The Law Office of Ana M. Pace offers expert guidance in trust creation and management as part of our comprehensive estate planning services. We navigate the complexities of establishing a trust with care and precision, ensuring your assets are secure and your beneficiaries are taken care of.
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What is a Trust?
Trusts are a tool that can be used in estate planning as they allow the legal transfer of assets to a trustee who then holds the assets on behalf of your designed beneficiary. Typically, there are two kinds of trusts:
A trust may be used as an estate planning tool by a Trust attorney to direct the distribution of assets after the person who creates the trust passes away. Trusts may be used to provide for the distribution of funds for the benefit of minor children or developmentally disabled children. Trusts offer a high degree of control over the management and disposition of your assets.
Trusts may allow your family to skip all the fees and hassles of Probate and allow a smoother transition due to loss of capacity or death. Residents of Dallas County, Denton County, Tarrant County are encouraged to upgrade to a Trust from only a Will due to longer processing time in those counties and more stringent requirements. These counties may have processing times between 2-4 months to probate a Will that might cause your family to cover costs out of their own funds until they are issued letters testamentary. It is important to consult a trust attorney about your concerns so she can make her recommendation.
What do I need to know about setting up a trust?
If you’re a property owner or have assets of any kind, setting up a living trust can be a beneficial move. These trusts serve to safeguard your property and ensure it is transferred to your chosen beneficiaries when you pass away. To make certain this process is handled correctly and your assets remain secure, it’s wise to engage the services of a proficient Richardson trust attorney for guidance.
How do I select a Trustee?
Selecting a trustee is a task that requires careful consideration as you need to choose a person you have complete faith in and believe to be dependable. The trustee will wield considerable authority over the management and allocation of your assets. It’s recommended to discuss this crucial decision with your loved ones before making it final.
Is a Will necessary if I have a Trust Attorney?
Even with a living trust in place, having a will is still essential to ensure comprehensive protection and distribution of your assets according to your desires. A living trust only safeguards the property that you have included within it. Any other assets that you intend to pass on to specific beneficiaries upon your death should be secured by a will. We encourage you to speak with a Trust attorney to evaluate your specific situation to see if a Trust is necessary.