What are the PROS and CONS of a Living Trust?
PROS • Assists in managing your assets and property • Privacy – Your Will becomes a public record once you pass away • May help avoid probate • Avoids potential guardianship if you become mentally disabled • Avoids complications of anyone contesting your Will • Assists in managing real estate outside of Texas CONS • Cost – Living Trusts are significantly more expensive to created and administer • Burdensome to transfer the title of all of your property into the name of the trust • Must title all new property in name of trust • Complicated to administer • Still need a Will • Does not save you taxes any better than a well-drafted Will Top of Page
