If you’re looking for an estate planning lawyer in El Paso, it’s likely that you’re concerned about the future of your assets and your loved ones. Estate planning is an essential part of securing your financial legacy, and it’s crucial to have a legal professional on your side who can help you navigate the complexities of probate law in Texas.
A qualified estate planning lawyer in El Paso will work to effectively and expediently administer your will, which can save your executor from holding up payments on bills and costs related to your estate. This can include paying off creditors, burial costs, and upkeep on property, along with fees for professionals who perform services for the benefit of your estate such as appraisals. Closing out estates can be time-consuming and dragged out, depending upon the nature of the assets left to distribute and instances of beneficiaries contesting a will, requiring the service of an estate planning lawyer.
Probate assets are those that do not have a beneficiary designation or assignment and are solely owned by the deceased individual, or jointly owned with someone else. High-value assets that meet these qualifications must go through probate along with anything else that the will instructs to transfer into trust upon your death. An estate planning lawyer in El Paso can help you understand the probate process and ensure that your wishes are carried out.
Interested parties to a Texas probate action should consult with an estate planning lawyer in El Paso about the impacts of non-probate assets that include those assets that have pre-designated beneficiaries, or joint interest with the right of survivorship that pass automatically to the named individual(s) upon your death. The importance of naming beneficiaries on insurance policies, retirement accounts and deeds to property cannot be minimized.
Surviving Spouse Probate-Exempt Assets
Spouses and families of the deceased are afforded important property rights under Texas Law. Specifically, the law provides that certain property be considered exempt property, thereby passing automatically to a surviving spouse regardless of intestate succession laws or the terms and provisions of a will. An estate planning lawyer in El Paso can help you understand these rights and ensure that your assets are distributed according to your wishes.
Hiring an Estate Planning Lawyer in El Paso
The size of an estate, considerations to exempt probate assets, the named beneficiaries, and other entanglements surrounding a Last Will and Testament require the assistance of experienced estate planning lawyers in El Paso who understand the state and federal laws that will impact its administration. Contact the El Paso probate law firm of Kreig LLC today for a FREE attorney consultation at (915) 292-4400.