Do You Really Need a Trust in Texas? Lady Bird Deeds May Offer a Simpler Option~4 min read

• A trust is useful for some Texas families, but it is not necessary for every estate.
• A Lady Bird Deed will often allow you to transfer your home to your beneficiaries without going through probate.
• Probate in Texas is not necessarily a difficult or lengthy process, particularly when you have a properly prepared estate plan.
• Your assets, family circumstances, and goals will help determine which estate planning tools are right for you.

What Is a Trust?

A trust is a legal arrangement that allows a trustee to manage property for the benefit of another person. In Texas, a trust may hold real estate, bank accounts, investments, business interests, and other assets.

Many people believe trusts are only for wealthy families, but that is not necessarily true. A trust may be useful when you want specific instructions for how your assets will be managed or distributed after your death.

You May Not Need a Trust to Avoid Probate

One of the reasons people consider a trust is to avoid probate. While a trust will accomplish that goal for assets properly transferred into the trust, it is not the only estate planning tool available to Texas residents.

Probate in Texas Is Not Necessarily Difficult

There is also a misconception that you need a trust because probate in Texas is complicated or something your family should avoid at all costs. In reality, the probate process in Texas is not necessarily difficult, particularly when you have a valid will and your estate is straightforward.

Texas also has several probate procedures designed to make the process more manageable. Depending on your circumstances, your family may have a relatively straightforward probate process rather than needing a trust simply to avoid the court system.

When a Trust May Make Sense

Although a trust is not necessary for every Texas estate, there are situations where it could provide important benefits. For example, you may want a trust if you have minor children, want to provide ongoing financial management for a beneficiary, own significant assets, or want detailed instructions for how property will be distributed.

A Lady Bird Deed May Be the Right Tool for Your Home

For many Texas homeowners, the primary concern is what will happen to their home after they die. A Lady Bird Deed could provide a straightforward way to pass your home to your chosen beneficiaries without probate while allowing you to retain control during your lifetime.

You will still be able to sell, mortgage, or otherwise deal with the property during your lifetime, subject to the terms of the deed. This makes a Lady Bird Deed an important estate planning option to discuss when your primary goal is transferring your home to your beneficiaries without probate.

Your Estate Plan Should Fit Your Situation

Estate planning is not a one-size-fits-all process. You may need a will, Lady Bird Deed, trust, or combination of estate planning documents depending on your assets and family circumstances. Rather than creating a trust simply because you have heard that trusts avoid probate, consider all of your options.

Contact Springer Lyle Dameron & Harrison

If you are considering a trust or want to learn whether a Lady Bird Deed will accomplish your estate planning goals, the attorneys at Springer Lyle Dameron & Harrison can help you understand your options. Contact Aubry Dameron at 940-387-0404 or online to schedule a consultation.

Springer Lyle Dameron & Harrison is located at 1807 Westminster, Denton, Texas 76205.

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