Experienced Trust Attorney in San Antonio, Texas
A trust is entity that is created to hold title of property. The trust owns the assets you transfer into it, and a trustee manages the trust assets for the benefit of your beneficiaries. A trustee has a fiduciary obligation to the beneficiaries the trust was created to provide benefit to. It is also an effective tool to avoid probate.
There are two types of trusts, revocable trust (living trust) and irrevocable trust.
A revocable living trust is an especially important option because of the complex probate process. If you want to help your family avoid the complex and time-consuming probate process and related fees, you should design a plan that puts your assets in a trust.
When you set up a revocable living trust, you will retain complete control of your assets until your death or incapacity. If you reach a point where you are no longer able to take care of yourself, your successor trustee can step in on your behalf, often eliminating the need for guardianship proceedings.
An irrevocable trust may not be changed or modified, except on rare occasions. While many people wonder why they should create a trust that they cannot change, the fact is that there are many benefits to an irrevocable trust.
The two most common benefits of an irrevocable trust include minimal taxation and property protection from creditors.
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Trusts are not only for the wealthy. Many people can benefit from the creation of a trust. We can help you determine if you need a trust and how we can help you use trust laws to your advantage.