Relentless Advocacy in Pursuit of Your Legal Goals
Colleyville Trusts Attorney
Backed by 15 Years of Experience Serving Grapevine, & Tarrant Counties
Various types of trusts can be created for different purposes and have become increasingly popular as estate planning instruments. Depending on your needs and the size and financial structure of your estate, a trust may provide asset protection and minimize taxes. Probate laws and the length of time it takes for an estate to pass through probate vary greatly from state to state. Whereas a trust might be advantageous in one state, it may not be necessary in another.
At the Law Offices of Kate Smith, PLLC, I can review the size and contents of your estate along with your legal needs and objectives regarding how you wish to pass it along. I can help you understand the kind of trust that may work for your unique circumstances. As a Colleyville trust lawyer I will weigh cost and value to help you determine whether a trust would benefit you. With 15 years of estate planning experience to draw on, I have the knowledge and skills needed to help you make an informed decision. I can then follow through with the appropriate legal documentation to protect your estate and wishes.
Contact the Law Offices of Kate Smith, PLLC at 817-479-0534 or schedule a consultation through our online request form.
Trusts for Estate Planning in Texas
In a trust, one person holds property or assets for the benefit of another person or persons. A wide variety of trusts exist for wealth management purposes that are designed to cover many different financial circumstances.
In a living trust, you transfer your property and assets to a separate legal entity (called funding the trust). This legal entity holds your property. As the grantor, you can designate yourself as the trustee of the trust and thus manage your property according to your wishes during your lifetime. You will also name a successor trustee to take over in the event of your death who will then transfer your property to your beneficiaries according to the instructions you have provided.
Living trusts can be revocable, which means you can change or dissolve them at any time during your lifetime. They can also be irrevocable which means they cannot be changed. These trusts are designed to make the transfer of assets and property easy and simple by avoiding the often-complicated process of probate.
In general, most of the assets that can be placed in your trust include your home and other real estate, bank accounts, other investments, valuable collections, art, and your business interests. You have the option of adding property to your trust at any time. When you designate yourself as the trustee, you have control and can manage, sell, or gift property. You can also remove property from your trust and title it back to yourself.
Additionally, you can also amend the beneficiary designations of some of your assets so that they flow into your trust. I can provide the guidance you need for all of these issues so that everything in your estate is titled and handled properly either through the trust or otherwise.
Other Types of Trusts
Other types of trusts can be set up for various purposes. These include testamentary trusts, also known as “will trusts” creating a trustee to manage and distribute assets, charitable remainder trusts, irrevocable life insurance trusts, and more. Attorney Kate Smith is a trust planning attorney that can educate you on the types of trust that you may wish to establish based on the particulars of your estate and your individual needs.
Want to learn more about how a trust can benefit you? Contact the Law Offices of Kate Smith, PLLC at 817-479-0534.