Senior Talk DFW — September 2024

September, Welcome! We’re looking forward to your cooling temps sooner than later!

As we approach the autumn season some of us may be in the autumn of our lives. We should be planning for our next seasons. One of the tools to discuss with your Elder Law or Estate Planning Attorney is whether a trust makes sense for you and your family.

What is the difference between a trust and a will?

A will is a legal document that outlines the distribution of assets and names guardians for minors after death.

A trust is a fiduciary arrangement where a trustee holds and manages assets on behalf of beneficiaries. It can take effect immediately if it’s a living trust, or after death if it’s a testamentary trust.

How do you decide between a trust and a will? It depends on various factors related to your personal circumstances, estate complexity, and goals. Here are some key factors to consider when making this decision: Estate size and complexity, privacy concerns (probate is a public process), probate avoidance including the cost, control and flexibility, incapacity planning, costs, timing of asset distribution, guardianship planning for minors, tax planning, special circumstances (think blended family), long-term management, state laws and regulations, ease of updates, and comfort level.

Whichever you choose for your circumstances, review them annually or whenever there is any life event or change such as an added child, marriage, divorce, death in the family, or addition or subtraction of assets. Wills and trusts are not “one and done.”

Join us September 19 for our Senior Talk DFW. Our speaker, Olivia Ponce, Associate Attorney, Miner & Jester PC, will talk about wills and trusts and things to consider when choosing which is best for you. Please RSVP at www.SeniorTalkDFW.com or call/text 469-616-0561. We’re meeting at NCTC, North Central Texas College at 1200 Parker Square, Flower Mound.

Edwena Potter, Certified Senior Housing Professional, Keller Williams Realty. You go love on your loved ones, let us handle the details.

P.S. – Coming Soon! Information on Blessing Baskets! In early November we’ll be collecting Thanksgiving meals for families in need. For a list of items to start collecting go to DFWBlessingBaskets.com.

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