Wills & Trusts
Wills and Trusts Help Protect Your Family and Your Future
Wills and trusts are two of the most important tools used in estate planning. They help protect your assets, provide for your loved ones, and ensure your wishes are carried out according to your instructions.
Although wills and trusts are often used together, they serve different purposes. The right combination depends on your goals, the assets you own, and your family’s unique circumstances.
What Is a Will?
A Last Will and Testament allows you to decide who will receive your property, name an executor to administer your estate, and designate a guardian for your minor children. A properly prepared will provides clear instructions for your loved ones and helps ensure your wishes are carried out.
Without a valid will, Texas law determines how your estate is distributed, and the results may not reflect your intentions or your family’s needs.
What Is a Trust?
A trust is a legal document that allows assets to be managed and distributed according to your instructions. Depending on your goals, a trust may help avoid probate for certain assets, provide privacy, manage and protect assets for your children, grandchildren or other beneficiaries, and simplify the transfer of assets.
Not every estate plan requires a trust, but many individuals and families benefit from including one. An attorney can help determine whether a trust is appropriate for your specific situation. Trusts come in many forms, and the right type depends on your goals, your assets, and the needs of your family.
When Should You Review Your Will or Trust?
Your estate planning documents should be reviewed whenever significant changes occur in your life. You should consider updating your will or trust after:
- Marriage or remarriage
- Divorce
- The birth or adoption of a child
- A significant change in your financial situation
- The purchase or sale of substantial assets
- Moving to another state
Reviewing your documents helps keep them up to date as your life and circumstances change.
Experienced Guidance for Wills and Trusts
With more than 30 years of legal experience, Paula Lock Smyth helps individuals and families throughout Dallas and North Texas prepare wills, trusts, and other estate planning documents that reflect their wishes and protect the people who matter most. She takes the time to understand each client’s goals, answer questions, and recommend solutions tailored to their individual circumstances.
Start Planning for the Future
Whether you need a simple will, a trust, or a more comprehensive estate plan, thoughtful legal guidance can help you make informed decisions about protecting your family and your assets.
Contact Paula Lock Smyth Law Offices at 214-420-1800 or contact us online to schedule a consultation.
Frequently Asked Questions
Do I need both a will and a trust?
Not necessarily. Some people only need a will, while others benefit from having both. The right solution depends on your assets, your goals, and your family circumstances.
Does a trust replace a will?
It can. Even if you have a trust, a will is often still an important part of your estate plan because it addresses matters that a trust alone may not, such as guardianship of minor beneficiaries.
Can a trust help avoid probate?
Yes. Assets that are properly transferred into a trust will avoid probating those particular assets. Whether a trust is appropriate depends on your individual circumstances and estate planning goals.
When should I update my will or trust?
You should review your estate planning documents after major life events, significant financial changes, or whenever your wishes change.
How do I know whether a trust is right for me?
An experienced estate planning attorney can evaluate your circumstances, explain your options, and help you decide whether a trust would benefit you and your family.
