• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Phone: (832) 408-0505

GP Schoemakers, PLLC - Trusts, Estates, Probate, Family Law Firm - Protecting You, Your Family, and Your Future

Gratia Schoemakers

  • Subscribe To
    Our Newsletter
  • Phone
    (832) 408-0505
  • Schedule An Appointment
  • About
    • Gratia Schoemakers
    • Community Outreach Program
  • Estate Planning
    • Estate Planning
    • Wills
    • Trusts
    • Durable Power of Attorney
    • Living Will
    • Special Needs Planning
    • Kids Safety Plan
  • Probate
    • Probate A Will
    • Heirship Determination
    • Muniment of Title
    • Trust Administration
  • Special Needs
  • Family Law
    • Divorce
    • Collaborative Divorce
    • Mediation
    • Custody/Visitation
    • Adoptions
    • Name Change
  • Blog
    • Estate Planning
    • Probate
    • Guardianship
    • Family Law
    • Other
  • Contact

Wills Vs. Trusts: Take Control of Your Wealth Distribution

March 28, 2022 By Gratia P. Schoemakers, Esq. Leave a Comment

You work hard for your money and want to ensure that your wealth distribution goes according to your wishes upon death.  Sadly, many people simply don’t understand the difference between wills and trusts and how they can affect inheritance.  Don’t be one of them!  Take control of your wealth distribution by understanding what wills don’t control and the benefits of a trust.

5 Things a Will Does Not Control

Most people believe that a will encompasses and controls all of your assets.  That is simply not the case.  Proper asset ownership for will-based plans can be confusing.  However, the bottom line is that a will only controls assets in individual names; it does not control:

wealth distribution
  1. Trust assets
  2. Retirement accounts / pension plans
  3. Life insurance
  4. Annuities
  5. Employee benefits

While having a will allows you to avoid having a court decide who gets what, a trust can generally protect you even further.  

5 Benefits of a Living Trust

There are many benefits to a living trust, including these five:

  1. Avoiding the public, costly and time-consuming court processes at death (probate).
  2. Avoiding the same regarding incapacity (conservatorship or guardianship).
  3. Providing for spouses without disinheriting children.
  4. Saving estate taxes in some cases.
  5. Protecting inheritances for children and grandchildren from the courts, creditors, spouses, divorce proceedings, and irresponsible spending.

Many types of assets can be funded into your trust, such as real estate, bank accounts, investment accounts, and intellectual property rights.  Others might include:

  • Notes payable to you
  • Life insurance – if you don’t have an irrevocable life insurance trust
  • Business interests
  • Oil and gas interests
  • Personal effects – artwork, jewelry, collectibles, antiques

It’s important to work closely with your estate planning attorney to make certain that all of your assets are distributed according to your wishes – and done so with the least amount of cost and time delay.  Contact us today!  Call our office at 832.408.0505 or schedule your appointment right now for more information about wills, trusts, and other financial planning issues and let us help you decide what’s best for your situation!

Filed Under: Estate Planning, Trusts, Wills Tagged With: Living Trust, Will vs Trust

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Categories

  • Business Planning
  • College Planning
  • Design
  • Divorce
  • Estate Planning
  • Guardianship
  • Home/Property Ownership
  • Natural Disasters
  • POA
  • Post Honeymoon
  • Prenuptials
  • Probate
  • Retirement
  • Tax Time
  • Trusts
  • Videos
  • Wills

Footer

1100 E NASA Pkwy Ste. 420J
Houston, TX 77058

Now Serving: Harris County and Galveston County, Houston, Galveston, Clear Lake, Friendswood, Dickinson, LaMarque, League City, Kemah, Pearland

Copyright © 2023 - All Rights Reserved | Web Design by The Crouch Group | Log in