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Dallas Trust Attorney

Dallas Trust Attorney

As trusted Dallas estate planning attorneys, we understand the importance of creating a comprehensive estate plan that protects your assets, provides for your loved ones, and ensures your wishes are carried out. This may include incorporating trusts into your estate planning.

What is a Trust?

A trust is a legal arrangement that allows you to transfer assets to a trustee who holds and manages those assets for the benefit of designated beneficiaries. Trusts provide flexibility, privacy, and control over the distribution of your assets both during your lifetime and after your death. They can be an essential tool for achieving your estate planning goals.

Key Elements of a Trust

  1. Settlor/Grantor: The settlor or grantor is the person who creates the trust and transfers assets into it. As the settlor, you have the power to determine the terms of the trust, including who the beneficiaries will be and how the assets will be managed and distributed.
  2. Trustee: The trustee is the person or entity responsible for managing the trust and its assets. You can choose yourself, a trusted family member, a friend, or a professional trustee to fulfill this role. The trustee has a fiduciary duty to act in the best interests of the beneficiaries and follow the instructions outlined in the trust document.
  3. Beneficiaries: Beneficiaries are the individuals or entities who will receive the benefits of the trust. They can include family members, friends, charitable organizations, or even pets. You can specify how and when the assets will be distributed to the beneficiaries, such as in periodic distributions, lump sums, or for specific purposes.
  4. Revocable vs. Irrevocable Trusts: Trusts can be revocable or irrevocable. Revocable trusts allow you to retain control over the assets during your lifetime and make changes or revoke the trust if desired. Irrevocable trusts, once established, cannot be easily modified or revoked. Each type of trust offers different benefits and considerations, depending on your specific objectives.
  5. Asset Protection and Probate Avoidance: Trusts can provide asset protection by shielding your assets from potential creditors or legal claims. Additionally, assets held in a trust can bypass probate, ensuring a more efficient and private distribution of your assets after your death.
  6. Specialized Trusts: There are various types of specialized trusts that serve specific purposes, such as:
    • Revocable Living Trust: A popular choice for estate planning, a revocable living trust allows for the seamless transfer of assets while avoiding probate.
    • Irrevocable Life Insurance Trust (“ILIT”): An ILIT is specifically designed to hold life insurance policies, providing tax advantages and controlling the distribution of proceeds.
    • Charitable Remainder Trust (“CRT”): A CRT allows you to provide for both charitable causes and beneficiaries by providing income to the beneficiaries for a specified period and then donating the remaining assets to a charity.

Consult an Experienced Estate Planning Attorney

Creating a trust is a complex legal process that requires careful consideration of your specific goals and circumstances. Our experienced estate planning attorneys can guide you through the process, help you determine the most appropriate type of trust for your needs, and draft a trust document tailored to your wishes.

Contact our firm today to schedule a consultation. Let us assist you in establishing a trust that provides you with peace of mind, protects your assets, and ensures the well-being of your loved ones now and in the future.

Our Dallas Probate Attorneys provide a full range of probate services to our clients, including drafting and advising clients on trusts. Affordable rates, fixed fees, and payment plans are available. We provide step-by-step instructions, guidance, checklists, and more for completing the probate process. We have years of combined experience we can use to support and guide you with probate and estate matters.

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Disclaimer:  The content of this website is for informational purposes only and should not be construed as legal advice and should not be acted upon without consulting a qualified probate attorney.