Friday, July 20, 2007

Should I use a Living Trust or a Will?

Both living trusts and wills are used to accomplish the same thing -- transfer your assets on your death. Thus, there is no right or wrong answer to this question, at least in Texas. For the most part, the costs to probate in Texas are not very great (unlike many other states), which is why there is no right or wrong answer.

For the most part, we recommend doing wills rather than living trusts. Living trusts require the re-titling of certain assets and careful adherence to the trust document. Most clients do not like keeping up with these issues, so a will is more easy to manage.

There is one specific situation in which a living trust is clearly the right choice. If you have property in more than one state, a living trust is better than a will. By using a living trust, you can avoid having multiple probates (one in each state).

If you need help in preparing your will or living trust, please contact Peterson & Swearingen, LLC through our website ( or at 979-680-9993.

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