Will Vs Trust, What You Need To Know.

Do You Know What A Living Trust Is?

• A Living trust is a legal way to ensure you hold on to your assets during your time.
• Once you establish a trust, you must make a list of assets to be protected. These assets will remain in the trust until you pass unless you personally make changes.
• If you have a trust, there must be a trustee assigned. The trustee is who handles matters once you have passed. You can appoint yourself as a trustee to manage the assets while you are alive.
• The trustee is required to follow all documents filed in order to create the trust.

What Is The Difference Between A Trust And A Will?

• A trust saves you time and money by avoiding the court's supervised process of authenticating a last will and testament.
• A trust guarantees that your wishes will be fulfilled after your passing. In some cases, the court can override what you have chosen and what assets go to who when a will is the only item in place.
• A trust protects your privacy, as a will is a public record.
• It is best to hire a Texas attorney to guide you with the option that best fits your needs. In some cases, it is best to have a trust and a will.

Why Should You Have A Living Trust?

• A living trust allows you to be in complete control of your assets and how they are distributed.
• You can make changes at any time to a living trust.
• A living trust is a way to honor your request and handle your property should you become incapacitated and unable to make your own decisions.
• Your assets and finances remain private.

What Are The Not-So-Great Things About A Living Trust?

• The upfront cost of a living trust is more than that of a will.
• A living trust does not protect your assets from federal estate tax or creditors.
• There is a lot of paperwork that is required to begin the process.
• You must transfer any assets with a title to the trust and/or the trustee.
  

Should You Consider A Living Trust?

• For starters, this is a question that only you can ask yourself. Are the benefits of having a trust great enough for you to begin the tedious process?
• Are there specific goals you are trying to attain from having a living trust in place? 
• Are you prepared to hire an attorney to help with the creation?
• Is it essential that your dying wishes are fulfilled once you have passed?

Frequently Asked Questions

What Should You Do To Create A Living Trust In Texas?

• Before you do anything, you must establish what assets you wish to protect in the living trust.
• You must decide who, other than yourself; you will assign as the trustee over the trust. If you do not wish to choose a family member or someone you know personally, you may use a bank or a trust company. 
• A trust formation document needs to be drafted. This will outline what the actual trust will display. 
• Establish a beneficiary. This is who your assets will be left with. 

Do You Need An Attorney's Assistance?

• Are you prepared for the things that may go wrong?
• If any errors are found in the documentation, you may be held financially liable.
• Is this an area that you have experience? If not, consider allowing an expert to handle the matter.
• Would you like to save money in the long run essentially? An attorney will be more costly initially, but ultimately it will save you more in the end. 

Our Dallas attorneys are experienced in this process and are prepared to help you make the decision that will suit your needs. Please reach our to our firm for a complimentary consultation to discuss your next steps.