Should I include a trust or will in my estate plan?

Estate planning law in Texas outlines the legal process for arranging the ownership and beneficiary designations of your assets. Ultimately, whether to include a trust or will in your estate plan will depend on your individual circumstances. A will is the most basic, and usually the least expensive, part of an estate plan. A will lets you decide who will receive your property when you die, and also name a guardian for minor children. A will is also the only way to name an executor, who speaks on your behalf in court proceedings if it is needed. A trust is a way to transfer assets to beneficiaries without the need for a probate court process. With a trust you can transfer your assets quickly without going through the probate process, and still manage how and when your beneficiaries can access the money. It also gives you more control when it comes to taxes or stipulating how the beneficiary must use the money. Depending on your estate size, asset distribution preferences, and how complex your estate may be, you may need to include both a will and a trust in your estate plan. It may also be helpful to speak with a knowledgeable attorney who specializes in estate planning to determine the best course of action for your individual estate plan.

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Should I include a trust or will in my estate plan?

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