What is a trust?
A trust is an arrangement where a trustee holds legal title over property for the beneficiary. You can be the trustee of your own trust, allowing you to maintain control over all the property held in the trust.
Trusts can be created when you’re alive (“living trust”) or after you pass away. You can have a post-mortem trust created based upon the terms of your will.
What are the benefits of a living trust?
Texas does not follow the Uniform Probate Code. Instead, Texas has its own probate process. The probate process in Texas is often regarded as complex and extensive.
Estates under $50,000 have a relatively simple probate process. However, probate process for larger estates is often lengthy and expensive. As such, larger estates can benefit greatly from having a trust so that your family will not have to endure the expense and delays that come with a complex probate process.
With a trust, property is not owned by the individual, but by the trust. Therefore, exhausting probate proceedings can be avoided.
Consult with Rashelle Fetty, an experienced estate planning attorney
There are many legal aspects of a trust. It is best that you consult with the law office of Rashelle Fetty, if you are exploring having a trust created. Rashelle can listen to your concerns, answer your questions, and help you decide what would be the best trust for you and your loved ones.
