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  • Home
  • About Us
    • Gratia Schoemakers
      • Community Outreach Program
    • Testimonials
  • Virtual Services
  • Estate Planning
    • Estate Planning Basics
    • Last Will and Testament
    • Revocable Living Trusts
    • Durable Power of Attorney
    • Medical Power of Attorney
    • Living Will
    • Family Estate Planning
    • LGBTQ Estate Planning & Asset Protection
    • Kids Safety Plan™
    • Business Succession Planning
    • Guardianship
      • Guardianship Planning
    • Special Needs Planning
    • Legacy Preservation Planning
    • Asset Protection
    • Trusts
    • Pet Trusts
    • Gun Trusts
  • Probate
    • Texas Probate Guide
    • Probate of a Will
    • Texas Affidavit of Heirship
    • Texas Small Estate Affidavit
    • Texas Heirship Determination
    • Texas Muniment of Title
    • Trust Administration
  • Family Law
    • Divorce
    • Collaborative Divorce
    • Mediation
    • Custody / Visitation
  • Blog
  • FAQs
    • FAQs – Videos
    • FAQs – Estate Planning
    • FAQs – Beyond Money in Estate Planning
    • FAQs – Divorce and Estate Planning FAQs and Myths
    • FAQs – Estate Planning for Newlyweds Myths and FAQs
    • FAQs – Estate Planning for Young Adults
    • FAQs – The Estate Planning Cast of Characters
    • FAQs – Expecting an Inheritance
    • FAQs – Myths and FAQs – Planning for Conflict Prone Families
    • FAQs – New and Expanding Families
    • FAQs – Pet Trusts
    • FAQs – Probate
    • FAQs – Standalone Retirement Trust Myths and FAQs
    • FAQs – Trust Modifications
    • FAQs – Unwinding Obsolete Planning
    • FAQs – Why You Want to Avoid Probate
    • FAQs – Year-End Planning Myths and FAQs
  • Contact
    • Virtual Estate Planning Login
    • Client Portal

Wills Vs. Trusts: Take Control of Your Wealth Distribution

March 28, 2022 By Gratia P. Schoemakers, Esq.

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

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