Trusts Lawyer in Texas

(903) 757-3331

In general, people establish a trust for their own financial purposes or to financially protect their property and help family members or loved ones. Many different types of trusts exist that can accommodate the different needs. At Adams, King, & Smith, our trust attorney in Texas helps you determine which trust will work best for you and your needs and then guide you through the entire process. 

To learn more about trusts and if you will need an estate planning lawyer in Texas to help you with it, contact our office today either using the online form or calling us directly at (903) 757-3331 to schedule a FREE CONSULTATION FOR WILLS, ESTATE PLANNING,  TO INCLUDE TRUSTS AND PROBATE OF A WILL. 

Trusts as Part of an Estate Plan in Texas

A trust is a way for a property owner to pass their assets to someone else, to protect the assets, and to simplify or sometimes to avoid the probate process. The trustor, also referred to as the settlor or trust maker, is often the owner of the property and transfers it to the trustee. The trustee is the one who manages the property for the benefit of someone else, known as the beneficiary. The beneficiary is a person or entity whom the trust was established. 

 A trust can keep your assets private even when you die because a trust does not need to go through probate, and probate is a matter of public record. Also, a trust can protect assets from creditors or help beneficiaries who cannot manage money well. As part of an estate plan, a trust can also used to minimize estate taxes (for someone with high assets).

Trusts can have multiple trustors, trustees, and beneficiaries.  Sometimes, the trustor can act as both the trustor and trustee. Likewise, sometimes, the trustee can act as both the trustee and the beneficiary. Sometimes, the trustor can act as all three.  Other times, a different person or entity serves each of these unique roles.

Whatever your need is for a trust, our estate planning lawyer can help make sure your trust is drafted in a way that benefits you and the intended beneficiaries.

Types of Trusts in Texas

Specific types of trusts that people can use to protect their assets or pass their property on to someone else come in many forms. However, all of these trusts are either revocable or irrevocable. 

Revocable trusts, also known as living trusts, allow the trustor to continue to alter the property in the trust. They can even revoke the trust entirely. This gives the trustor far more control over their property. With that control, though, comes a downside: because the trustor still has access to the property in the trust they created, their creditors can often reach into the trust to satisfy debts owed to them.

Irrevocable trusts, on the other hand, cannot be changed or revoked once the trustor creates one. The trustor relinquishes control over the assets in the trust. Creditors cannot touch those assets once they are removed from your estate. Often, the trustor gains in terms of tax and probate avoidance.

Benefits of a Trust in Texas

Trusts offer a versatile and powerful way to manage your estate, providing benefits that go beyond what a simple will can offer. Whether you are looking to avoid probate, protect your privacy, or ensure the responsible management of your assets, a trust can be an essential part of your estate planning strategy.

They can be used  to simplify and in some instances avoid probate and reduce taxes. By using a trust (in addition to a will or in lieu of a will), assets of a trust pass directly to the trust's beneficiary when the trustor dies. This process means the assets do not go into the trustor's estate – they are transferred inter vivos, or between living people. Using a trust to pass property to your heirs can have tax advantages and can avoid the potential legal complications of dividing your estate or a contested will.

A trust also gives you the ability to create instructions and conditions for asset distribution upon your death–giving you control over your assets even when you are not here. So, if you have a beneficiary whom you want to finish college before disbursement of funds or if you want only a certain amount of funds disbursed at different times in the beneficiary's life, you get to decide those things. Further, you can identify a successor trustee––someone you know who can manage the trust according to the terms and conditions.

IN TEXAS, TRUSTS CAN  PROVIDE THESE SIGNIFICANT BENEFITS:

1. AVOIDANCE OF PROBATE: Assets placed in a trust can be transferred to beneficiaries without going through the Texas probate process, which can be lengthy and costly.

2. PRIVACY: Unlike a will, which becomes a public record once filed for probate, a trust remains private. This helps keep financial affairs out of public view.

3. CONTROL: You can dictate how and when assets are distributed to beneficiaries. This is particularly useful when managing assets for minors or individuals who may not be financially responsible.

4. ASSET PROTECTION: Certain types of trusts, like spendthrift trusts, can provide protection against creditors and poor financial decisions made by beneficiaries. Trusts can provide protection for beneficiaries who may not be able to manage their inheritance responsibly. This includes minors, individuals with special needs, or those who might be prone to financial mismanagement.

5. REDUCTION OF ESTATE TAXES: While Texas does not have an estate tax, a properly structured trust can help minimize federal estate taxes if the value of your estate exceeds federal exemption limits.

6. DISABILITY PLANNING: A trust can allow for the management of your assets if you become incapacitated, ensuring that your financial affairs are handled without a court-appointed guardianship.

7. FLEXIBILITY: Texas law provides flexible options to create revocable or irrevocable trusts, depending on your specific needs and desires.

8. SPECIFIC ASSET MANAGEMENT.  Trusts can be tailored to manage specific assets, such as real estate or business interests, ensuring that these assets are handled in a way that aligns with your overall estate plan.

9.  AVOIDING FAMILY DISPUTES. By clearly outlining the distribution of your assets and appointing a trustee to manage the process, trusts can help minimize disputes among family members after your death.

Contact a Trusts Attorney in Texas Today

Whether you have some or a lot of assets, a trust may be just the thing you need to manage those assets and to decide what's done with them upon your death. Our trusts lawyer in Longview will consider what you want the trust to do for you, review the assets you want to transfer to the trust, and guide you through the entire process, providing solid legal advice as you need it or the situation demands it. 

To learn more about trusts and how a specific one can benefit you, contact Adams, King, & Smith either online or at (903) 757-3331 to schedule a FREE CONSULTATION FOR WILLS, ESTATE PLANNING,  TRUSTS AND PROBATE OF A WILL.

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