When To Have Will vs. Trust in Texas
It’s great to plan for the future. Unfortunately, many people’s future plans fail to include a plan for their assets after death. It is vitally important to have an estate plan in place to transfer assets. You have spent a lifetime acquiring these assets; you ought to be the one who determines where the assets go upon your death. Thankfully, there are several options available to allow you to customize the distribution of assets upon death.
Which Is Better in Texas, Will or Trust?
There is no single estate planning option that is universally “better” for all situation. This raises the question, “What are the benefits of wills vs. trusts in Texas?” Keep in mind that there is no “one-size-fits-all” option for estate planning.
In a recent article from Forbes Magazine, wealth management professionals Thomas and Robert Fross discuss advantages and disadvantages of each option. One issue addressed is that this decision can be strongly affected by the probate law of the state in which you live. Fortunately, Texas probate is affordable and streamlined compared to most other states. So, in Texas, having a living trust to avoid probate makes less since than it might make in other states.
The bottom line of the Forbes article is that a trust tends to be more complex than a last will and testament. This complexity, of course, has costs and benefits. For example, the complexity of a trust can allow for an extremely custom-tailored designation of how property should be distributed.
A trust also has an active management component (a “trustee” to look after the assets owned by your trust). Many clients love the idea of a family member or trusted adviser serving as trustee to make sure the trust assets grow and are used wisely. On the other hand, the active management component of a trust can increase costs.
Having said that, if your only goal is to avoid probate in Texas to save probate costs, a trust just probably isn’t worth it financially. Texas allows for a streamlined probate process, so having a Texas last will and testament in place is sufficient for most people’s needs.
As you can see, to decide the “will vs. trust in Texas” question it is extremely important to have your situation reviewed by a Texas estates attorney. I offer free consultations here at Shutt Law Firm, PLLC. In a matter of minutes, I can help you decide between will vs. trust.
To ask a legal question or get legal help from Texas wills and Texas trust and wills lawyer Isaac Shutt, use the online contact form to the right or call (214) 302-8197. If you prefer to meet at the office in person in Richardson, Texas – the attorney will gladly offer a free consultation.
Visit www.ShuttLawFirm.com for more information on creating a living trust in Texas, Texas trust vs. will, how to get a Texas last will and testament, cost for a trust in Texas, or any other question for the estate planning attorney, contact Richardson, TX Wills Attorney Isaac Shutt at firstname.lastname@example.org.
Shutt Law Firm’s office is conveniently located just north of Dallas, TX and just South of Plano, Texas. The law office is near the intersection of highway 75 and Campbell Road in Richardson, TX.
You can also call Mr. Shutt at (214) 302-8197 for more information on the topic discussed in this article or to discuss a different legal matter. For existing clients, quick phone-calls and brief e-mails are always free at Shutt Law Firm PLLC.
Please consider the Shutt Law Firm if you want to know “how much does a living trust cost in Texas?”, more about Texas trusts, revocable trusts, a Texas Last Will and Testament, or if you need Dallas Estate Attorneys serving Richardson, Plano, Allen, McKinney, Garland, Addison, TX, Collin County, or surrounding North Texas area.