Is a Will or Trust Right for Me and My Family?

 Posted on October 03, 2024 in Estate Planning

Planning for the future can feel overwhelming, especially when choosing between a will or a trust. Both are useful estate planning tools that help protect your family's future, making it easier to manage your estate after you are gone. To understand which option is right for you, consult an estate planning lawyer.

What Are the Benefits of a Will?

A will is a legal document that explains how your assets should be distributed after you pass away. While creating a will might seem simple, it is recommended to get legal advice, especially in Texas. Key features include:

• Simplicity: Wills are generally easier and less expensive to set up compared to trusts.

• Control: You decide who gets your assets, appoint guardians for minor children, and choose an executor to manage the estate.

• Probate Process: Wills go through probate, a public process that validates the will and ensures assets are distributed correctly.

What Are the Benefits of a Trust?

A trust is a more complex legal arrangement that helps meet specific estate planning goals. Unlike a will, a trust avoids probate, saving time and maintaining privacy. Key benefits include:

• Avoiding Probate: Trusts do not go through probate, making asset distribution faster.

• Privacy: Trusts are private, keeping your family's financial matters out of public records.

• Asset Management: Trusts allow you to manage assets during your lifetime and decide how they will be handled after your death.

How to Decide Between a Will or a Trust

While everyone should have, at a minimum, an up-to-date will, deciding whether you want a trust as well will depend on your circumstances. Factors to consider include: 

• Estate Size: If your estate is large or complicated, a trust may be more beneficial.

• Privacy Concerns: If you value privacy, a trust is the better option.

• Minor Children: If your family includes minor children, appoint guardians or set up financial support through a trust.

Questions to Ask When Deciding Whether You Want a Trust

When deciding whether setting up a trust makes sense for you, ask these important questions:

• Do I want my assets distributed quickly and privately?

• Am I concerned about the cost or length of the probate process?

• What are my wishes for the care of my minor children?

Contact Our Flower Mound, TX Estate Planning Attorney

Choosing between a will and a trust depends on your personal circumstances, and in many cases, it makes sense for people to have both. For help making this important decision, contact our experienced Denton County, TX estate planning lawyer at Colbert Law Group PLLC. Call 972-724-3338 for a private consultation today. Better understanding your options can help make sure you are making an informed choice. Whether you decide on a will, a trust, or both, taking the first step in planning can provide peace of mind for you and your family. Reach out to our office today to explore what options are best for you.