Law Office of Harvey L. Cox.
Law Office of Harvey L. Cox.

Call For Your Free 1 Hour
Peace of Mind Planning Session
(254) 233-7779

Wills & Trust

What Is A Trust? What Are The Common Types Of Trusts Used In Texas?

In this article, you will discover:

  • The purpose of trusts
  • When you must have a trust

A trust is a written document that specifies who you want to handle your estate at your death and who gets your assets at your death. It sounds like a will, but it functions very differently.

  1. A trust provides for you:
  • To understand how a trust works you need to know certain terms
    • Grantor – when you create a trust you are the Grantor of the trust
    • Trustee – every trust has someone who manages the trust, known as the trustee. You are the trustee of your trust
    • Beneficiary – trusts are created to benefit one or more persons, known as the beneficiary. You are the beneficiary of your trust
    • So, when you create a trust and transfer your property into the trust, you continue to manage your property for your own benefit. Nothing changes in your day-to-day life.
    • But you don’t own the property, the trust owns it. At your death, therefore, you don’t own any property so there is nothing to go through probate
    • Successor Trustees – these are the individuals you name to manage your trust after your death. They also have the authority to manage your assets for your benefit should you become disabled because of an accident, illness, or old age. For example, when a person develops dementia, the trust can have a provision that allows a successor trustee to take over the financial management of the trust assets.
    • This will help you avoid the expense and embarrassment of a court ordered conservatorship or guardianship.
    • Contingent Beneficiaries – these are the persons you want to get your assets after your death. Your successor trustees manage your assets after your death and disburses those assets to the individuals you name as your contingent beneficiaries…Read More

More Information:

Can I Still Keep Control Over My Assets If I Put Them Into A Trust?

In this article, you will discover:

  • Necessary healthcare-related planning documents
  • Important components of an estate plan
  • How often an estate plan should be reviewed
  • If you need an estate planning attorney

You absolutely can keep control over your assets if you put them into a trust. The trust that I recommend is fully revocable and amendable. Any assets you place in the trust can be easily transferred out of the trust. For example, you put your home into the trust. If you decide to sell the home, you sell it as you normally would but when you sign the deed for the sale, you are signing as the trustee of the trust instead of in your individual capacity…Read More

Law Office of Harvey L. Cox.

Call For Your Free 1 Hour
Peace of Mind Planning Session
(254) 233-7779

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