{"id":13015,"date":"2024-10-27T06:00:28","date_gmt":"2024-10-27T11:00:28","guid":{"rendered":"https:\/\/legaltalktexas.hammerle.com\/?p=13015"},"modified":"2025-06-18T12:12:19","modified_gmt":"2025-06-18T17:12:19","slug":"trust-vs-will","status":"publish","type":"post","link":"https:\/\/hammerle.com\/legaltalk\/wills-trusts\/trust-vs-will\/","title":{"rendered":"Trust vs. Will: 7 Reasons Why a Trust May Be Right for You"},"content":{"rendered":"

It all comes down to this: Are you trust-worthy?<\/span><\/p>\n

That is the crux of the matter, isn\u2019t it? Are you trust-worthy, or should you just go with a simple <\/span>will<\/span><\/a> for your estate plan?<\/span><\/p>\n

Let\u2019s play the game and see where you finish. We will look at 7 different questions.<\/span><\/p>\n

1. Do you need a trust to avoid or lessen the tax on your estate when you die? <\/span>\u00a0<\/span><\/h2>\n

Your friendly federal government taxes your right to transfer your assets, whether by <\/span>gift<\/span><\/a> or death (and some states pile on with their own taxes, but we won\u2019t discuss that because you are lucky enough to live in Texas, which does not have an estate tax). You have a single lifetime account that combines taxable gift and estate transfers. Once combined, the government subtracts your lifetime exemption. In 2024, the exemption was $13.61 million per person. Together, you and your spouse can have up to $27.22 million in transfers and not have to pay the tax.<\/span><\/p>\n

Congress, however, keeps playing with the numbers. You can look at EGTRAA, TRA 2010, ATRA 2012, and TCJA 2017\u2014all Congressional acts\u2014if you want the gritty details. The upshot is that at the end of 2025, the exemption will decrease by approximately 50%.<\/span><\/p>\n

Unless Congress changes the law, most estates will not have to pay an estate tax. If you are in the tax danger zone, it would behoove you to get some tax planning advice.<\/span><\/p>\n

2. Do you need to make extended plans for your descendants?\u00a0<\/span><\/h2>\n

If you have minor children, then you absolutely need at least a stand-by <\/span>trust<\/span><\/a> written into your will. It is universally acknowledged that it is parental negligence to leave a lot of money outright to an 18-year-old.<\/span><\/p>\n

But do you need more complicated planning that would justify setting up a stand-alone trust for your descendants? Will your child or grandchild need creditor protection, income shifting, or management help? Do you want your trust to last for generations?<\/span><\/p>\n

3. Do you have a special-needs family member?\u00a0<\/span><\/h2>\n

You usually should not leave money outright to someone with special needs, or dementia, because they often cannot manage money and, more importantly, need to qualify for means-tested government benefits. You may need to set up a <\/span>special needs trust<\/span><\/a> just for that family member.<\/span><\/p>\n

4. Do you have a blended family?\u00a0<\/span><\/h2>\n

Treating your spouse and your children fairly can be a challenge. You may want to set up a trust that will benefit your spouse during his or her lifetime, with the final distribution of the assets going to your children outright or in trust. Or you may want to set up a trust that treats your children and your spouse\u2019s children equally.<\/span><\/p>\n

5. Do you own real estate in another state?\u00a0<\/span><\/h2>\n

You may need a trust to avoid <\/span>probate in that state<\/span><\/a> when you die.<\/span><\/p>\n

6. Are you or your spouse a non-U.S. citizen?\u00a0<\/span><\/h2>\n

No estate marital deduction is permitted for transfers to a spouse who is not a citizen of the United States.<\/span><\/p>\n

7. Do you want a trust because all of your friends have one?\u00a0\u00a0<\/span><\/h2>\n

This, unfortunately, is a serious question. Peer pressure doesn\u2019t stop when you graduate from high school.<\/span><\/p>\n

Hammerle Morris Can Help You Choose Between a Will vs. Trust\u00a0<\/span><\/h2>\n

If you answered \u201cyes\u201d to any of these questions, then you are trust-worthy. But don\u2019t stop your analysis there. Trusts can be confusing and expensive. They may be taxed at a higher rate. You may lose control of your assets.<\/span><\/p>\n

The real question is \u201cAre you trust-necessary?\u201d\u00a0\u00a0<\/span><\/p>\n

If you or a loved one need assistance with choosing between a trust or will, <\/span>schedule a consultation<\/span><\/a> with our team today.\u00a0<\/span><\/p>\n

Virginia Hammerle is an accredited estate planner and represents clients in estate planning, probate, guardianship, and contested litigation. She may be reached at <\/span><\/i>legaltalktexas@hammerle.com<\/span><\/i><\/a>. This blog contains general information only and does not constitute legal advice.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

It all comes down to this: Are you trust-worthy? That is the crux of the matter, isn\u2019t it? Are you trust-worthy, or should you just go with a simple will for your estate plan? Let\u2019s play the game and see where you finish. We will look at 7 different questions. 1. Do you need a […]<\/p>\n","protected":false},"author":5,"featured_media":13016,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[42],"tags":[],"class_list":{"0":"post-13015","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-wills-trusts"},"yoast_head":"\nTrust vs. Will | Hammerle Morris Law Firm<\/title>\n<meta name=\"description\" content=\"Should you choose a trust or a will for your estate plan? 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