Will or living trust? How Texas families decide

Most people come to their first meeting with one question: do I need a will or a trust? The honest answer is that it depends on what you own, where it is, and how much you want your family to deal with a court.

What a will does

A will names who receives your property and who is in charge of handing it out (your executor). It can also name a guardian for minor children, which a trust cannot do on its own.

A will only takes effect through probate. In Texas that is usually a manageable process, but it is still a court filing, it is public, and it takes time.

What a revocable living trust does

A living trust holds your property while you are alive, with you as the trustee. When you die or become unable to manage your affairs, a successor trustee you chose steps in — no court appointment needed.

The catch: a trust only controls what is actually titled in its name. An unfunded trust is just paperwork.

When a trust tends to make sense

• You own real estate in more than one state
• You want privacy about what you own and who receives it
• A beneficiary will need ongoing management, such as a young adult or a family member with special needs
• You want a clear plan if you become incapacitated

When a will is usually enough

For many Texas families with a home, retirement accounts, and a bank account, a well-drafted will — paired with beneficiary designations and powers of attorney — does the job. Texas independent administration keeps probate simpler than in many states.

Either way, a will is still part of the plan. Even people with trusts sign a "pour-over" will to catch anything left outside the trust.