Having a trust could prove beneficial in a variety of ways for Texas residents. This estate planning tool could allow them to bequeath assets without having to go through the probate process, although certain issues could arise that make probate proceedings necessary. More information on living trusts could help individuals interested in this option determine whether it could be right for their circumstances.
With a living trust, individuals create the accounts during their lifetimes. Additionally, changes can be made by a trustee during his or her lifetime. If an individual changes his or her mind about how certain property should be distributed, steps could be taken to ensure that the trust reflects the desired changes. An individual can also name a trustee or multiple trustees as successors to the account in order to distribute the assets as desired.
Trusts could help individuals avoid probate court because the assets in the trusts are directly bequeathed to the designated individuals. A trust could also help keep information about assets and other factors out of public record. Of course, a trust does not rule out the need for a will. A will has many of its own benefits, and creating this document is a wise step.
Texas residents looking to create trusts may wish to find out how to go about doing so. If issues pertaining to trusts and wills potentially arise, probate proceedings may be necessary to settle will disputes or disagreements that could arise between co-trustees or beneficiaries. As a result, information on certain estate planning aspects could be beneficial to a multitude of people. Individuals hoping to create a trust during their estate planning endeavors and surviving individuals facing probate litigation due to estate disputes may wish to consider consulting with experienced attorneys to gain more knowledge.
Source: sabethaherald.com, “Revocable Living Trust and the benefits of a trust”, Bob Schumann, July 6, 2016