Another way a will is useful is in minimizing your estate taxes. When distributing your estate to family or charity, it will reduce the value of the estate when it’s time to pay estate taxes. It just comes to show how useful a will can really be.

While Texas does not have an estate tax, there is still a need for an attorney to help streamline the process. The Fetty Firm will be your Tarrant County Estate Planning go-to.

Prevent Legal Challenges

If you die before drafting a will, part of or all of your estate may be passed on to someone that you didn’t choose. Just imagine the misallocation of millions of dollars due to the absence of a will. To avoid misunderstanding and potential legal issues, make a will as soon as possible.

The Fetty Firm is a Tarrant County Estate Planning firm in Colleyville, Texas that is capable of helping you with any possible estate planning litigation. Prepare yourself. Be proactive by selecting a firm that has experience with securing the best possible choices in Estate Planning for your family.

As you can see, drafting a will is useful for several reasons. Don’t wait to finish the important task and get at it. If you are ready to draft a will, contact The Fetty Firm today by calling (214) 546-5746. You can also learn more by visiting our

Tarrant County Will Creation

The Differences Between a Trust and a Will

You may have used or heard of the words “will” and “trust.” Some people believe they are interchangeable, but that is not the case. On the surface, these two documents may be very similar, but they have several differences. A will is used to distribute any property you have after your death. A trust is when a trustee signs over property to another known as beneficiary.

Trusts can start once it is completed, upon a person’s death, or after. A will takes effect after the person has died. There are other significant differences between a will or trust. The Fetty Firm specializes in both of these documents. If you are interested in setting up either, get in touch with the firm today. Rashelle Fetty is the owner and sole attorney at the firm. She can help you decide which document is best.

Major Differences of these Documents

will and trust

A will and trust are not the same thing.

One major difference between the documents is a will only distributes the property under your name. If you have any property that is owned jointly, that will not be distributed. When it comes to a trust, the property must be in the name of the trust to be distributed. Another major difference is that wills go through probate. Probate is when a will goes through court to prove its authenticity.

If there is no will when a person dies, then the court can distribute the property how they like. Wills are not private records since they go through probate. Trusts bypass probate and are remained private. Additionally, trusts are capable of planning for disability or saving for taxes. It cannot specify a specific person or funeral arrangements.

Wills and trusts have their advantages and disadvantages. It is important families know the differences and determine which document is best for them. The Fetty Firm can help clients find the right document for their future. There is a wide range of reasons to choose one over the other. Let Rashelle Fetty help you make that difficult decision.

Choose the Right Document

Get in touch with The Fetty Firm today. You can reach our firm by calling (214) 546-5746. Clients should also visit our pages about wills and trusts. They provide important information that may help you decide which document is better.