Knowing the difference between a will and a living trust can help you decide which one will best fit your situation and how you want your estate to be handled. A revocable living trust and will both allow you to name beneficiaries in the event something happens to you, but each comes with their own benefits. Here’s what you need to know to make an informed decision.
There are many reasons why having a will in place is a good idea, and you don’t need to have a large estate for a will to be beneficial. Reasons to have a will may include:
- A will allows you to have someone you trust to handle your affairs after your passing.
- A will ensures that the state does not interfere with distributing your assets.
- A will establishes legal guardianship for minor children.
- A will can be amended at any time.
Since Texas is a community property state, any assets you and your spouse acquire during your marriage are equally owned by both of you. If one spouse passes without a will, the state may decide who gets the assets under intestacy laws. It’s especially important to consult with an estate attorney as preparing a will on your own could leave room for errors.
A revocable living trust can help reduce the stress and strain on your family in the event of your death. Some other benefits include:
- Named family and friends can receive assets without having to go through the long and arduous probate process.
- An appointed trustee can distribute assets to your loved one as per your instructions.
- Trustees can receive assets quickly without legal fees that can tap into inheritance.
- Avoiding guardianship or conservatorship - should you become mentally incapacitated, a revocable living trust gives you the freedom to nominate someone you trust to take care of you and your personal affairs without court interference.
- Can be amended at any time.
Estate laws can be complicated to navigate, and having an experienced estate planning attorney on your side can make all the difference. Working with a skilled attorney who knows how to avoid problems with your will or revocable living trust as well as make suggestions that will benefit you and your family is invaluable.
Estate planning has many options to protect your assets. From wills to living trusts and more, contact Auten & Willingham, P.C. today at (214) 643-8757 for all your estate planning needs. Our team of experienced attorneys will answer all your questions and tailor a plan that is right for you.