Davidson Law Group Shares Some Things to Know About Living Trusts
Living trusts can offer substantial advantages for managing estates before-death and after-death as well. Whether a living revocable trust is right for you depends on your circumstances. Consultation with a qualified attorney should always be a part of your estate planning. Today, the experts at Davidson Law Group share some things you should know about living trusts.
Related Post: How Do Living Trusts Avoid Probate?
What is a Revocable Living Trust?
This is a written agreement designating someone to be responsible for managing your property. It’s called a living trust because it’s established while you’re alive. It’s revocable because, as long as you’re mentally competent, you can change or dissolve the trust at any time at your own discretion for any reason.
Difference Between a Trust and a Will
Both a living trust and a will contain your inheritance instructions, meaning who gets what, when they get it, and how. For most people with relatively modest estates, wills are quite adequate. They are generally less complicated and less expensive than a trust. A trust is preferred by people concerned with privacy and a desire to avoid probate. A living trust will not become part of the public record. A will is part of probate, and probate is open to the public record.
Does a Living Trust Require a Lot of Money to Start?
It only requires a token dollar amount to fund a living trust when it’s created. You can fund a trust with as little as one dollar or as much as all the assets you have. You can also specify in your will that your trust is only to be funded upon your death.
Related Post: Benefits of a Living Trust
Who Can Be Named as Trustee?
Any mentally competent adult can be named as trustee. Normally, people name themselves and their spouse or partner. This gives you full control of the property while you’re alive.
Is a Living Trust Right For Me?
It’s not right for everyone. You should weigh the advantages and disadvantages. For simple estates and investments, it may not be worthwhile since setting up a trust usually involves more cost than a will. Consultation with a qualified attorney can help you decide.
Davidson Law Group Can Help
Your Davidson Law Group attorney will advise whether a trust is right for you, and if so, what type of trust you should choose. If you live in Texas and are looking into the estate planning process, contact us in Fort Worth, Allen, or Tyler today.