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It’s a common question: if you’ve set up a trust, do you still need a will? Many people assume that creating a trust eliminates the need for other estate planning documents, but that’s not the case. A trust is an effective way to manage and distribute property; however, a will often remains an essential part of a comprehensive estate plan in Texas. Working with an experienced estate planning attorney helps you protect your family and ensure your wishes are carried out.
The Role of a Trust in Estate Planning
A trust is a legal arrangement that allows you to transfer assets to a trustee, who manages them for the benefit of your chosen beneficiaries. Trusts can:
- Avoid probate, allowing assets to pass directly to beneficiaries.
- Maintain privacy, since trusts don’t become part of the public record.
- Provide ongoing management of assets, both during your lifetime and after death.
- Offer flexibility if you use a revocable living trust, or long-term protection if you choose an irrevocable trust.
Trusts are particularly valuable in Texas for families seeking to save time, avoid unnecessary court involvement, or provide for loved ones in a controlled manner.
What a Will Covers That a Trust Cannot
Even if you have a trust, a will still serves essential purposes. For example:
- Guardianship for minor children–Only a will can name who will care for your children if something happens to you.
- Distribution of personal property – Everyday belongings, such as jewelry, furniture, or keepsakes, may not be placed in a trust but can be addressed in a will.
- Overlooked or new assets–If you acquire property after creating your trust and don’t transfer it into the trust, a will can direct how those assets are handled.
- Payment of debts and taxes–A will can specify how debts and taxes should be settled.
Without a will, these matters could be left to Texas intestacy laws, which may not reflect your wishes.
The “Pour-Over” Will and Its Importance
Many Texans use what’s called a “pour-over” will in combination with their trust. This type of will automatically transfers any assets you forgot to place into your trust during your lifetime into the trust after death.
For example, if you open a new bank account and never get around to updating your trust, the pour-over will ensure that the account is still handled according to the trust’s instructions. Without this safeguard, the account may have to go through probate and be distributed under state law instead of according to your plan.
Risks of Relying on a Trust Alone
Trusts are powerful, but they aren’t foolproof if used on their own. Some risks include:
- Assets not properly titled in the trust may still require probate.
- Family disputes can arise over property left outside of the trust.
- New assets acquired later in life may never be transferred, leaving them unprotected.
Suppose you purchased a home after the trust is created. If the deed isn’t placed into the trust, the property could end up in probate, complicating what you intended to simplify.
Why Texans Often Need Both Documents
The most effective estate plans usually combine a will and a trust. In Texas, while probate can be more straightforward than in some other states, it can still take time and create stress if your estate is not thoroughly planned. A will provides instructions that the court can enforce, while a trust streamlines the transfer of property.
Together, they create a safety net. The trust handles property that has already been transferred into it, while the will ensures that everything else—guardianships, personal property, debts, or overlooked assets—is also addressed. Families in Dallas–Fort Worth often benefit from working with an estate planning attorney who can draft both documents so they work hand-in-hand.
Comprehensive Estate Planning Services in Fort Worth
While a trust offers many advantages, it should not be used as a substitute for a will. The two documents complement each other, creating a comprehensive estate plan that provides protection, clarity, and peace of mind.
At the Law Office of Carey Thompson, we assist families in the Dallas–Fort Worth area in creating estate plans that effectively combine wills and trusts. Contact us today to learn how we can help you develop a comprehensive plan that covers every detail.