1 / 8

Is a Revocable Living Trust Right for You

Per Texas law, a living trust is a trust that is created and established during the lifetime of the settlor (the person making the trust). During the settlor's lifetime, and after the creation of the trust, the person creating the trust would transfer specific property, such as vehicles, houses, etc., into the trust. This is called the funding of the trust. A common example that you may see is a vehicle being insured in the name of the trust, such as u201cThe John Smith Trust.

Kamilah1
Download Presentation

Is a Revocable Living Trust Right for You

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. IsaRevocable LivingTrust RightforYou?

  2. WhatIsaRevocableLivingTrustas RecognizedbyTexasLaw? Per Texas law, a living trust is a trust that is created and established during the lifetime of the settlor (person creating the trust). During the lifetime of the settlor, and after the creation of the trust, the person creating the trust would transferspecificproperty,suchasvehicles,houses,etc.,intothe trust.Thisiscalledthefundingofthetrust.Acommonexample that you may see is a vehicle being insured in the name of the trust, such as “The John Smith Trust.” Another common example would be property, such as rental houses or office spacesthatarerentedtobusinesses.

  3. BenefitsofaLivingTrust The most sought-after benefit of having a living trust in the stateofTexasistheavoidanceoftheprobateprocess.Because thepropertyistransferredtothetrustpriortoyourdeath,the distribution of the property would not occur per probate guidelines. The reason why the property would avoid probate transfer is because the property was not held in your name or owned by you upon your death—instead it was owned by the trust.

  4. WhatMakes aLivingTrustRevocable? A living trust is revocable if stated in the trust document itself or deemed so by Texas law. This meansthatatanypointduringyourlifetimeyoucanterminateatrustthatyoucreated.Thereare otherwaysthatatrustcanberevokedbylaw,butthesewouldbebesttodiscusswithyourestate planningattorneyTexaswhendiscussingifalivingtrustisrightforyouandyourlovedones.

  5. WhichpropertydoIwantto transfer/shouldItransferto thetrust? Most people do not like the idea of having their propertyowned and controlled by a trust. The controller of the trust, named the trustee, could be youifyoucreatedthetrust,oritcouldbeanyoneyou choose (barring certain considerations). It would be wise to discuss with your attorney what would be best.

  6. WhodoIwanttobenefitfromthe trust? While the answer is normally present in your mind when you first considered creating a trust, you may wish to revisit your choices throughout your lifetime. Should your mind change in regardtothebeneficiariesofthetrust,youshoulddiscussthis withyourattorneytomaketheappropriatechangesassoonas possible.

  7. Whatbenefitsshouldbegiven? This is often the most difficult consideration. Does everyonewhoyounameinthetrustdocumentreceivean equal portion of the trust or do some benefit more than others? TheTexasrevocablelivingtrustcanbeapowerfuldocument in the financial security of your loved ones during and after yourlifetime.Callourofficetoday to discuss if it is an appropriate and advantageous addition to your Texas estate plan.

  8. OURCONTACT INFORMATION 972-895-8824 2591DallasPkwySte.300,Frisco,TX75034,UnitedStates info@kamilahhendersonlaw.com www.kamilahhendersonlaw.com

More Related