Conveyance of property to a trust texas8/14/2023 You also have the freedom and flexibility to make changes to the trust during your lifetime, an option that you don’t have with an irrevocable trust. One of the primary benefits of a revocable living trust is that you have control of how your assets will be distributed. 3: What Are the Benefits of Living Trusts? Consulting an experienced asset protection lawyer is the best way to determine what’s right for you. In most cases, you will likely need to have both a will and at least one trust as part of your overall estate planning strategy. Trusts are not on the public record, which means no one will have access to those personal details. ![]() Wills and probate proceedings are public, which means anyone can view the details of your assets and beneficiaries. Going through probate carries the risk that the court could override your instructions for which beneficiaries receive which assets.Īnother consideration is whether you want your estate’s disposition to be a matter of public record. Using a trust also ensures that your wishes are carried out. One of the primary reasons people choose to transfer assets through trusts is to avoid the time, cost, and hassle of the probate process. 2: How Is a Living Trust Different Than a Will? Unlike some other entity types, you can make changes to or revoke a living trust any time prior to your death. The designated trustee (you can designate yourself as trustee) administers the trust based on the formal instructions outlined in the legal documents required to establish the trust entity. During your lifetime, any assets held in a living trust will be for your benefit, unless you specify otherwise.Īs with any type of trust, you must designate a trustee to manage the assets and name anyone who will be a beneficiary. You can place real property, cars, investment accounts, and other types of assets in a living trust. Unless you make changes, those assets will remain in the trust until you die or become incapacitated, depending on your instructions. Once the entity is established, you must transfer title of your chosen assets to the trust. Living Trusts, also called revocable living trusts or revocable trusts, are legal entities established for the purpose of holding assets during your lifetime. ![]() Contact us today.īefore considering a revocable trust, consider the following seven things you need to know about these versatile asset protection vehicles. Attorney Adam Curley of the Curley Law Firm can help you develop a comprehensive estate and asset protection plan that meets your goals and objectives. Talking to a Texas estate planning lawyer is a great way to learn more about these and other types of trusts. ![]() Whether this estate planning tool is right for you depends on your goals and the details of your assets and holdings. Living trusts offer a number of clear benefits, but they also come with a few caveats. Texas probate law is complex and potentially detrimental to the value of your estate should you die without adequate protections in place. As a part of your comprehensive estate plan, should you consider using a revocable living trust?
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