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Trusts Attorney in Houston, Texas

Estate planning is about preparing for the future, encompassing not only the welfare of your loved ones but also your own. Many associate this process with drafting a last will and testament to allocate assets to family members or charitable causes to provide for their well-being.

However, a last will and testament isn't the sole tool for safeguarding your loved ones' interests. A more effective alternative is the creation of a living trust. Unlike a will, which only comes into effect after your passing and can be contested in court, a living trust becomes operational the day you establish it.

Crucially, you retain control of your assets as long as you are alive and capable; you don't need to immediately cede authority to someone else. Whether you're initiating the estate planning journey in or around Houston, Texas, or already have a will in place, consider reaching out to Webb & Associates. We will meticulously assess your financial situation, explore your desires regarding the well-being of your loved ones after you're gone, and assist you in establishing a trust that guarantees peace of mind for everyone involved.

Webb & Associates proudly serve clients across various communities and counties around Houston, including Harris County, Sugar Land, Katy, Galveston County, Cypress, Fort Bend County, Waller County, and Brazoria County.

Trust Types Overview

There are multiple types of trust, each with its own purposes and benefits.

The living trust is commonly known as a revocable trust. "Living" and "revocable" indicate that this legal instrument can be altered or annulled; it isn't set in legal stone.

In a living trust, the grantor typically assumes the role of trustee for the assets held in the trust's name. Additionally, the grantor must appoint a successor trustee who can take charge in case the grantor becomes incapacitated or passes away. It's important to note that a living trust does not shield assets from creditors since the person responsible for the debts still maintains control over the assets.

On the contrary, an irrevocable trust is precisely what it sounds like—irrevocable and impervious to modification or cancellation. People often establish irrevocable trusts as shields against creditors and legal actions. However, in setting up such a trust, the individual creating it, referred to as the settlor or grantor, surrenders control over the assets. Another individual or entity must be designated as the trustee.

Various other types of trusts exist, including special needs trusts for dependents requiring medical care and government assistance, A/B trusts designed to transfer assets from the first deceased spouse to the surviving spouse to mitigate estate taxes, spendthrift trusts for individuals who may struggle with financial responsibility, charitable trusts, and even pet trusts to care for non-human companions.

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Trust Creation Process

Creating a trust is not a do-it-yourself project, despite advertisements on television and online platforms that promote downloadable forms where you can simply check boxes and fill in blanks. It is crucial to ensure that the language in your trust is unequivocal and capable of withstanding legal scrutiny. Therefore, establishing a living trust should be undertaken with the guidance of an experienced trust attorney.

As mentioned earlier, there are different trust types, and you may need to establish multiple trusts to fulfill all your intentions for your family, loved ones, friends, and even to create a lasting legacy through charitable contributions. You may also require a will to appoint a guardian for your minor children or to transfer assets into your trust that you may have overlooked.

Advantages of a Trust

When it comes to estate planning, understanding the advantages of establishing a trust can be pivotal in making informed decisions about how to safeguard your assets and the welfare of your loved ones. Trusts offer a range of benefits that distinguish them from traditional wills, providing a more secure and efficient means of managing your estate:

The primary advantage of a trust is that, unlike a last will and testament, it avoids the need for probate court proceedings. The successor trustee can promptly distribute assets after the grantor's passing. Trusts are also more challenging to contest compared to wills.
Another significant benefit is that trusts remain private, unlike probate proceedings, which become part of the public record. The administration of a trust and the distribution of assets to beneficiaries under a trust are entirely confidential.
Trusts can also be structured to hold assets until a specific future date, such as when a child reaches adulthood or begins college. For instance, a spendthrift trust can distribute assets to a beneficiary as needed if that person might be inclined to spend their inheritance recklessly.
Moreover, a living trust designates a successor trustee, ensuring that if you, as the grantor, become incapacitated and incapable of managing the trust, the successor can step in immediately.

In essence, a living trust is active from the moment it is created, whereas a will remains a piece of paper until your passing, when your appointed personal representative submits it to probate court to become the executor of your estate.