A living trust can be a vital part of your estate plan, helping you protect assets from creditors and taxation. If you want to leave specific assets to a specific heir, preserve a family home to pass down through generations, avoid probate, or ensure a comfortable retirement, then a living trust may be the perfect estate planning vehicle to accomplish this. Many people believe that a trust is something that only very wealthy people need, but the truth is that many people, even those with a modest estate, can benefit from a trust. A Conroe, TX, revocable living trust lawyer can explain how a trust can help you reach your financial goals and protect everything you have worked so hard for.
The attorneys at Stuart Green Law, PLLC, draft legal protections for your assets, including living trusts. We can also help modify an existing estate plan if your family situation has changed. Call us today for a personalized consultation.
How A Conroe Revocable Living Trust Lawyer Can Help You
Texas law defines a revocable living trust as one created and established during the lifetime of the grantor (the person creating the trust, also referred to as the settlor). The trust transfers specific property or assets from the grantor into it. You can fund the trust with money, life insurance policies, vehicles, and even real estate.
One of the primary benefits of a revocable living trust is that it can help avoid probate. Because the property is transferred into the trust before the grantor passes away, it is not considered part of the estate, and therefore, ownership of the property can be transferred without going through probate. The property is owned by the trust, not you, and so can also be shielded from creditors pressing a claim on the estate or protected from seizure should you face a civil legal action.
There are many types of trusts. A revocable trust permits the grantor control over the trust. The grantor can end the trust (revoke it) at any point in their lifetimes, as long as they meet certain legal conditions (you can’t just decide you don’t want it anymore; your estate planning attorney can outline the conditions that you must meet to revoke the trust).
Considerations For Creating A Revocable Living Trust
Is a revocable living trust right for you? You may wish to discuss your estate planning with your spouse or family—and definitely with a professional Texas estate planning lawyer. Revocable living trusts can be a powerful form of asset protection and provide a stable source of income. They can also be a vital part of your retirement plan, ensuring that you can live comfortably as you age.
If you haven’t started estate planning yet or if you aren’t sure if a trust is right for you, talk to a Conroe revocable living trust lawyer. At Stuart Green Law, PLLC, we explain all your options for establishing a trust and help you create an estate plan that meets your needs and protects your family. Call us today to get started.