When it comes to planning for the future, how do you know whether a will or a trust is best for you? What is even the difference between them? To put it simply, a will is a legal document that directs how your property and assets should be distributed after you pass while a trust is a legal instrument that is intended to control your assets. Both wills and trusts have their positive and negative aspects – the correct choice depends on your own personal situation and how you want your property and assets to be handled. In order to find the right choice for you, a wills & trusts Houston attorney can provide you with the knowledge to make the best decision possible.
Wills are extremely important because they allow you to determine multiple important issues in a single document. Of course, a will enables you to choose who will be the executor and how they will divide your assets and property. This will already prevent a lot of strife that may occur between your loved ones after you pass away. If you have young children, you can list in your will who is to be the guardian in the case that you are no longer able to take care of them. With this, a will provides a sense of security for loved ones as both, a layer of protection in case tragedy occurs and a secure future. However, wills cannot: determine your legal and medical powers of attorney (they must be determined on separate documents), avoid the probate process, or keep your affairs private because wills are public documents. Although none of these are necessarily deal breakers, it is important to consider if trusts better meet your needs.
Trusts allow you to take your assets and place them in a trust, which you can continue doing as new assets arise throughout your lifetime. Not only will you be able to avoid probate, but you will be able to pay your legal fees up front (as opposed to during the probate process) as well as keep your affairs private. On the other hand, trusts cannot determine a legal guardian and the trust cannot be changed after you pass even if you did forget an asset. In this light, it is evident that both wills & trusts have their benefits, and with a seasoned wills & trusts lawyer you will be able to make the best choice for your future.