Estate Planning Lawyer
We understand that each family and individual needs personalized solutions for transferring and protecting wealth. We can help you protect your assets while legally minimizing tax expenses.
We frequently assist clients with
- Estate Administration
- Probate
- Trusts
- Guardianships
- Conservatorships
- Probate & Trust Litigation
Types of Wills
There are four main types of wills, each fulfilling a particular role.
Simple Wills
A simple will is a document listing assets, who will receive them, and a legal guardian for minors if applicable. Seeking a professional to help write your will ensures that all of your assets are covered, your wishes are clearly stated and minimizes the chance that the will could be contested.
Testamentary Trust
This type of will places some of your assets in a trust and names the trust beneficiary. If the beneficiary is a minor, a trustee is also specified to manage the trust until the minor reaches a specified age. You can place conditions on the inheritance of the trust.
Joint Wills
Two people sign joint wills, usually spouses, so one inherits everything upon the death of the other. The terms of this will are unchangeable, which can be problematic for the surviving spouse if they wish to make changes later in life
Living Wills
Unlike other wills, living wills allow individuals to specify medical treatment if incapacitated and name someone to act on their behalf.
You can legally have more than one type of will simultaneously, and state laws vary on the specifics. With a trusted estate attorney at Nowlin Law Firm, you can be confident that your assets are protected.
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Types of Trusts
While there are many types of trusts, they all fall into one of two categories: revocable or irrevocable.
Revocable Trusts
A revocable living trust is made during the trust maker’s lifetime and can be altered, modified, or revoked. Revocable trusts can help avoid probate by transferring assets to the trust at the time of the trust maker’s death, but they are also available to creditors with a court order if the trustmaker were to fall into debt.
Irrevocable Trusts
An irrevocable trust cannot be modified or revoked after its creation. Not even the trustmaker can take anything out of the trust. You can also purchase a life insurance trust that is irrevocable for large estates but very rarely is this necessary, and it can be risky.
Other types of trusts include charitable trusts, special needs trusts, asset protection trusts, constructive trusts, and many more. Our expert team will guide you through setting up the most beneficial type of trust for your situation.
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Types of Power of Attorney
Power of attorney documents allow an individual to name an agent to manage their finances, medical care, and make decisions on their behalf if they are somehow incapacitated.
General Power of Attorney
Drafting a general power of attorney document allows the named individual to do these things on behalf of the principal:
- File tax returns
- Pay bills
- Borrow money
- Make investments
- Collect debts
- Manage property
It gives a broad scope of legal rights to the caretaker and doesn’t guard against every possible legal scenario. To help an aging parent with their finances, a general power of attorney will work as intended.
However, as soon as the principal becomes incapacitated, the power of attorney would be void. It doesn’t allow someone else to make end-of-life decisions on their behalf.
Durable Power of Attorney
When power of attorney is durable, the acting agent can make decisions even when the principal becomes incapacitated. There is no deadline or specific conditions under which this would expire, except the death of the principal or court intervention.
Durable power of attorney only includes financial and property decisions. Drafting a medical power of attorney document allows the principal to name someone to manage their health care.
Next Steps in Estate Planning
- Schedule a consultation
- In the initial meeting, gather information to draft documents
- Review & execute the documents
Probate Attorney in Tyler, Texas
When a will is contested in Tyler, it will proceed to Smith County probate court. If you are considering contesting a will, contact an experienced probate lawyer at Nowlin Law Firm for legal advice.
Contesting a will, like any other legal proceedings, needs evidence of illegal activity.
This activity could have occurred when the will was written. In some cases, an individual was previously named as a beneficiary but was later excluded, either accidentally or intentionally, by someone other than the deceased.
You may also have a case if you suspect the testator was mentally incompetent, under undue influence, or if you believe there’s a more recent version of the will.
A lawyer from our firm will honestly explain if we believe you have a legal basis for contesting a will and guide you through the probate process. We provide probate services in Anderson, Cherokee, Houston, Leon, Freestone, and Smith County, TX.
