Creating Trusts in Tyler
Reliable Estate Planning Attorney Helping Families in Smith County & Surrounding Areas
Creating a trust that will help secure the future for your loved ones is an excellent idea. A trust is a legal agreement that holds and passes benefits or assets on to others. In addition to protecting your interests and carrying out your wishes, a trust can be a way to avoid the confusing process of probate, if done correctly. Since trusts can come in so many different shapes and forms, we are here to cast a little light on the subject.
If you have any questions or concerns, feel free to contact our Tyler and Mineola Estate Planning lawyer at any time.
A living trust is a trust that goes into place while the creator of the trust is still alive. This type of trust can be designed to hold and transfer funds and other assets to beneficiaries as the trustees see fit. Creating a living trust can also be used to avoid the probate process. A living trust works similarly to a will. However, if proper measures are taken, the assets will be held in the trust without having to pass through probate.
Irrevocable Trusts & Revocable Trusts
If a trust is made to be irrevocable, this means that the terms cannot be altered or revoked in any way, even if the trust creator is still alive and able to make decisions for themselves. This type of trust is often created to obtain certain protective tax or asset objectives. Conversely, a revocable trust is one where conditions may be changed or removed at the will of the creator.
Special Needs Trusts
Sometimes, trusts can be used to protect loved ones who may be disabled. When they are receiving financial support from a regular trust, it may interfere with their ability to receive payments from SSI or Medicaid. This is why some choose to create a special needs trust that allows the assets to be transferred without forcing them to forfeit other benefits.
Let Us Give You Insightful Advice
Because the array of trusts can be so complicated, it takes insightful knowledge and skill to create one that will truly provide the support and outcome you are looking for. This is why the help of an experienced trust and estate planning attorney in Tyler and Mineola is nothing short of necessary if you want to make sure your assets and loved ones are protected precisely the way you want. Let Campbell Law Firm handle the legwork of creating an excellent trust for you. We have over 30 years of experience serving clients throughout Tyler and Mineola and know how to help.