ESTATE PLANNING/TRUST

When a loved one passes away and leaves with a will, their assets and estate must go through a legal process known as probate, which is to establish the validity of the will in court.  The process of admitting a will to probate and the estate administration itself are often referred to collectively as the probate process or the estate administration process. The process can be complex, time-consuming, and costly in certain situations. However, there are alternatives available in some cases that offer expedited or simplified processes for estate administration. 

In Texas, a trust is deemed to be revocable unless the trust instrument explicitly states that it is irrevocable. However, the trust should expressly reserve the settlor's right to amend or revoke the trust instrument during the settlor's lifetime. 

Planning for the future and ensuring the seamless transfer of assets to loved ones is a responsibility that many Texans take seriously. To achieve this, individuals often turn to estate planning tools such as wills and trusts. While both options serve the purpose of distributing assets upon death, they differ in various aspects. In this blog post, we will explore the fundamentals of wills and trusts in Texas, helping you understand their key features, benefits, and considerations. By the end, you will be better equipped to make an informed decision about which estate planning tool suits your needs best.