Why a Trust is Better Than a Will

 Posted on June 19, 2023 in Estate Planning

Estate planning involves complex terminology and legal procedures. Trusts and wills are important for distributing assets after death. Though both serve the same purpose, trusts offer more advantages, especially under Texas law.

Trusts vs. Wills

A will is a legal document instructing how your property should be distributed after death. An executor is responsible for submitting it to the probate court. On the other hand, a trust is a legal entity that holds your property and distributes it according to your instructions. Trusts can be made either during your lifetime (living) or by a provision in your will (testamentary) and managed by a trustee.

Why Trusts Outshine Wills

There are several reasons why trusts often prove to be more beneficial than wills:

Avoidance of Probate

If you include your property in a trust in Texas, your heirs can avoid the probate process completely. This can save them time and money since they won't have to wait for approval from the probate court to inherit the property. Additionally, unlike probate court proceedings, transferring assets through a trust can offer more privacy as they are not a matter of public record.

Flexibility in Asset Distribution

Trusts allow for more sophisticated asset distribution plans. For instance, you can stipulate that certain assets only get distributed when the beneficiary reaches a specific age or achieves a particular milestone. This level of control is not typically possible with a will.

Protection in Cases of Incapacity

Setting a trust can offer protection in case you become disabled or incapacitated. By designating a trustee, your assets can be managed on your behalf, and your family can access them immediately. A will typically does not have this capability.

Keep This in Mind

While establishing a trust is generally more complex and costly upfront than drafting a will, the long-term benefits often outweigh these initial drawbacks. Trusts provide a more flexible, efficient, and private means of managing and distributing your assets after your death, making them an optimal choice for many Texans.

Remember, this information is intended to offer a general understanding and should not be considered legal advice. Always consult an experienced estate planning attorney to discuss your specific circumstances and help you make the best decisions for your estate planning needs.

Contact a Texas Estate Planning Lawyer

When planning your estate, you need a knowledgeable Fort Worth estate and will attorney who will understand your goals. Call Gonzalez Law, PLLC at 817-349-7330 to get help with your next steps and make sure your documentation is up-to-date and accurate.

Source: 

https://www.investopedia.com/articles/personal-finance/051315/will-vs-trust-difference-between-two.asp