Should You Have A Trust?

A trust is one of the most flexible estate planning instruments available. A trust can do many things. Some people may only need a single trust, while others will likely use multiple. They can be used to protect your assets from estate taxes, to provide for a disabled child, to provide a gift for a favorite charity or to prevent a divorce from having an unwanted impact on the ownership of your business. At The Law Office of Carrie T. Schilling, our attorney can discuss your needs and goals and help you assemble the trusts that protect you and your family's future.

What Is A Trust?

A trust is a legal document that transfers property from the creator (grantor) to a trustee. The trustee owns the property and is responsible to carry out the goal of the trust under a fiduciary obligation. Fiduciary duty requires that the trustee treat the property with great care. A trustee's duty may be to maximize the value of the property through wise investing or management. A trustee may be a person, including the grantor in some types of trusts, or it may be a corporate trustee, like a bank.

What Type Of Trust Do You Need?

The types of trusts often describe the purpose of the trust, such as minimizing taxes, providing for the care and maintenance of a special needs child or to aid in the transfer of wealth to your children and grandchildren. Types of trusts include:

  • Revocable trust
  • Irrevocable trust
  • Special needs trust
  • Living trust
  • Asset protection trust
  • Spendthrift trust

Our Attorney Can Help You Choose

You may find that because of their flexibility, more than one trust is necessary to meet your needs. As with all aspects of your estate plan, you should also evaluate your trusts throughout their life, as your needs may change. Irrevocable trusts, which often are used for tax or Medicaid planning, cannot be changed once created, so great care needs to be used when choosing those types of trusts.

Contact Us

We can help you set up the trusts you need in Texas. Our lawyer can help you determine the details of you plan. Call our Southlake office at 817-997-4787 or use our convenient online contact form to make an appointment.