Trusts and Estate Planning
Trusts and Estate Planning
Trust and Estate Preparation
Each individual should prepare himself or herself for their eventual health issues and ultimate passing and assist the remaining family with many important decisions regarding their estate. Our firm is equipped to handle the necessary preparation of Wills, Trusts, Medical Powers of Attorney, Physician’s Directives and General Durable Powers of Attorney, as well as advising our clients on the best ways to avoid any potential pitfalls that may arise in the trust administration and probate process.
A Trust is a legal entity created by the settlor for the trustee to hold and invest property for the benefit of the trust’s beneficiaries. A trust is a great idea for those who wish to provide for their minor beneficiaries and/or establish a scheduled distribution of assets. Most trusts are established to provide for the care and education of the settlor’s descendants. Other trusts can be created to give periodic distributions of the property to prevent the beneficiaries from receiving a large lump sum at a young age and spending it unwisely.
In every trust, the trustee is imposed with certain legal duties to ensure that they do not use the property for their own advantage and requires that they invest the property wisely for the benefit of the trust. The beneficiaries of the trust are entitled to be provided with an annual account statement of the trust so that they know where their money is and how it has been spent or distributed. Our firm regularly drafts trust formation documents and can handle any litigation that arises from trust disputes.
Each individual should prepare himself or herself for their eventual health issues and ultimate passing by executing a Last Will. A person’s Will is a crucial document that will provide instructions to their family on how they want their property to be distributed and who they wish to appoint as the administrator to properly manage their estate. While a Will may seem unimportant to those who have few family members, having a Will in place avoids several required steps in the probate process and saves the decedent’s family a considerable amount of time and money.
Powers of Attorney & Medical Directives
While most people do not anticipate experiencing any serious health threats or incapacities, there are a few documents that our firm provides its clients to ensure that the client is cared for in accordance with their desires should such issues arise. A properly-drafted Medical Power of Attorney, Durable Power of Attorney, and Declaration of Guardianship will establish who is entitled to make medical and financial decisions on behalf of an incapacitated person (i.e., stroke, coma, Alzheimer’s, paralysis, etc.). Similarly, you may wish to execute a Directive to Physician to notify your doctors what procedures and medical decisions you wish to have made should you be suffering from a terminal illness or irreversible condition. Although these topics are understandably difficult to discuss, they are nonetheless necessary to ensure that you are cared for properly should something unexpected happen.
Transfer on Death Deed
Texas legislators have recently passed a great law for those wishing to easily and efficiently transfer their real property to their loved ones when they pass. Specifically, Transfer on Death Deeds are now legal in Texas, allowing a person to quickly transfer title to their real property to their family upon their death. Our firm can help you draft, execute, and file such a Deed so that you and your family can avoid the worries of having your property go through the tedious probate process.
Gill, Revack, Samaan & Muller, LLP
6575 West Loop South, Suite 600,
Bellaire (Houston), Texas 77401
(713) 271-8282 or (800) 952-5559
FOLLOW US ON