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A trustee is the person who will manage the assets that are in your trust. regarding assets in your trust. best interest of the trust beneficiaries. It is critical that a trustee follows the terms of the trust documents and the trust creator’s instructions #TrustAdministration #trustplanning #Trusts

This lets you name a person you trust to make financial and legal decisions for you if you can’t for Draft a Living Trust. A trust allows you to transfer property to your heirs without going through probate. A trust lets you specify when and how your heirs will receive assets, which is particularly helpful with money you earmark for that care will be spent, ask an estate planning attorney to create a detailed trust

How Can a Trust Help? Here are a few examples of trusts that are options to you; IRA Trust: Designed to prevent an heir from Revocable Trusts: Allows you to retain control of all the assets in the trusts and you are free to revoke Asset Protection Trusts Beneficiary Trusts With your options in mind, the best course of action is always Trusts allow you to control how and when the money is spent The individual setting up the trust can make

Younger Women There are plenty of reasons that a younger woman needs to meet with a Houston will and trust An estate planning attorney may also advise younger mothers to consider setting up a trust for their A Houston will and trust lawyer can help put things in motion now to make that a reality later.

Establish a Revocable Living Trust You can easily avoid probate in Texas by setting up a revocable living trust. With a revocable living trust, you have full control over your assets during your lifetime, and they The successor trustee can manage the trust assets without court intervention. Protection against challenges: Revocable living trusts can help minimize the risk of legal challenges

What Does the Trust Do? When you set up a trust with your trust and estates lawyer in Houston, you will discover that there are Protecting the Trust Another reason to consider a trust is to protect your children’s money from misuse recourse, as the trust is a legal contract. Talk to a Houston Trust and Estates Lawyer The best way to determine if a trust is right for you and

If one joint owner dies, his or her interest immediately ceases to exist, and the other joint owner owns Property in trust. If you place property into a trust, the property passes to the beneficiaries of the trust, not according It is usually better to set up a special needs trust to provide for the child. In many of the cases mentioned here, a trust may be the best option.

The following are the essential estate planning steps that can help unmarried couples: Joint Ownership If one joint tenant dies, their interest in the property ceases to exist and the remaining joint tenants Revocable Trust A revocable trust can be especially important for unmarried couples. By using a trust and skipping probate, your assets also remain private.

no law in Texas that allows a spouse to automatically inherit the deceased spouse’s portion of their joint Dynasty Trusts The perks of a dynasty trust for long-term wealth planning are significant. A new law allows these trusts to exist for up to 300 years. When weighing a dynasty trust for your family, explore the perks of using a corporate trustee. A corporate trustee can offer professional management skills and understand trust laws in ways a friend

These may include things such as living together for a specific amount of time or filing joint tax returns The most important piece of evidence is usually filing a joint tax return. couple A record of filing taxes jointly as husband and wife Any written documents such as wills or trusts Lawyers can also review existing documents like wills and trusts , which might contain language indicating Furthermore, attorneys can access public records such as tax filings where joint filing status may have

Life estate and inter vivos trust also are considered non-probate assets.   most common assets that are passed outside of Harris County probate for your reference: Assets held in joint Life insurance proceeds that do not have the estate named as a beneficiary Assets held in a living trust On the flip side, the probate process can take a year or more to get to the point where assets can be

Tax: When you fund an irrevocable trust, know that your tax situation can change immediately. The trust doesn’t receive a step-up in basis, just a transfer of your cost basis. But if you place assets in a trust, you have the ability to build a good offense against inflation. Usability: Sometime called liquidity, this refers to your trustee’s ability to access these funds. Reference: MarketWatch (February 25, 2016) “What you should know before placing assets in a trust” #HoustonAssetProtection