Will & Trust

Are You Confused About The Role Of Wills And Trusts In Your Estate Plan?

Estate planning decisions are all too easy to put off, and many people, in fact, procrastinate rather than plan. Protecting and dividing your property and assets, planning for urgent medical and end-of-life decisions, guardianship for minors – these are just a few of the difficult decisions we typically delay.

While the scenarios that wills and trusts anticipate are uncomfortable to think about, they’re realities nevertheless. The good news is: planning and making the tough decisions today spare you and your family from confusion, frustration and pain later.

Like others, you may have delayed decisions about making a will or creating a trust because estate planning law is so complex. However, if you’re ready to get started but still have questions, a trusted wills and trusts attorney can help.

The Granger Law Firm, PLLC: An Estate Planning Law Firm You Can Trust

It’s a common misconception that estate planning is only for the rich. Even if your estate is modest, you deserve to be in control of how and to whom it’s distributed after your death. However, if you die in Texas without at least a will, the state will decide how your estate will be distributed.

Both wills and trusts ensure your wishes regarding the disposition of your estate are honored, and your rights are protected. Because wills and trusts serve specific functions and offer distinct advantages, it’s often advisable to have both. In many cases, their functions and benefits are complementary.

The trusts and estates lawyers at The Granger Law Firm understand the weight of these decisions and that estate law can be difficult to understand. That’s why they’re committed to bringing clarity and guidance to your estate planning choices.

What Can Creating A Trust Or Making A Will Do For You?

When you establish a “revocable” or “living” trust, you transfer ownership of your assets to the trust while you are alive. This process allows you to continue holding and controlling your assets during your lifetime and directly transfer them to your beneficiaries upon your death.

This immediate, direct transfer of your assets avoids the added expense and red tape of the probate process that a will entails. Trust administration is also a private process, whereas the probate of a will is a matter of public record.

If you make a will, you appoint an executor to distribute your estate’s assets to your beneficiaries upon your death. A will also serves the specific purpose of designating guardians for minor children, which can’t be accomplished through a trust.

The validation of your will would be a court-supervised process. Fortunately, in Texas, there are simplified and streamlined processes for smaller (less than $75,000) or less complex estates. In any case, administering a will in Texas is likely to take at least a few months.

For many, there are advantages to having both a will and a trust. For example, you may choose to make a pour-over will. Often, people have assets that were either intentionally or accidentally left out of their trust. The pour-over will’s purpose is to transfer those assets into the trust immediately upon your death.

Let Us Help Secure Your Future

Estate planning decisions can have significant legal and financial ramifications. When you’re deciding whether to create a will or trust, your family’s unique circumstances should guide you.

While estate planning may seem daunting, an experienced will and trust attorney can provide reassuring clarity and help you make a well-informed decision that aligns with your goals. The experienced attorneys of The Granger Law Firm can guide you at every stage: creating your will or trust, updating your estate plan as circumstances change and providing trust administration services.

Contact Us Today For A Free Consultation

If you’re ready to plan for your family’s future security but still have questions, call The Granger Law Firm today at (512) 800-7394 or visit our client contact page to schedule a free consultation at our Buda, Texas office.