A semiconductor structure includes a monolithically integrated trench FET and Schottky diode. The semiconductor structure further includes a plurality of trenches extending into a semiconductor region. A stack of gate and shield electrodes are disposed in each trench. Body regions extend over the semiconductor region between adjacent trenches, with a source region extending over each body region. A recess having tapered edges extends between every two adjacent trenches from upper corners of the two adjacent trenches through the body region and terminating in the semiconductor region below the body region. An interconnect layer extends into each recess to electrically contact tapered sidewalls of the source regions and the body regions, and to contact the semiconductor region along a bottom of each recess to form a Schottky contact therebetween.