What Is the Difference Between Estate Planning and a Will in Texas?

Many people know they should have a will, but fewer know what it means to have an estate plan. What is the difference between estate planning and a will? A will is a legal document where you say who gets your property after you die. Estate plans typically include a will along with other legal tools to protect assets, reduce costs, and prepare for medical or financial emergencies. In short, estate planning offers a more comprehensive plan than a will alone.

At Lewis Law Firm, PLLC, we help people across Texas create thoughtful, flexible plans for the future. Led by Samantha Lewis, we focus on estate and legacy planning, a process that addresses who receives your property and preserves the values, intentions, and family harmony you hope to leave behind. We believe estate planning is the kindest thing you can do for your family, and there is a plan for everyone, no matter your financial situation.

What Is a Will?

A will is a written, signed, and witnessed legal document. They typically:

• Distribute property—say who receives specific assets, such as your home, car, jewelry, or family heirlooms;
• Name an executor—choose someone to manage your estate, pay debts, and distribute property as instructed in your will;
• Select a guardian—nominate a guardian to care for your minor children if you die before they turn 18;
• Make charitable gifts—leave money or property to organizations or causes that matter to you; and
• Outline funeral wishes—include instructions for burial, cremation, or memorial services.

While wills can be powerful tools, comprehensive estate plans offer greater benefits.

Do I Need a Will in Texas?

Yes. You should have a will if you own any property or have anyone depending on you. If you die without a will, Texas law decides who inherits your property through intestate succession, and if disagreements arise during that process, consulting an estate litigation lawyer in Austin can help you resolve disputes over inheritance, asset division, or executor responsibilities.

Under that process, your surviving relatives receive your property based on legally established priority. Surviving spouses and descendants take the highest priority. If you have no surviving descendants or spouse, your parents, siblings, grandparents, and other relatives may have a claim to your property. The state takes your property if you have no surviving relatives among those groups.

What Estate Planning Involves

Estate planning is a broader legal process that allows you to plan how you will manage your assets and personal affairs during your life and after your death. It often includes creating and coordinating a will with other tools and strategies. Your estate plan can be as simple or complex as your situation.

Trusts

Trusts are legal arrangements where a trustee manages property to benefit one or more beneficiaries. They can be structured as:

• Living—created and funded while you are living;
• Testamentary—funded after you die, typically created in your will;
• Revocable—creator can retake property within and cancel the trust; and
• Irrevocable—creator cannot retake property within and cancel the trust.

Different trusts offer different benefits. For example, irrevocable trusts offer strong asset protection, while revocable living trusts offer asset management.

With a lawyer’s help, you can tailor trusts to meet specific goals, from caring for minor children to providing for individuals with disabilities without affecting government benefits and without first spending down your assets.

Powers of Attorney

A power of attorney is a document that grants someone you trust the legal authority to act on your behalf if you become incapable of making your own decisions. This authority may cover financial, legal, or medical decisions. You set the limits on the powers the individual receives.

Advance Directives

Advance directives explain your healthcare wishes if you cannot speak for yourself. Living wills are a common form of advance directive. They outline the types of medical treatment you do or do not want in specific situations.

Beneficiary Designations

Many financial assets, such as retirement accounts and life insurance policies, let you name beneficiaries. Beneficiary designations allow those assets to transfer directly to the named individuals without going through probate. If you’re wondering do 401ks and retirement accounts go through probate, the answer often depends on whether beneficiary designations are properly set up.

Bank and Investment Accounts

Bank and investment accounts often include the option to select someone to transfer the balance to upon your death. You generally choose recipients by making a payable-on-death (POD) or transfer-on-death (TOD) designation.

Lady Bird and Transfer on Death Deeds

In Texas, a Lady Bird deed is a strategy that enables you to keep control of your property during your lifetime and pass it to someone else automatically upon your death. Lady Bird deeds are unique because they remove the property from your estate for tax purposes. Transfer-on-death deeds also allow you to select someone to receive property automatically upon death.

Life Insurance

Life insurance plays an important role in many estate plans. It provides a tax-free payout to your chosen beneficiaries and can be used to:

• Balance uneven inheritances,
• Pay off debts or mortgages,
• Cover funeral expenses, or
• Fund a trust.

Integrating life insurance into your plan offers significant adaptability.

Benefits of Estate Planning in Texas

There are many benefits of estate planning in Texas, including:

• Flexibility to meet your particular needs,
• Limiting the necessity of probate court proceedings,
• Maintaining privacy,
• Minimizing costs and taxes,
• Preparing for incapacity,
• Preserving more of your wealth, and
• Easing the burdens your loved ones will face when you die.

A comprehensive estate plan can do much more than a will alone. Working with an estate planning attorney can help you take advantage of these benefits and avoid common mistakes that could affect your family’s future.

Estate Planning vs. a Will

The difference between estate planning and a will comes down to scope. An estate plan is a comprehensive body of documents that typically includes a will plus additional tools that provide flexibility, privacy, and protection while you are alive and after death. Unlike a simple will, a comprehensive estate plan can reduce the likelihood of family disputes and costly litigation. Still, when conflicts arise, having a will contest lawyer ensures you’re prepared to protect your rights.

Start Your Estate and Legacy Plan with Lewis Law Firm, PLLC

At Lewis Law Firm, PLLC, we do more than draft documents. We guide families through some of life’s most personal and important decisions, advise them on their options, and create comprehensive plans for them. Our mission is to simplify the process, protect what matters most, and give you peace of mind, no matter your stage in life or size of your estate.

Contact us today to learn more about building your estate plan.

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