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Secure Your Family's Future With A Expert Will and Living Trust Attorney in Plano, TX

A living trust is a critical part of estate planning. Many people may believe an estate plan is only for the wealthy, but everyone can benefit from estate planning.

Let’s look at some of the types of trusts and the laws related to these types of trusts for those living in Texas.

Texas Living Trust Laws

A living trust in Texas is a form of a legal contract, and unlike a last will and testament, it does not go through probate. A living trust affords multiple benefits besides not going through probate, such as:

  • You can avoid probate fees.
  • A living trust is not a matter of public record, so the instructions and the contents of the trust (the extent of your assets) remain private.
  • Flexibility to change the terms of the trust or add content to it.
  • Provides reliable asset management should you become incapacitated.
  • Can avoid a conservatorship.
  • Protection from creditors or other liabilities.

A living trust is also called a revocable trust, meaning it can be revoked or changed at any time. A Plano living trust attorney drafts the trust for you. It moves assets from being legally in your name to legally owned by the trust. Therefore, when you pass away, the assets are not yours or part of your estate.

The trust is managed by a trustee, someone who is responsible for managing the trust. The trustee may be you, the initial owner of the property, or other tenants in the trust. You may benefit from the trust, although you are not the legal owner of the property. For example, you could invest in the trust, and property dividends benefit you.

When the initial trustee passes away, a successor trustee may take over for the trust’s duration. This is something that trust can establish, too, and designate who will benefit from the trust after you pass.

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Will & Living Trust Planning Services in Plano

Probate can take quite some time, especially for an estate that is large or complex. However, the contents of a living trust may pass from one person to another without going through probate, as a will would. This can reduce the cost of transferring property and distributing your estate after you pass away.

You can also avoid possible estate taxes by establishing a living trust. Because the trust owns the assets in the trust and not you, they are not counted as part of your estate after you pass away. So, your estate is smaller and, therefore, will be taxed at a lower bracket.

You can also revoke the trust at any time before you pass away. This means you can take assets from the trust if you need to or change its terms. An attorney can explain specifically what you can and cannot do with your assets by establishing a living trust.

Trusts as Part of Your Estate Plan

A living trust works best with a larger estate plan, which includes ancillary documents to help preserve your assets and protect your interests if you cannot advocate for yourself.

Some other documents that can complement a living trust include:

  • Pour-over Will
  • Durable Power of Attorney For Health Care
  • Durable Power of Attorney For Finances
  • Advanced Directives (or a “living will”)
  • HIPAA Releases

These documents can all ensure that no matter what complications happen in your life, your family and your assets are protected.

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Areas we Serve

  • Plano TX
  • Frisco TX
  • Allen TX
  • Dallas TX
  • Denton TX
  • Melissa TX
  • McKinney TX
  • Carrollton TX
  • Prosper TX
  • Richardson TX
  • Wiley TX
  • Sachse TX

The Krupa Downs Law legal team advises Plano families like yours about the advantages of establishing a living trust. Our law firm prepares many of these documents each year, focusing on your unique financial situation and your goals for your family. We explain your options to protect your assets and ensure that everything you’ve worked so hard for isn’t lost to estate taxes or other penalties.

Do you need help preparing a living trust or have questions about your estate plan? Contact us today!

Christene Krupa DownsReviewsout of 7 reviews
Christene “Chris” Krupa Downs
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