There is no “one size fits all” approach to estate planning. Each person brings his or her own set of circumstances, goals, and opportunities to the table. One of the first questions we discuss with our potential clients during a first meeting is whether they would like to move forward with a will or a trust. There are basic differences between the two tools, and these differences can help clients decide which tool (if either) is right for them and their families.
How Much Do You Value Privacy?
If it is important to you for your assets, debts, and estate plan to be kept private, a trust might be better for you. A will passes through probate court, meaning a judge will have to validate the will before approving the distribution of the assets. These proceedings become part of the public record. A trust, on the other hand, allows you to forego probate altogether, which shields your estate plan from public view.
How Complex is Your Estate?
In general, a more complex estate lends itself better to a trust than to a will. While there are certainly exceptions to this rule, if you have assets such as an interest in a business, multiple real estate properties, or significant investments, you may want to consider a trust over a will. It is sometimes easier to tailor a trust to a client’s specific estate, and if you have a complex estate, the trust might allow you to more easily meet your personalized goals.
Do You Want to Minimize Maintenance on Your Estate Plan?
If you form a trust instead of a will, you will likely have a continued obligation to make sure the trust is set up correctly and (depending on what kind of trust you’ve chosen) to make sure that it is operating smoothly during your lifetime. With a will, on the other hand, as long as the will is drafted and formalized according to Texas laws, you can write the will and essentially be done with the estate planning process. You will, of course, need to update the will every so often, but this process can still require less maintenance than a trust would require.
Do You Need a Houston Estate Planning Attorney?
Of course, there is no right answer to this age-old question. Some clients choose a will, some choose a trust, and some choose a combination of the two. At the end of the day, if you are making a decision about your estate plan, contact an experienced Houston estate planning attorney that can help you understand both options before you get started. That way, you can ensure you are making an informed, thoughtful decision about how to structure your assets for your loved ones. At McCulloch & Miller, looking out for our clients’ best interests is our specialty. If you would like to set up a meeting with one of our Houston estate planning attorneys, give us a call today at 713-936-9073. You can also fill out our online form to tell us about yourself and have a member of our team reach back out to you as soon as possible.