Estate
Wills and living trusts are both methods of determining which beneficiaries will receive assets after a person’s death. The key difference between the two is that a will is settled after death through the Texas probate court system, while a living trust is passed on to beneficiaries without the involvement of the court. Though most people in Texas still prefer to create wills due to lower costs, living trusts are a better method of making clear your end of life wishes.
A will is a document that outlines what a deceased person wants done with his or her assets after death. This can include giving assets to beneficiaries, as well as donating certain sums or items to charity. A will may also outline other important end of life matters such as care for dependents. After a person’s death, the will must pass through a legal process called probate in order to ensure that it is legal and valid according to Texas law.
A living trust is a fund or account containing cash, business, and property assets that automatically passes on to another person or persons after the trust holder’s death. Living trusts are more complicated and expensive to set up than wills, and some assets have to be kept in the trust while the individual is still alive in order to keep the trust valid. Due to legal requirements, it’s not recommended to try and set up your own trust.
Not having a will or trust to manage your assets at the time of your death can cause your estate to be tied up in the Texas probate court system for a very long time. Since there will most likely be disputes among family members about who should get what, an El Paso probate attorney should be hired in order to settle the estate to the satisfaction of all potential beneficiaries, not to mention any settlements that need to be made with creditors.
An attorney who specializes in estate law in Texas is your best resource for beginning the work of creating your will or living trust. The attorney can provide sound advice about your options and guide you through the process for drawing up the appropriate documents so you can feel confident they will hold up in court when the time comes.