Dallas-Fort Worth Trust Attorneys

Helping Clients Obtain Peace of Mind 

People often think that trusts are only for the rich and famous who are trying to hide hundreds of millions of dollars in off-shore bank accounts. However, normal, everyday people can experience huge benefit by using a trusts.

Trusts, by far, are the most comprehensive of all estate planning options because they greatly simplify estate settlement. Trusts can also help your family avoid the hassle of probate and legal disputes over assets and properties you want your beneficiaries to inherit.

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What is a Trust?

A trust is a legal arrangement in which one party, known as the "settlor" or "grantor," transfers ownership of assets to another party, known as the "trustee," for the benefit of a third party, known as the "beneficiary." Trusts are commonly used for various purposes, including estate planning, asset protection, and charitable giving. 

Common Types of Trusts

There are a variety of trusts that you can include in your estate plan that can be tailored to meet your unique planning needs. Our DFW trust lawyers are here to discuss your goals and figure out which type trust meets your specific goals.

We have years of experience establishing and administering the following types of trusts:

• Special Needs Trust
• Revocable Living Trust
• Irrevocable Trust
• Minor Trusts
• Descendant’s Trusts
• Educational Trust
• Taxable Estate Trusts and more

Often times, there is an abundance of misunderstanding surrounding Texas trusts. As you conduct your estate planning, it's important to determine which trust is best suited to your needs. If you have questions, contact our Dallas-Fort Worth trust attorneys. From there, we can aid you in exploring how you can set up a trust to protect or transfer your assets.

What Are the Benefits of Including a Trust in Your Estate Plan?

Some of the benefits gained from establishing a trust include:

• Avoiding In-State and Out-of-State Probate: Unlike a traditional last will and testament, trusts are portable. For example, if you have real estate in multiple states or other countries, then a trust would be worth considering because your beneficiaries would avoid the probate process in each state or country in which property is owned. Click here to find out why a will is not enough if you want to avoid the hassle of probate.
• Plan for Nursing Home Expenses: As we age, we need to be prepared for the possibility of living in a nursing home. With the average monthly costs of nursing home care in Texas being $6,000 or more, an irrevocable trust protects your assets from being spent on nursing home costs. The greatest benefit is received by having a nursing home plan in place FIVE YEARS before the need for long-term care.
• Protecting Loved Ones with Special Needs: Leaving an intentional legacy for a loved one with special needs can be accomplished through creating a special needs trust. With a special needs trust, you won't have to worry about your loved one losing any type of public assistance already being received. Read our blog to find out how special needs trusts can be powerful estate planning tools for disabled beneficiaries.
• Protecting Assets from Troubled Heirs: Life is hard, and sometimes, loved ones struggle with mental health issues or harmful behaviors like substance abuse. Creating a trust with special instructions offers protection for both your assets and loved ones who tend to take financial risks. With a revocable living trust, you can restrict how and when money is given to certain beneficiaries. However, some complicated provisions can backfire, which is why you should consult with a lawyer to discuss your concerns.
• Protecting a Surviving Spouse: Did you know that a surviving spouse does not always inherit from their deceased spouse’s estate? Surviving spouses are often surprised to learn that they must complete the probate process if they want to obtain 100% ownership of estate assets. However, a trust provides a seamless and court-free way for a surviving spouse to carry on living and making financial decisions. A trust also provides asset protection should the surviving spouse remarry.
• Providing for Minor Children or Grandchildren: Trusts can also provide an avenue for safeguarding a minor’s inheritance until a suitable level of maturity or life experienced is gained. Trusts can also be used to make sure younger beneficiaries receive funding for college or vocational training. If you are a Texan who owns mineral rights that have been passed down from your ancestors, then you can put the rights into a revocable living trust to ensure they pass on to future generations.
• Addressing Blended Family Concerns: Family is sometimes complicated. Trusts offer the ability to ensure equitable treatment of children and other family members in multiple marriage situations. Texas is a community property state. Misunderstanding Texas community property laws can cause serious problems for blended families. For example, the property doesn’t automatically go to the surviving spouse, which means children from a previous marriage can end up inheriting the decedent’s half of the property to the detriment of the surviving spouse.
• Avoiding Estate Taxes: Taxes play an important part in civil discourse, but creating a trust may prohibit the government from taking more than its fair share. With a revocable living trust, your beneficiaries will be able to avoid the probate process and negative tax implications. Click here to find out about the tax benefits of including a revocable living trust in your estate plan.
• Supporting Charities: Leaving a legacy of generosity is made easy through the creation of a trust. Our lawyers can include instructions in the trust for referencing a Memorandum of Understanding (MOU), which will ensure your hard-earned assets are utilized with the particular charitable goals you have in mind.

Call our trust lawyers in Dallas-Fort Worth at (972) 945-1610 for help choosing the right trust for your needs.

Can a Trustee Remove a Beneficiary From a Trust in TX?

In most trusts trustees do not have the power to change the beneficiary of an established rust. The right to add and remove beneficiaries is a power reserved for the grantor of the trust; however the grantor of the trust can name themselves as a trustee for the duration of their lifetime with a revocable living trust and make changes. When the grantor dies, their trust will usually become irrevocable and can not be modified without going to probate court and filing a petition.

Can a Trustee Be a Beneficiary of an Irrevocable Trust in TX?

Yes. An irrevocable trust does not allow modifications, so the grantor made a permanent transfer of assets and it is not uncommon to name a spouse, child or other family member to be named a trustee and beneficiary.

A trustor should be cautious when choosing a beneficiary as their trustee due to the conflict of interest.

We Can Help You Choose the Right Trust Today

With all the options you have when it comes to creating a trust, it is in your best interest to speak with a knowledgeable estate planning attorney at Crain & Wooley. With our effective legal services and customized legal strategies, you legacy is in good hands.

For a free consultation with one of our seasoned trust lawyers in DFW, please call us at (972) 945-1610 or fill out our convenient online scheduler.

Related Reading:

• Treat Your Living Trust Like a Business
• Can My Successor Trustee Change My Trust?
• Able Accounts vs. Special Needs Trusts
• How Do I Update My Trust When I Move to a New State?
• Tips and Tricks For Refinancing Your Home Titled In a Trust