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Establishing a trust based on your personal needs

On Behalf of | Jun 21, 2021 | Blog, Estate Planning

A trust serves as the key that makes it easier for your beneficiaries to receive assets after your death. Certain types of trusts also ensure that you have ability to make changes. Establishing your trust through an individual or organization ensures that you can continue to care for your loved ones even after your death. Setting up your trust in Texas reinforces your will with greater clarity.

Determine the best trust for your situation

Estate planning ensures that your family doesn’t undergo conflict and incur additional expenses while trying to divide your assets. The most common types of trusts include a living trust, testamentary trust, charitable remainder trust, qualified domestic trust or a special needs trust. Each trust offers unique protections and requirements that a qualified lawyer can help explain.

The grantor of the trust maintains the legal authority to transfer property into the trust. Trusts can hold a myriad of assets, including money, businesses and real property. Generally, items with value serve as good candidates for inclusion in a trust. Trusts also exist to protect minor beneficiaries and people receiving Social Security income. Choosing the right options when setting up a trust makes for a smoother transfer of assets.

Every family comes with unique dynamics that require a personalized approach to initiating and managing a trust. In the same way that a will needs updating throughout life, a trust may also need revisions to reflect the wishes of the grantor.

Prepare to set up your trust

Trusts provide an additional layer of protection for your loved ones. Discussing your will and establishing a trust with an attorney ensures that your assets transfer to your loved ones without a hitch.