A trust lawyer in Dallas, Texas, is an estate planner, a professional who can prepare the necessary paperwork to protect your assets, plan for incapacity and ensure that your affairs are handled as you wish upon your death.
Setting up a trust can be beneficial, allowing you to legally minimize your tax liabilities now and at the time of your death. Plus, the legal arrangement can keep your heirs from having to deal with the probate court.
Texas recognizes several different types of trusts. Here, the experienced trust lawyers at Schultz & Kellar explain the most common and share insight on why estate planning is best left to an attorney.
A living trust safeguards your assets during your lifetime and specifies exactly what you want to happen to them upon your death. You remain in control, adding or remove assets whenever you like – and because it is revocable, you can dissolve the legal arrangement at any point.
As the name suggests, an irrevocable trust is one that you cannot modify or rescind – and you have no control over the assets transferred to the trust. But by relinquishing control, you may be able to minimize estate taxes, keep your assets out of the reach of creditors and qualify for government benefits.
A testamentary trust is created by your last will and testament, so it will only go into effect after your death. The legal arrangement can be used to manage charitable distributions or to name minor children as beneficiaries, and your assets will be accessible once the conditions you defined have been met.
To set aside assets for a family member who is disabled or chronically ill, you can craft a special needs trust. The legal arrangement can provide your loved one with the financial resources they need, without jeopardizing their eligibility for benefits from public assistance programs.
While you don’t need to hire a trust lawyer, doing so can be in your best interests.
The legal arrangements we mentioned above aren’t the only types of trusts recognized in the state of Texas. You can do your own research and draft a trust document yourself, but unless you’re an expert in estate planning, you may need professional assistance to ensure that it’s legally binding.
The highly skilled trust lawyers at Schultz & Kellar, serving Dallas, Fort Worth, Southlake and the entire DFW metroplex area, can help you determine how to establish an estate plan that meets your individual needs and goals. With that, you’ll have the peace of mind in knowing that your estate will be executed according to your wishes.
For more information on estate planning, or to schedule a consultation with an experienced trust lawyer in Dallas, contact Schultz & Kellar today.