What are the alternatives to a Living Trust?
For most people, a carefully drafted Will, prepared by a qualified Texas attorney, is an efficient and effective way to manage and distribute your property. An attorney may help guide you as to how to designate your assets, such as life insurance, bank accounts and retirement accounts, so that they do not have to go through probate. Additionally, a “Statutory Durable Power of Attorney” allows you to designate an individual to act on your behalf in you are disabled or incapacitated. Another document you can prepare is a “Declaration of Guardian in Event of Later Incapacity or Need of Guardian,” which names an individual to manage your person and property if you become so incapacitated or disabled that a guardian must be appointed. Overall, the Living Trust isn’t guaranteed to save you money or taxes. Texas has inexpensive probate procedures for the size of most estates if you have a properly written Will. Also, if your records are well-organized, your assets are simple (not necessarily
