Protect Your And Your Family’s Future With A Will Or Trust

A comprehensive estate plan is a strong estate plan. To create a comprehensive estate plan, you need to clearly communicate with your beneficiaries about who will get what after you pass. Wills and trusts can give you certainty and control over your asset distributions, even after you’re gone. However, working with someone who fully listens to and understands your wishes when creating these entities is vital.

At Danielle M. Campbell, Attorney at Law, PLLC, we know how important it is for you to fulfill your wishes. Our attorney has 18 years of experience in creating clear and thorough trusts for people like you across The Woodlands and Montgomery County.

How Do Wills And Trusts Differ From One Another?

While wills and trusts can serve similar functions, they have unique features that set them apart. Here’s what makes them different:

• Wills: Wills provide basic legal instructions for distributing your assets to your beneficiaries after you pass. If a beneficiary or someone else wants to dispute the contents of your will, they can do so through probate.
• Trusts: Trusts can also lay out which assets go to whom when you depart. However, they have a few extra features that make them slightly more complex than wills. Trusts allow you to transfer assets to designated beneficiaries directly. Plus, these assets don’t have to go through probate. And unlike wills, trusts are not public records.

Understanding these significant differences can serve as a helpful starting point when determining what you need to include in your estate plan.

When Do You Need A Trust Versus A Will?

If you’re like most people, a simple will will cover most of everything you want to give your beneficiaries. For instance, any bank accounts or personal items like jewelry, family heirlooms or paintings can all go in a will. However, if you have real estate properties, a business or an investment portfolio, you may consider putting these assets in a trust. A trust could offer you and your beneficiary better tax treatment, depending on the circumstances.

Want to learn more about your options? Call us at 839-895-7122 and our attorney, Danielle Campbell, can offer you knowledgeable guidance.

Frequently Asked Questions About Wills And Trusts

You can bring any questions you have about wills and trust to our attorneys at Danielle M. Campbell, Attorney at Law, PLLC. Here is a collection of questions we have answered:

Do I need both a will and a trust?

Wills and trusts serve different purposes, but they can be used together to protect your interests, manage the distributions of your assets to your beneficiaries and ensure your wishes are followed. If you are a parent, a will can let you name a guardian for your minor children or a child with special needs. It can also be used to capture any assets that are not already in trust at your death. Trusts can be used to avoid probate, seamless transfer or assets, complex asset management and more.

Can I make changes to my will or trust after it is created?

Wills are frequently amended over time as a testator’s life circumstances or assets change. Your ability to alter a trust, however, depends upon the kind of trust you created. Revocable trusts remain under your control during your lifetime, but irrevocable trusts do not. Changing an irrevocable trust may still be possible with the consent of all beneficiaries, however.

What happens if I die without a will or trust?

Dying without a valid will is called dying “intestate,” and your assets will be distributed according to state law, which may go against your last wishes. The probate court will have to assign an administrator for your estate, which means you will not be able to choose who will look after your estate or your beneficiaries’ interests. Dying without a trust means your estate may be vulnerable to taxes, a long probate process and more disputes.

Can a trust help reduce taxes on my estate?

Yes. With the right trust, you may be able to deeply reduce or avoid estate taxes altogether. Our attorneys can help you explore your legal options to minimize your estate taxes and the burden on your heirs.

Work With An Experienced Texas Estate Planning Lawyer – Call Today

You’ve worked hard for everything you have. Including a will and/or trust in your estate plan can provide a future of certainty for you and your family. When you want to use legal tools to control your future, it helps to speak with a professional who can help you pursue your goals and objectives.

Call us today at 839-895-7122 or email us via our contact form to schedule an initial consultation.