DFW Revocable Living Trusts Lawyer
A revocable living trust is a trust arrangement that allows a person to transfer assets into a trust while still alive. The trust is then managed by a trustee, which can be an individual or a financial institution. The trustee then distributes the assets according to the terms of the trust agreement. This type of trust is very useful for people who are elderly, disabled, or have minor children, as it allows them to avoid probate and the costs associated with it.
It is also beneficial for people who want to avoid the public nature of probate and the potential for creditors to claim their assets. A trust can be created in any manner that the person wishes, and it can be changed or revoked at any time.
Call our Texas law firm for a revocable trust lawyer near you at (972) 560-6288 for help in Plano or Mansfield.
Understanding Living Trusts in Texas: A Primer
A living trust in Texas is a legal document that allows individuals (known as the grantor or settlor) to establish a trust relationship with a trustee and transfer ownership of their assets into the trust while they are alive. The grantor retains control over the assets during their lifetime and can make changes or revoke the trust if desired. Upon the grantor's passing, the assets held in the living trust can be distributed to the named beneficiaries without the need for probate, providing privacy and potential cost savings.
What to Include in Your Texas Revocable Living Trust
The assets that can be included in a revocable living trust in Texas may vary depending on individual circumstances and preferences.
Generally, a wide range of assets can be included in a revocable living trust, such as:
- Real estate properties: including residential or commercial properties.
- Bank accounts: including checking, savings, and money market accounts.
- Investment accounts: such as stocks, bonds, mutual funds, and brokerage accounts.
- Business interests: including ownership shares or partnerships.
- Intellectual property rights: such as copyrights, patents, or trademarks.
- Personal belongings: such as artwork, jewelry, collectibles, or vehicles.
- Life insurance policies: including the policy itself or the proceeds.
- Retirement accounts: such as IRAs or 401(k) plans.
Consulting with an attorney who specializes in estate planning can provide personalized guidance on which assets are suitable for inclusion in a revocable living trust in Texas.
Who Should Create a Revocable Living Trust in Texas?
A revocable living trust is a useful estate planning tool that can be beneficial to many people. However, it is particularly useful for people who are elderly, disabled, or have minor children. In each of these cases, it allows the person to avoid probate and the costs associated with it.
Having a revocable living trust is also beneficial if an individual owns properties in more than one state. Having a trust established eliminates the tedious, time-consuming and expensive multi-state probate process.
It is also beneficial for people who want to avoid the public nature of probate and the potential for creditors to claim their assets. A trust can be created in any manner that the person wishes, and it can be changed or revoked at any time.
Strategic Timing for Creating Your Texas Trust
A trust should be created whenever a person owns property that they wish to pass on to their beneficiaries after they have passed away. This includes homes, vehicles, investments, bank accounts, retirement accounts, and other assets. It is important to create this trust before a person dies, as it allows them to direct where their assets should go after they have passed away.
It is also beneficial for people who want to avoid the public nature of probate and the potential for creditors to claim their assets. A trust can be created in any manner that the person
Connect With Us for personalized trust solutions in Plano or Mansfield at (972) 560-6288.
Satisfied Clients Tell Their Stories
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"Thank you and God Bless you"
Thank you for being my Living Trust and other Estate documents attorney. Due to our move and storage of business and personal documents, we had trouble locating & we took a lot longer to respond to your drafts, etc. You were very patient with me and my needing lots of explaining of legal terms and meanings. At my age, I was concerned about getting things done but wanting it all done right. You were very prompt in responding to my questions and I think by time of signing I felt confident we had things just the way we wanted to protect my heirs. Thank you and God Bless you.
- Donna V. -
"Very much appreciated"
I am very much appreciated your service If anyone like me needed your service I will introduce about you. Everything you did with in a week. Very much satisfied all your service.- Sarah P. -
"Smooth and easy"
Learning about trusts at the meal was easy and educational. The set down at the office was where the finer points of trusts was explained. That is where and when we decided to make it safe and easy for our heirs. Our final meeting where we signed everything and an explanation of each item was given went smooth and easy. All in all I would say the investment in the trust was worth it.
Thank you to Crain & Wooley office and staff- Anonymous -
"Professional and knowledgeable"
My husband and I recently had our living trust completed through the help of Crain and Wooley. Justin and his staffs are professional and knowledgeable. A special thanks to client education specialist Stephen. He is such a nice gentleman and always answers our questions clearly and right to the point, and always ready to help by answering your concerns promptly. We will certainly refer the law firm to our families and friends!
- Susan X. -
"Excellent, Highly recommend"
We went to seminar to just find out what we needed to do for a will, They gave us all the info we needed right then there. Offered a really good price if we signed up to get one that day. A few weeks later after our appointment we have a Living trust. They were helpful with all our questions and were very thorough with these explaining the whole process. They stuck with the price that we paid + let us call anytime if we had any questions. Excellent, Highly recommend this company.
- Linda B. -
"So good to finally have a plan"
After worrying about our lack of estate planning for years, it feels so good to finally have a plan in place. Thank you for making the process relativity painless and offering the educational support we needed.
- Leslie W. -
"5 Stars"
Me and my appreciate Mr. Crosby we think that he was very professional in doing his job and we give him 5 stars when it come to him doing his Job.- James A. -
"Overall experience was seamless"
We recently had the opportunity to attend a workshop hosted by Crain & Wooley regarding wills and estate planning. Based on the information provided we decided to proceed with our estate planning with Justin and his team. The overall experience was seamless and the process was clearly communicated. We had our homework and once that was completed, several iterations later we had our final walk-through and signed estate plan. We would recommend Justin to our family and friends.
- Earl B.
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Estate Planning With Us Means:
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Flat-Rate Pricing*Finally, you won’t need a lawyer to understand your legal fees. We clearly communicate our pricing structure upfront, so you can feel comfortable with our service from start to finish. No surprises, no hidden fees. *Our flat rate fees apply only to proactive planning services.
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Optional Lifetime GuaranteeWith our optional lifetime guarantee, your will and trust will be automatically updated over the years to ensure it stays current with best practices, reflects your current wishes and minimizes future confusion for your family.
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Knowledgeable ServiceLaws change all the time. We stay up to date with all the latest information so that you’re covered. No one else in the region is as dedicated or educated in this area of law. We’re the experts so you don’t have to be.
