Are you wanting to ensure that a specific asset goes to a specific beneficiary? Do you want to help reduce the amount of estate taxes your family will have to pay to receive your assets after you die? A trust is an important tool when it comes to planning your estate, and an experienced Houston trust attorney can help you set up and administer one.
A lawyer can provide the assurance that the legal steps you take to protect your assets will hold up to any challenges. Some of the services he or she can offer to assist in that goal include:
Trusts are a particularly effective tool for managing the distribution of the assets of a larger estate. However, as noted by Kiplinger, “trusts aren’t just for very wealthy or complicated estates. They could be helpful for many “average” folks, too.” There are a number of reasons why a trust may be an effective estate planning tool for you, including:
Setting up a trust should be part of your financial planning activities and there is no time that is too early to ask a trust attorney about doing so. If you have assets and small children, it is important to establish a trust when they are young in order to ensure that the assets you want to leave for them are available without hassle when the time comes.
There are several popular types of trusts, including:
There are many other types of trusts that can be used in specific situations. To learn more about the best trust for your circumstances, contact an experienced Houston trust attorney.
Whenever you find yourself needing to reach out to our office, you can be sure you won’t need to wait for hours or days in order to get a response. Here at Stafford Law Firm, we pride ourselves on being easily accessible and on responding to all client inquiries as soon as possible.
The fact of the matter is, one day you will need to fall back on your estate plan. Whether it will simply be to pass on your family’s wealth after you pass, or something even more heartbreaking like needing a new guardian appointment for your children, having a thorough and customized plan in place will help make sure your family and your future are well taken care of. This plan will often need to include one or several different kinds of trusts, and you can rest easy knowing that an experienced Houston trust attorney has your best interests at heart. Reach out today for a free consultation.
A trust is a legal document that changes the ownership of your assets. If you decide to set up one or several trusts you should always work with an experienced attorney. It is crucial that these documents be set up correctly, otherwise, you might inadvertently cause serious financial challenges down the road.
Whether a power of attorney has the ability to override a trust, depends on which type of trust you have in place. A revocable trust could be changed by you or your POA. An irrevocable trust cannot be changed either by you or by your power of attorney, no matter how much power you were to grant them.
Wills and trusts are both important documents when it comes to estate planning. The specific documents you need truly depend on your specific situation. If you have significant assets, a trust can help streamline the process of passing them on. A will is important for a lot of other reasons, but particularly if you have minor children that will need a guardian designation.