Although a Last Will and Testament remains the most common estate planning tool, a living trust is not far behind in terms of popularity. If you find yourself to be the beneficiary of a living trust, you may have a number of questions about how the trust works. For example, you may want to know more about the lifespan of the trust. The Houston living trust lawyers at Mendel Law Firm, L.P. explain when and how a living trust terminates. What Is a Living Trust? The person who creates a trust … [Read more...]
What Is a Living Trust?
What is the purpose of a comprehensive estate plan? An estate plan includes a number of different tools and strategies that all work together to accomplish your various estate goals and objectives. Although every estate plan is unique, one common addition to an estate plan is a living trust. So, what is a living trust? Why should you implement it into your estate plan? Furthermore, how can a living trust benefit your estate planning goals? Read on to learn the answers to these … [Read more...]
Is Creating a Trust Difficult?
A trust is one of the most common additions to a comprehensive estate plan. A primary reason is that trusts can help accomplish a diverse range of estate planning objectives. In addition, trusts are extremely flexible. The creator of the terms of the trust has considerable leeway, barring illegal or unconscionable terms. With this in mind, is creating a trust difficult? The short answer is, it doesn't have to be. If you have considered including a trust in your estate plan, you have likely … [Read more...]
What Happens to a Living Trust When One Spouse Dies?
A married couple is certainly not required to create their estate plans together; however, it is often preferred due to shared assets that must be addressed in each estate plan. One estate planning tool that is frequently used by married couples is a living trust. A living trust can help accomplish a myriad of estate planning goals and objectives while also remaining flexible enough to be easily tailored to the needs of each trust maker. It’s an ideal addition to any estate plan. So, it’s no … [Read more...]
What Is a Living Trust?
Although a Last Will and Testament generally serves as the foundation of any comprehensive estate plan, most plans also include a variety of additional documents and strategies. One of the most common additions to an estate plan is a trust agreement. If you plan to include a trust agreement in your estate plan you will need to decide which type of trust is right for your plan. Understanding the difference between a testamentary trust and a living trust is essential to deciding which type of … [Read more...]
Who Should Be the Trustee of Your Testamentary Trust?
One of the many important reasons to have a comprehensive estate plan in place is to ensure that your children are provided for in the event of your death or incapacity. If your children are still young they cannot inherit directly from your estate. Therefore, many people choose to create a trust to hold onto estate assets until the intended beneficiaries are old enough to inherit the assets directly. A trust that only takes effect at the time of death is known as a “testamentary” trust. Though … [Read more...]
How Long Does It Take to Set Up A Trust?
You may have heard friends or family discussing the use of a trust in their estate plan and wondered if you should consider creating a trust as well. Trusts have become an increasingly popular estate planning component due in large part to the flexibility trusts offer and the multitude of goals and objectives that can be accomplished with a trust agreement. If you have never created a trust before, however, you may wonder “How long does it take to set up a trust?” There is no simple “one size … [Read more...]
Can You Be the Trustee of My Living Trust?
Trusts have become an increasing popular addition to any estate plan. The reasons for this are varied and numerous. Trusts allow for flexibility when creating an estate plan as well as help your estate avoid probate. In addition, trusts may help decrease your gift and estate tax exposure. When you create a trust you must appoint a trustee. One question we often get asked is “Can you be the trustee of my living trust?” The short answer to that question is “yes”; however, it helped to better … [Read more...]
Who Is the Trustee of My Family Wealth Trust?
Trusts are a common addition to a comprehensive estate plan because of the numerous and varied benefits a trust offers as well as the flexibility offered by the terms of a trust. Although the name implies the need to be “wealthy”, family wealth trusts are frequently used by families with moderate to large estates as a way to pass down the family assets. If you are considering the addition of a family wealth trust to your estate plan, you may be asking yourself “Who is the trustee of my family … [Read more...]
When Does a Trust End or Terminate?
If you are considering the addition of a trust to your estate plan you will have numerous decisions to make when creating your trust. Many of those decisions will dictate what type of trust you ultimately create. The type of trust you create, in turn, will impact whether or not the trust can be modified as well as when and how the trust will terminate. Trusts come in two forms – testamentary trusts and inter vivos (living) trusts. In addition, a trust can be revocable or irrevocable. A … [Read more...]
