Trusts Lawyers in Katy
Protect Your Estate with Experienced Legal Advice
Theander & Grimes provides our clients with helpful counsel about how to protect their assets. Trusts offer a great, legal way to ensure your estate remains protected from probate and creditors following your passing. With a well-constructed trust, you increase your family’s chances of a stable and prosperous future. Call our Katy trust attorneys today to schedule your initial consultation with our team and get started planning how to give your family a lasting estate.
What Is a Trust?
In general, trusts serve one of two purposes, if not both: fund special care and protect family assets from being liquidated by creditors or in probate. For example, you might create a trust in order to limit the number of assets you have available in order to qualify for Medicaid. If you have a child with special needs, you can set up a trust to ensure their needs are met even after you are gone.
What is a Living Trust?
A living trust is a one of the many options for planning an estate. It allows a person to control their assets while they are still alive and then have it distributed to beneficiaries after their death.
You can use a living trust, also known as a revocable trust, to transfer property and other assets so they fall under the ownership of the trust rather than your family. Putting assets in a living trust prevents them from being subject to probate, ensuring your family will have access to what they need following your passing. While creditors can still access the trust’s assets, they must first obtain court permission to do so.
What is an Irrevocable Trust?
Irrevocable trust cannot be changed once they are formed, making them useful for protecting assets. For example, some people put some of their assets into an irrevocable trust in order to lower the assets they have available when applying for Medicaid. It is important to form one of these trusts with care, as they cannot be accessed in any way following their creation.
What is a Special Needs Trust?
If you have a child or other loved one with special needs, you know how expensive it can be to provide them with the right care. While gifting the person money may disqualify them for important SSI benefits, establishing a special needs trust can provide them with care along with government benefits for years to come. The laws surrounding special needs trusts are complicated, so it is important to work with an experienced team of Katy trust lawyers to do it right.
What Do I Need In Order To Create A Trust?
There are a few requirements in Texas when it comes to creating your trust. For example, there must be a stated purpose for the trust to prevent people from sheltering money indefinitely. There are also limits to how long a trust can last.
Before setting up a trust, you should consider:
- Why the trust will be established
- What exactly will go into the trust
- Who will be the trustee/hold the title for the property
- Who the beneficiaries will be
How to Create a Living Trust in Texas
To create a living trust in the state of Texas, these are the steps you’ll need to take:
- Determine which type of trust you need. If you’re single, you’ll want a single trust. If you’re married, you have a choice. You and your partner can both get single trusts, or you can get a joint trust.
- Take stock of your assets and property. To create a trust, it’s important to know what you own and what you want to put into the trust. Assets you can transfer to a living trust include stocks, bonds, real estate, family heirlooms, bank accounts and vehicles. You can’t transfer a retirement account like a 401(k) into a living trust but you can name the trust as a beneficiary.
- Choose a trustee. You can name yourself as trustee or someone else. If you do name yourself, you’ll also need to name a successor trustee who will take over when you die.
- Make the trust document. You can do this either by using an online service or with the help of an attorney.
- Sign the trust document in front of a notary.
- Put the property you want inside the trust. This is called “funding the trust.” This does require some paperwork, so getting a lawyer may make it easier.
Theander & Grimes has experience helping clients establish effective trusts. Let a Katy trust attorney help you plan your family’s estate and keep your property in your own hands as much as possible. Call today and schedule your initial consultation with our firm.