The Law Office of Ana M. Pace provides comprehensive, expert counsel on every aspect of estate planning to families in McKinney, TX. We navigate the intricacies of wills, trusts, and probate with precision and careful attention to detail, ensuring your assets are protected and your family’s future is secure. Trust our dedicated expertise to safeguard your estate.
There are several reasons McKinney families choose Ana over other estate planning attorneys in the area:
A Will is a legal document outlining who receives your assets after your death and designating an executor to carry out those directives, either independently or under court supervision. However, a Will only covers assets held solely in your name, and it does not provide for your care if you become incapacitated.
A Will must be validated by a Texas probate court and can be contested by eligible heirs. Because a Will becomes a public record once submitted for probate, your private wishes become open to scrutiny, which can expose your beneficiaries to unwanted solicitation. Handwritten or online Wills also lack any mechanism for distributing funds over time, forcing immediate lump-sum transfers even to heirs who may not be ready to manage them. For these reasons, an estate planning attorney in McKinney typically recommends working with a licensed professional rather than drafting a Will on your own.
A Trust is a legal arrangement that creates a fiduciary relationship, allowing a trustee to hold and manage assets on behalf of your beneficiaries. The most common estate planning trust is a revocable living trust, which avoids the probate process and transfers assets to your beneficiaries privately.
Assets in a revocable trust are generally still taxable to the grantor’s estate, so the tax benefits are limited, but they are an excellent way to organize a non-taxable estate and keep your affairs private. Irrevocable trusts can substantially reduce estate taxes and shield assets from creditors, with the trade-off that you cannot serve as your own trustee and the trust generally cannot be revoked or amended.
Probate is the court-supervised process that follows a person’s death — validating their will, inventorying assets, settling debts, and distributing what remains to the rightful beneficiaries.
McKinney is the county seat of Collin County, which means the Collin County Probate Court sits right here in town. Estates of McKinney residents are administered at the county courthouse in McKinney itself, so there’s no need to travel to another county to open or settle an estate. Collin County’s probate process is generally more efficient than those in larger metro counties such as Dallas, but it still involves strict filing requirements, deadlines, and court appearances — which is why working with an attorney familiar with Collin County procedures makes a real difference.
The process usually begins by submitting the deceased’s will to the court. If there is no will (dying “intestate”), Texas law determines who inherits. The court then appoints an executor or administrator to manage the estate — identifying and valuing assets, paying debts and taxes, and distributing the remainder to beneficiaries.
A well-structured estate plan — particularly a properly funded living trust — can help your family avoid the time and expense of Collin County probate altogether. To understand how probate would apply to your specific situation in McKinney, schedule a consultation.
In addition to a will or trust, several other estate planning instruments may be necessary to ensure your wishes are carried out comprehensively: