When it comes to planning what happens to your assets after you’re gone, most people think of a will as the go-to solution. And while a will is an essential estate planning document, it’s not always the most efficient or protective option—especially if you have specific wishes, complex assets, or privacy concerns. In many cases, setting up a trust—particularly a revocable living trust—can offer significant advantages over relying solely on a will. A Dallas, TX probate lawyer can help you to determine what is best for you and your situation.
Here’s why you might want to consider using a trust as the cornerstone of your estate plan.
Avoiding Probate
One of the most significant benefits of a trust is that it allows your estate to avoid probate.
Probate is the court-supervised process of validating a will, paying off debts, and distributing assets. It can be time-consuming, expensive, and public. Depending on the state, probate can take months or even years, and legal fees and court costs can significantly reduce the value of your estate.
Assets placed in a trust, however, bypass probate entirely. After your death, your chosen trustee can distribute the assets according to your instructions—quickly and without court involvement.
Maintaining Privacy
Unlike wills, which become public record during the probate process, trusts offer complete privacy.
That means no one outside your trusted circle will know the details of your estate, what you owned, or who your beneficiaries are. This can be particularly important for high-net-worth individuals, those with sensitive family dynamics, or anyone who values discretion.
Greater Control Over Distribution
With a will, assets are typically distributed in a lump sum once probate is complete. A trust, on the other hand, allows for customized, conditional distributions.
For example:
- You can specify that children receive their inheritance at certain ages.
- You can set up distributions for specific purposes—like education, medical expenses, or buying a first home.
- You can protect beneficiaries from poor financial decisions or from creditors.
This level of control can be especially useful in blended families, for minor children, or when a beneficiary has special needs.
Continuity In Case Of Incapacity
A will only takes effect after death. But what happens if you become incapacitated?
With a properly drafted living trust, your successor trustee can step in and manage your affairs without court intervention. This avoids the need for a court-appointed guardian or conservator and makes certain your financial life stays on track even if you can’t manage it yourself.
Faster And More Efficient Settlements
Because trusts don’t go through probate, assets can be distributed to beneficiaries much more quickly—often in weeks, rather than months or years.
This efficiency can be a huge relief for your loved ones, especially when they may be dealing with grief and financial uncertainty.
Potential Tax Planning Benefits
For larger estates, certain types of trusts can help minimize estate and gift taxes. Trusts like irrevocable life insurance trusts (ILITs), charitable remainder trusts, and others can be structured to reduce the taxable value of your estate and pass more wealth to your beneficiaries.
While these strategies require skilled planning, the long-term savings can be substantial.
Why You Should Still Have A Will
Even if you have a trust, you’ll still need a “pour-over will” to catch any assets not titled in the name of your trust and make certain they are transferred properly after death.
However, a will alone doesn’t offer the same protection, flexibility, or efficiency as a trust.
Putting It All Together
Estate planning isn’t one-size-fits-all, but if your goal is to simplify the process for your loved ones, maintain privacy, and exercise more control over how your assets are managed and distributed, a trust is often the better choice.
Consult with an estate planning attorney to see whether a trust makes sense for your situation. A little planning today can save your family significant time, stress, and money tomorrow.
Brandy Austin Law Firm is a full-service law firm offering legal representation in various practice areas, including family law, personal injury, estate planning, probate, business law, civil litigation, defamation, elder law, guardianship, limited scope services, and immigration. Our founding attorney, Brandy M. Austin, is a seasoned attorney with over 16 years of legal experience. Reach out to us today or whenever you have estate planning or other legal needs.