Estate planning involves complex terminology and legal procedures. Trusts and wills are important for distributing assets after death. Though both serve the same purpose, trusts offer more advantages, especially under Texas law.
Trusts vs. Wills
A will is a legal document instructing how your property should be distributed after death. An executor is responsible for submitting it to the probate court. On the other hand, a trust is a legal entity that holds your property and distributes it according to your instructions. Trusts can be made either during your lifetime (living) or by a provision in your will (testamentary) and managed by a trustee.
Why Trusts Outshine Wills
There are several reasons why trusts often prove to be more beneficial than wills:
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