It's advisable to keep one's estate planning documents up-to-date by taking them in for regular checkups with an experienced estate planning attorney. Some of the documents in one's plan may be a simple will, healthcare directives, powers of attorney, a living will and a revocable trust. A legal instrument may need changes when time and circumstances cause new configurations. The principles and procedures are generally the same in Texas and elsewhere.
Many people who are unfamiliar with estate planning know that there is a difference between a will and a trust, but they aren’t sure what that difference is or how it applies to their estate. This post will provide a brief explanation both of wills and trusts, as well as some potential benefits and draw backs to each.