When the time comes to make a plan for the distribution of your financial assets after you pass away, it is very important to understand the difference between a will and a trust. Both of these are legal documents that deal with the handling of your assets, but there are some definite differences between them. For many people, a will is sufficient for the planning of an estate because it leaves a basic set of instructions on how your assets are to be handled and distributed after you have died. It does not avoid probate court, but if it is written clearly and concisely, it will make the probate process go smoothly and quickly. The best way to determine whether a will, a trust, or both are needed to effectively plan your estate is to speak with a Texas will and trust lawyer. This lawyer can help you evaluate your unique situation and come up with the best solution.
Staying Out of Probate Court
For wealthier individuals with complex estates, the probate process in which assets are distributed can become quite complex as well as expensive. For such people, establishing a trust may be a good option. A trust can be set up so that your beneficiaries can receive your financial assets after you die without having them go through probate court. Another benefit of establishing a trust is that it can include a stipulation for a legal power of attorney who can manage your affairs should you become unable to do so yourself. A trust does not, however, designate a legal guardian for any minor children. For this purpose, a will is used. That is why, for those with significant financial assets as well as minor children, both a will and a trust may be needed.
Call to Schedule a Free Consultation With a Texas Will and Trust Lawyer Today
If you want to learn more about the difference between a will and a trust, call to schedule a free consultation with a Texas will and trust lawyer today. The experienced legal professionals at the Voeller Law Firm will help you determine which estate planning options would work best for you. Visit our web page at voellerlaw.com or give us a call at 210-985-2741 and set up your consultation with one of our knowledgeable lawyers. We serve the city of San Antonio and we’ll help you make an estate plan that works for you.