When planning your estate, it’s common to think a will is the only option. However, while a will can specify how your assets should be distributed after your passing, it may not always be the most effective tool. At Brandy Austin Law Firm, we often recommend considering a trust as an alternative to a will, especially for those seeking more control, privacy, and efficiency. Below, our Arlington, TX estate litigation lawyer that has been rated by Super Lawyers will share seven reasons a trust is a good option:
1. Avoiding The Probate Process
One of the primary advantages of a trust over a will is that a trust helps your beneficiaries avoid probate, the legal process that authenticates your will and distributes your assets. Probate can be costly and time-consuming in Texas, often lasting months and involving various fees. By creating a trust, your assets can be transferred directly to your beneficiaries, saving time and avoiding the stress of probate.
2. Ensuring Privacy For Your Estate
Unlike wills, which become part of the public record, trusts are private documents. This allows your family’s financial information to remain confidential and protects sensitive details about your assets, debts, and beneficiaries from public view.
3. Greater Control Over Asset Distribution
With a will, your assets are distributed upon your passing, but a trust lets you control when and how your beneficiaries receive their inheritance. This flexibility is particularly useful if you have young children, beneficiaries with special needs, or specific intentions for how you want your legacy to be managed. We work closely with our clients to ensure their trusts are structured to reflect their goals.
4. Planning For Incapacity
While a will only takes effect after you pass, a living trust can also protect you if you become incapacitated. With a trust, you can designate a successor trustee to manage your affairs if you’re unable to due to illness or injury, avoiding the need for a court-appointed guardian and ensuring continuity in your financial management.
5. Reducing The Risk Of Disputes
Trusts can help reduce family conflicts, as they bypass probate and are typically harder to contest than wills. This makes trusts especially useful in preventing potential disputes, helping ensure a smoother and more amicable asset transfer for your family.
6. Potential Tax Benefits
Depending on your financial situation, a trust may also offer tax advantages. Certain trusts can reduce estate taxes or protect assets from creditors, which ultimately preserves more of your wealth for your beneficiaries. Although Texas doesn’t have a state estate tax, larger estates may still face federal estate taxes. We can help you explore if a trust could make your estate plan more tax-efficient.
7. Flexibility And Customization
Trusts come in various forms, such as revocable and irrevocable trusts, special needs trusts, and charitable trusts. This flexibility allows us to tailor your estate plan to your unique needs. For example, a revocable trust offers flexibility as it can be changed during your lifetime, while irrevocable trusts may provide tax advantages. Our team can help guide you through these options.
Making The Right Choice For Your Future
We understand that estate planning is about providing peace of mind for you and your family. A trust can protect your assets, streamline their distribution, and make things easier for your loved ones. If you’d like to discuss whether a trust is the right choice for your estate, contact Brandy Austin Law Firm. Our lawyers that have received a 10.0 rating from Avvo are here to help you understand your options and create a plan that aligns with your goals.
