Estate Planning

Estate planning is a powerful tool that empowers us to shape our future and prepare for the uncertainties that lie ahead. At The Borger Law Firm PLLC, we know Texas Wills laws very well. We understand the importance of comprehensive estate planning, offering you the opportunity to minimize estate taxes, define asset distribution, establish long-term care plans for dependents, and achieve various related goals through the creation of wills and trusts in Texas.

Distinguishing Between Wills and Trusts

In the realm of estate planning, wills and trusts are fundamental instruments, each serving distinct purposes. Here's a brief overview of the key differences.

A will allows you to:

  • Appoint a guardian for minor children
  • Appoint a guardian for your minor children’s estate
  • Outline beneficiaries and their respective inheritances
  • Specify prospective beneficiaries if you receive assets after your death
  • Appoint an executor to oversee probate and related processes

If you pass away without a will, the probate court will distribute your property based on Texas descent and distribution laws. To retain control over who receives your assets, a will is crucial.

A Trust, on the other hand, establishes a fiduciary relationship involving

  • You (the trustor)
  • The trustee
  • Your beneficiary(ies)

This relationship empowers the trustee to manage your estate for the benefit of the designated beneficiaries. There are two primary categories of trusts:

  • Testamentary trusts: Created with your will, these trusts take effect only upon your death. While they offer tax protection, they are irrevocable once established.
  • Revocable living trusts: Immediate in effect, these trusts can be adjusted or revoked at any time. Though subject to estate taxes, they may help your estate avoid probate.

Personalized Solutions

Given the uniqueness of every individual's situation, our approach to estate planning is fully personalized. Your estate plan at The Borger Law Firm PLLC is meticulously crafted to meet your specific needs and accomplish your unique goals. Explore more about estate planning and secure your legacy with precision.