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Avoiding Probate with a Living Trust
If you’d like to help your heirs and beneficiaries avoid probate, you should consider establishing a revocable living trust. Living trusts allow you to retain control over and benefit from your assets and property while you are alive while also naming a successor trustee who will handle the trust upon your passing, as well as beneficiaries who will benefit from the assets controlled by the trust. Typically, assets placed in a trust are not subject to probate. A trust can also allow you a greater level of control over how assets are distributed. Trusts are particularly beneficial for individuals with large estates or those that own businesses, commercial real estate, and other considerable assets.
Contact the trust lawyers at Kearney, McWilliams & Davis, PLLC to discuss your options with a member of our legal team. We can be reached online or by phone at (713) 936-9620.
Should You Set Up a Trust?
As stated above, there are several benefits to placing assets into a living trust. Arguably the most important aspect of a trust is that it allows you to denote how your assets will pass in a very specific way. For instance, if you wish to ensure that your children from a previous marriage receive an inheritance, or wish to provide for a special needs relative, a trust can accomplish this. A trust can also be useful if you want to leave assets to an heir, but you want to ensure that these assets are properly managed. These are just a few examples of why you might choose to draft a revocable living trust.
Other advantages offered by trusts include that they allow you to:
- Maintain privacy, as trusts are not available to the public
- Avoid future costs by handling legal expenses upfront
- Include powers of attorney
- Control who has authority over your assets, both in the present and the future
While revocable living trusts can be changed so long as you are able to do so, they are no longer flexible once they pass on to the successor trustee. Furthermore, trusts must be consistently maintained over time. If you purchase a new home, for example, you must update the trust and re-title your assets to ensure that they are properly transferred through the trust.
Contact Our Firm Today for Personalized Legal Counsel
Every situation is unique. Speaking with an experienced trust attorney can help you determine the best course of action for your estate planning needs. At KMD, we offer a personal approach that is tailored to your particular goals. Our legal team provides productive, efficient services and honest, straightforward counsel designed to help you protect your assets and your interests.
Call our office at (713) 936-9620 today to request a consultation with one of our dedicated attorneys.
