Wills & Trusts Attorney in The Woodlands
Helping You Plan for the Future
Wills and trusts are among the most foundational elements of any estate plan. Mr. Michels can help you draft a Will or Trust tailored to your needs. Our team can help you determine which solution meets your unique needs.
Contact us online or call (281) 843-9723 to schedule a free initial consultation.
What Is a Last Will and Testament?
A last will and testament—or, simply, a will—is a legal document that states how you want your assets to be distributed after you pass away. It also appoints someone to manage your estate and directs how your debts should be paid. A will can also name a guardian for your children or appoint a conservator for your finances.
Why You Need a Will
Without a will, the state will decide how your assets should be distributed. This can result in your assets going to distant relatives instead of the people you care about. A will allows you to designate the people you want to receive your assets and to specify how they should be distributed.
Additionally, without a will, your assets may not be distributed in a way that meets your wishes or your goals for your assets. For example, if you have a child with special needs, you may want to ensure that your assets are distributed in a way that allows that child to receive the care they need.
Types of Trusts in Texas
Trusts are a common estate planning tool used to hold assets for the benefit of a beneficiary or multiple beneficiaries. The trust creator can designate himself or herself as the beneficiary of the trust while he or she is alive. The creator can also name a third-party beneficiary.
There are different types of trusts, including:
- Revocable Trusts: Also known as a living trust, a revocable trust is one in which the trust creator can make changes to the trust while they are still alive.
- Irrevocable Trusts: An irrevocable trust cannot be changed or modified in any way once it has been made.
- Special Needs Trusts: Special needs trusts can be used to provide ongoing care and financial support for individuals with special needs and allow them to receive state and federal benefits.
- Charitable Trusts: A charitable trust can be used to designate certain assets to specified charities and organizations.
A trust can take many forms, and its purpose can be as simple or as complex as the trust creator wishes. Trusts have many advantages, including the ability to avoid probate, which can save time and money.
When Is a Trust Beneficial?
A trust can be very beneficial in several situations. A trust can be used to hold assets for minor children or disabled adults. A trust can also be used to hold assets for any other beneficiary, such as a spouse, grandchild, or charity. A trust can also be used to hold assets for the benefit of the trust creator after they become disabled. Mr. Michels can help you determine if you would benefit from creating a trust. We encourage you to reach out to him today to learn more during a free initial consultation.
You can reach us online using the secure contact form here on our website or by calling (281) 843-9723. There is no cost and no obligation in speaking to our attorney about your estate planning needs.
The Michels law firm was very helpful to my family they were able to answer all of our questions and able to assist with my ...- Robin V.
Highly recommend using this law firm. They facilitated everything professionally and with great care.- Walter Y.
Joe Michels and I worked together on a number of cases as colleagues in a major firm. He is an excellent attorney who is ...- Robert Higgason, Litigation Attorney