People often talk to Frisco estate planning attorneys about terms they’re not sure about. Among the most common are wills and probate. At Christman Ramsey & Foster, PC, our estate planning attorneys in Frisco TX will do everything we can to make sure you are completely aware of how to properly plan for your assets to be distributed. Here’s a little information to help clear up any confusion you may be experiencing.
Wills and Probate
If you work with Frisco estate planning attorneys on a will, that’s the document that specifies who will get your assets, of course. But there are instances where a will isn’t enough to keep certain assets from going to probate, which is where the court decides how your property will be divided upon your death. The estate planning attorneys in Frisco TX with Christman Ramsey & Foster, PC will help your beneficiaries avoid this often complex process.
You’ll want to work with our estate planning attorneys to have the best chance of avoiding probate. This will involve not leaving behind any so-called “probate assets.” These include bank accounts that are only in your name, brokerage, stock and bond accounts that don’t name a beneficiary. And life insurance policies that only name you or your estate as the beneficiary.
One great way to turn probate assets in to non-probate assets is to establish a trust. Our attorneys can tell you much more. There are other ways that proper planning can help those you love avoid probate. These include making retirement and bank accounts payable to a beneficiary you designate. Or, you can place all of your assets in a trust, and name the trust as the beneficiary. The person you designate as the trustee will then distribute those assets according to your wishes.
Let Us Clear Things Up
The Frisco estate planning attorneys with Christman Ramsey & Foster, PC will be more than happy to help you navigate the complexities of making sure your last wishes are executed appropriately. Contact us online or call 972.445.9907 for more information.