Wills are common knowledge. The slightly less well-known document, trusts, are equally as important to plan your estate. Either a revocable or living trust Texas offers a variety of benefits as an estate planning tools.
Living Trust Texas
Simply put, a living trust is a trust created while you’re living. The beneficiaries established within your living trust will receive the listed trust property upon your death. Unlike establishing property beneficiaries within a will, trusts are not subject to probate court for the State to oversee the transfer.
Revocable Living Trust Texas
Often people choose to incorporate a revocable living trust as part of their estate plan. Revocable living trusts may be revoked or modified at any point before your death. In these cases, you name yourself as the “trustee” to retain control of the trust and property while you’re living. You’ll also name a “successor trustee” to manage and take control upon your passing. Additionally, the successor trustee will distribute named property to the other beneficiaries. Married couples usually create a shared living trust so the successor trustee would acquire power after the passing of both spouses.
In contrast, an irrevocable trust may not be modified nor revoked after admittance. Irrevocable trusts offer avenues for specific goals, like tax reduction, but require forfeiture of control and ownership of the trust property.
Benefits of a Living Trust Texas
As stated, establishing a living trust includes multiple benefits, including:
- naming a property beneficiary
- allowing for revisions
- avoiding probate court & State oversight of transfer
- includes legal power of attorney
- paying legal expenses upfront, avoiding costs after your passing
- since the State isn’t involved, your affairs are kept private (trusts are not publicly on file)
Ideally, living trusts are used in tandem with Wills because a Trust does not:
- specify a legal guardian for your minor children
- have any flexibility postmortem
- include any assets accidentally left out or in need of re-title
- cover medical power of attorney
Additional Trusts
Depending upon your needs, Texas has multiple trusts to select from, including:
- Asset Protection Trust: allows you to shield assets from creditors
- Pet Trust: recommended by the ASPCA for pet owners to ensure their fur babies are provided for
- Crummey Trust: allows you to distribute assets to beneficiaries, oftentimes children, over a period of time
- Special Needs Trust: allows you to make special provisions for a disabled child or adult
- Charitable Trust: allows you to designate certain non-profits as your beneficiaries and decide how property is used or distributed
Hire an Estate Planning Lawyer
Everyone’s situation is unique. Our estate planning attorneys will advise you on the trusts best suited for your goals. Give us a call for a free consult, and we’ll begin drafting your trust documents to ensure the smooth transfer of your assets.
To find out how we can help you, contact our Austin Estate Planning Attorney at 512-400-7070 for living trust Texas. We will schedule an initial client consultation to review your estate planning details and lay out a structure for your estate plan. AZ Law Firm will draft the necessary documents to secure your loved ones’ future.
We understand times are tough and that there probably hasn’t been a tougher time in your life. Although we could get away with charging exuberant amounts, we prefer not to as we are a law firm by the people, for the people. We do not want you to worry about whether you can afford to hire an attorney to protect and defend your rights. Call us and be surprised at the quality you receive compared to what other law firms will quote you!
Accordingly, the attorneys at AZ Law Firm will always provide you with a free initial consultation. During this initial consultation, our estate planning lawyers will evaluate your case, inform you of any legal options that may be available, and allow you to ask any questions that you may have. AZ Law Firm offers affordable rates for all our clients and will work with you on payment plans. Our firm accepts checks, debit cards, and most major credit cards to cover the costs of your legal representation.
