Is a Will or a Trust better for me?
Every person's situation is different, so there is not a one-size fits all answer to this question. A will and trust each have advantages and disadvantages to consider. It is best to discuss your specific situation with a qualified attorney to decide what is best for you and your family. (Texas residents, please see comment under "Disadvantages of a Will" addressing this question.)
Advantages of a Will
Advantages of a Living Trust
Disadvantages of a Living Trust
Advantages of a Will
- Cheaper than a trust to execute ... so you’ll save money now.
- You determine who receives your property upon your death.
- Once executed (now), there is nothing more to do...no transfers of property are required now.
- You can appoint a guardian for your children in a will.
- A will requires Probate, which can be very time consuming and expensive after your death. For Texas residents, however this is not the case because Texas's probate is system is very efficient and effective. Because of this, going through probate in Texas does not generally require a great deal of time and money, like it often does in other states.
- Your information becomes public record during the probate process.
Advantages of a Living Trust
- Upon death, the Trust continues, so you keep the ability to manage your assets. You determine who receives your property upon your death; NOT the state.
- If you become disabled / incapacitated, it is very easy for another person (successor trustee to step in an manage your affairs).
- Avoids probate process.
- Less hassle for your heirs because avoids probate.
- Less expensive for your heirs because avoids probate (and the attorney fees that go with it).
- Saves time because avoids probate.
- Maintains your and your estate’s privacy because it avoids probate.
Disadvantages of a Living Trust
- More expensive initially than executing a Will.
- Must remember you have a Trust!.
- Requires putting / transferring property into the Trust’s name as it is acquired and as changes to your property occur (transfer of your current property into the Trust is included in fee).
- Must be sure, when dealing with your property (buying, selling, transferring, etc.), to do so in the name of the Trust.
- You can not name a guardian in a trust (though this disadvantage is taken care of by executing a “pour-over” will that is included during my preparation of a Trust).