Should I Have a Will and Trust in Place?
A Comprehensive Estate Plan Could Include Both a Will and a Trust
If you lack an estate plan, you are not alone. A survey published by AARP found that just 40% of Americans have an estate plan. It is an alarming statistic because every person should have an estate plan that is customized to meet their needs. This raises an important question: Should both a will and a trust be a part of my estate plan? The answer is “it depends”—while everyone should have a will, some people can also benefit from a trust. Here, our Lake Jackson estate planning lawyer provides a more detailed overview of the key things to know about having a will and a trust in place.
Every Adult in Texas Should Have a Will
A will is crucial for every adult in Texas. It is the best way to be certain that your assets will be divided in accordance with your wishes. Without a will, the state will determine how your assets are divided, which may not align with your intentions. Additionally, a will can help you simplify the probate process, provide for your dependents, and name an executor to manage your estate. No matter your age or financial situation, a will is an essential component of an estate plan.
You May Also Benefit From a Trust
In addition to a will, you may also benefit from establishing a trust. Contrary to popular belief, trusts are not just for the wealthy. They can be an effective estate planning tool for anyone looking to manage their assets and provide for their loved ones. Trusts can help you avoid probate, minimize taxes, and protect your assets from creditors. There are a number of different types of trust that can be used to achieve specific purposes. Examples include:
- Revocable living trusts;
- Irrevocable trusts:
- Testamentary trusts:
- Special needs trusts: and
- Charitable trusts.
A Texas Estate Planning Attorney Can Help You Put a Customized Plan in Place
Preparing to create an estate plan in Texas? It is essential that you seek the guidance of a top Lake Jackson estate planning attorney. Your attorney will help you understand the various options available to you and develop a plan that best meets your needs and goals. An estate plan should always include a will. Depending on your specific circumstances, you may also benefit from putting a trust in place. Ultimately, every estate plan in Texas should be crafted to meet the unique individual needs of each person.
Contact Our Texas Estate Planning Attorney Today
At Cordoba Law Firm, PLLC, our Texas estate planning lawyer is standing by, ready to protect your rights and your family. If you have any questions about crafting an estate plan with both a will and a trust in place, we are here to help. Contact us now for a strictly confidential, no-obligation consultation. From our offices in Lake Jackson and Pearland, we help clients with wills, trusts, and other estate-planning matters throughout the wider region.