INFORMATIVE MASTERCLASS
How Planning NOW Can Create a Lasting Legacy While Protecting What Matters Most:
Family, Wealth, and Property.
Reserve Your Spot Now

Kendall and Bexar County Estate Planning

Texas Estate Planning Blog

Wills and Trusts
Shawn McCammon
Shawn McCammon
Attorney at Law

Shawn McCammon is the founder and managing shareholder of McCammon Law. Shawn has been practicing for over 20 years, starting off in litigation before working in-house as a corporate attorney, and finally opening his own firm in 2009.

Learn More About Shawn

3 Signs You Definitely Need a Trust (and Not Just a Will)

February 13, 2024
Estate planning is akin to crafting a roadmap for the future; it’s about guiding your loved ones through the maze of your final wishes with clarity and ease. At the heart of this journey lie two pivotal tools: wills and trusts. While both serve to shepherd your assets posthumously, certain situations demand the finesse of a trust over…

Estate planning is akin to crafting a roadmap for the future; it's about guiding your loved ones through the maze of your final wishes with clarity and ease. At the heart of this journey lie two pivotal tools: wills and trusts. While both serve to shepherd your assets posthumously, certain situations demand the finesse of a trust over the simplicity of a will. In this piece, we'll illuminate the scenarios in which a trust isn't just a choice, but a necessity.

Understanding Wills vs. Trusts

A will is your voice from beyond, a document that speaks on your behalf after you're gone. It outlines who gets what, who's in charge and even who cares for your children. Simple and straightforward, right?

Enter the trust. This legal entity takes hold of your assets, managing and distributing them according to your precise instructions, both during your lifetime and after. Unlike a will, a trust offers a private, probate-free path tailored to complex or unique personal circumstances.

The difference? It's like comparing a hand-drawn map to a GPS; both guide you to your destination, but one offers a path laden with potential roadblocks and public scrutiny (the will), while the other navigates you through a streamlined, private route (the trust).

You Have a Blended Family

Blended families are like tapestries – intricate, colorful and diverse. However, this beauty can result in complexity when it comes to estate planning. With children, stepchildren and multiple parents involved, a will's one-size-fits-all approach may unravel the fabric you've so carefully woven.

A trust, however, can be the tailor to your tapestry. It allows you to:

  1. Specify exact allocations: Deciding who gets what, when and how.
  2. Protect your children's inheritance: Ensuring that your children, not just your spouse's, benefit from your estate.
  3. Avoid unintended consequences: Preventing your assets from unintentionally passing to a new spouse's children in the event of remarriage.

You Own Property in Multiple States

Owning property in different states is like having multiple anchors in diverse ports. A will, however, could make your loved ones set sail on a stormy probate sea in every state in which you own property. Each state's probate process can be costly and time-consuming, lengthening the time before your beneficiaries can claim their inheritance.

A trust, on the other hand, unifies these disparate anchors. It allows for:

  1. Centralized management: One entity handling all properties, irrespective of location.
  2. Smoother transition: Bypassing multiple state probate processes.
  3. Cost and time efficiency: Reducing legal fees and administrative delays.

You Value Privacy and Want to Avoid Probate

The probate process is like a stage where your will is the star – open for all to see. This public airing of your estate can be uncomfortable, exposing your assets and beneficiaries to outside eyes.

A trust, conversely, is the private screening of your final act. It shields your estate from the public eye and sidesteps the time-consuming, often costly, probate process. With a trust you're not just planning; you're protecting.

Additional Considerations

When it comes to estate planning, one size does not fit all. The decision between a will and a trust should be weighed with:

  • Tax implications: Understanding how each option affects your estate tax-wise.
  • Personalized solutions: Every estate is unique, and so should be its plan.

In the tapestry of estate planning, trusts emerge as a nuanced, flexible thread, weaving through the complexities of blended families, multi-state properties and privacy concerns. If these signs resonate with your situation, it might be time to consider a trust.

Remember, the best estate plan is one tailored to your unique story. We encourage you to seek professional estate guidance to navigate these waters.

Request a Consultation
Share This Post
Request a free, in-office consultation today!
We will do whatever it takes to make your business grow and family thrive.
Request a Consultation Now
Stay Informed
Subscribe To Our eNewsletter to Get News and Updates Sent To Your Inbox
Subscribe Now
McCammon Law PC logo
We offer honest answers & free consultation appointments

Estate Planning Law Firm in Texas

Boerne/San Antonio Office

138 Old San Antonio Rd.
Suite 504
Boerne, TX 78006

McCammon Law, P.C.

138 Old San Antonio Rd., Suite 504
Boerne, TX 78006

Get Directions
IMS - Estate Planning and Elder Law Practice Growth Advisors
Powered by