Determining how your property will be handled following your death can be difficult. Let a Houston lawyer help you with the estate planning process to prepare your property for the future.
A trust can be a helpful, easy way to transfer property between you and another party following your death. Recently, they’ve grown in popularity, and with good reason—you can settle a trust faster than a will, and without the hassle of probate. That makes life simpler for you and your beneficiaries.
But creating a trust can be complicated. Certain property may not be eligible for a trust, for example, and choosing the right type of trust for your situation is key. With a Houston trust lawyer from The Curry Law Firm on your side, you have the tools you need to make the right choices for your trust.
Types of Trusts for Texas Residents
When choosing a trust, one of the more important steps is to choose the right type of trust for you and your family. Creating a trust that meets your Houston family’s specific needs can be complex, especially if you have a large number of family members or many types of assets. Your trust lawyer can help you manage these assets and determine the best way to distribute those assets to your family.
Below are some of the types of trusts you may consider:
Testamentary Trusts – Testamentary trusts allow you to leave the bulk of your assets to your loved ones with managed gifting and protection from creditors. This leaves the maximum amount to your family.
Revocable Living Trusts – Living trusts work much like wills. You’ll be able to lay out the distribution of your assets based on your wishes, while avoiding probate.
Irrevocable Life Insurance Trusts – Life insurance payouts can create large tax burdens and strain on your family. A life insurance trust can help them manage these payouts, avoid severe tax penalties, and ensure their financial security.
Special Needs Trusts – These types of trusts offer support for those with disabilities. Your assets will be placed with a trustee, who is in charge of using these assets for your loved one with special needs.
Should I Have a Will?
Many people, when preparing for the future, think of a will first before they think about a trust. Wills are popular tools for managing assets and who will receive them following your death. But should you have one, as well?
The problem with a will is that it may be probated. That means the document is proved in Texas court as an official document. It can take time to prove, and that can be a strain on many Houston families.
Your trust lawyer can help you prepare for all these concerns. For example, your Houston trust may not include all the assets you’d like to offer your family. Your trust lawyer can help you prepare both a trust and a will that covers any remaining assets and instructions.
Get Guidance from a Trust Attorney
Setting up a trust doesn’t have to be complicated, but without a Houston lawyer from The Curry Law Firm, it can be difficult to make the right decisions.
That’s why we offer free consultations—we want you to make an informed decision, so we offer guidance that can help you get started. Prepare for your free consultation with a Houston trust lawyer by calling 713-678-0013 or by completing the online contact form below.