Houston and Corpus Christi Revocable Living Trust Lawyers
Individuals and families establish trusts in order to protect and preserve assets for beneficiaries, while distributing the trust holdings according to very specific guidelines established when the trusts were set up. Trusts can be either revocable, meaning the assets can be withdrawn and returned to the estate holder, or irrevocable, meaning the trust holdings are placed permanently under the control of the trustee.
In many circumstances, trusts are established upon the death of an estate holder, with assets remaining from the estate or life insurance proceeds. This is often referred to as a settler's trust or a testamentary trust. Terms for distributing the assets continue in effect as long as there are assets in the trust.
Living Trusts
More and more, however, estate holders are turning to options for establishing living trusts in order to control the assets of the trust themselves and to gift the money to beneficiaries during the life of the trust holder. While it is still necessary to assign a trustee to distribute the assets, a living trust holder can exercise influence and control over the assets and may even revoke the trust, according to the needs of the estate, upon penalty of taxes.
Common goals for establishing a living trust include:
- Paying for education costs for children and grandchildren
- Paying for the special needs of incapacitated and infirm loved ones
- Supporting your desired religious or charitable organization
- Enhancing the financial support of your adult children
Key Benefit of Creating a Living Trust
In effect, setting up a living trust lets you handle the complex financial affairs of your estate while you are living. With a living trust in place, there will already be an efficient means of distributing the trust assets to your surviving spouse, heirs and desired charitable organizations upon your death.
Learn more about the advantages and benefits of a revocable or irrevocable living trust by talking to an attorney at Kerr, Hendershot & Cannon. We are recognized as the region's leading law firm for all of your estate planning needs. If you are ready to consider estate tax planning or the distribution of your family assets, it makes sense to get straight answers from an experienced team of living trust professionals. Talk to us first.
From our offices in Houston and Corpus Christi, we represent individuals and families throughout South Texas. Contact us to arrange a consultation with an experienced Houston living trust attorney at our firm today.
