Austin Estate Planning Lawyer

Wills vs. Trusts

There are many different factors to consider when you are planning for the future. How would you like your property to be divided when you are gone? Who do you trust to ensure that your wishes are followed? What is the best strategy for having your plans enacted? There are two common methods of recording how a person’s property will be divided after his or her death: wills and living trusts.

Determining which method is best for you can be complex. The first step is to understand the differences between a will and a living trust. The main differences are that:

• Wills must be reviewed and approved by a court, while trusts are not.
• Living trusts allow trustees to manage property and assets prior to their deaths.
• Wills are a matter of public record, while trusts allow more privacy.

Based on these facts, it may seem like a living trust is always the best choice. This is not always the case, however; it depends on a person’s individual circumstances. For example, a trust can be considerably more expensive than a will. It is also not much use if you do not plan to actively manage your estate, or if you do not own enough assets to make it worthwhile.

Contact an Austin Probate Lawyer

An Austin probate attorney can explain your legal options and help you decide which estate planning strategy is best for you. Contact the Austin estate planning lawyers Slater, Kennon & Pugh LLP at 512-338-1100.