Trusts are legal instruments that allow you to make it easier for your heirs to receive your assets after your passing. Creating a living trust, as they’re known in Texas, avoids the need for your estate to go through probate and pay for the associated costs. You can still create a will to cover the disposition of assets or care of minor children that you want to keep out of the trust if you so desire. However, before you start your estate planning, you should consult with a lawyer who has experience in creating trusts and wills to ensure the smooth and uneventful transfer of your assets upon your passing.

The Basics of a Living Trust

A living trust gets its name from the fact that you’re transferring ownership of your property into a trust while you’re alive. There are two types of trusts known as revocable and irrevocable. A revocable trust allows you to control the property contained in the trust, and you can dissolve the trust at any time. An irrevocable trust can’t be changed or revoked while you’re alive, and you give up control and ownership of the property that’s included in the trust. There are various types of trusts you can form, but you should consult with a lawyer as to which one is right for your estate.

The Benefits of Creating a Living Trust in Texas

Texas does not have a streamlined probate process, but it does have a simplified probate process for small estates. The state does not have an estate tax, but if the value of your estate is significant, it may become subject to the federal estate tax. These and other considerations are why you should work with an attorney in the creation of a living trust. An attorney can guide you through the process, create the paperwork on your behalf, and inform you of the liabilities and benefits of forming a living trust in Texas.

Contact the Law Firm of Querishi & Salejee PLLC for Help With Forming a Trust

At Querishi & Salejee PLLC, we can help you with the creation of a trust that makes sense for you and your family. We’re here to help you understand what’s involved in making a trust, deciding on the type that works best for you, and how assets are distributed upon your passing.