TRUST FORMATION & LIVING TRUST

What Are The Different Types of Trusts in Texas?

First, having a properly executed Will prevents your property from getting distributed by state law and significantly decreases the infighting among your heirs (e.g., your children can't fight over your assets if you tell them exactly what each gets). The use of trusts for estate planning has been steadily increasing in Texas; however, unlike a will, using trusts for estate planning purposes has advantages and disadvantages. Our Dallas trust attorneys can properly advise on, and draft trusts such that they meet your estate planning needs. Some of the various types of trusts in Texas include the following:

• Testamentary Trusts;

• Revocable Living Trust;

• Spendthrift Trusts;

• Educational Trusts;

• Crummey Trusts and

• Irrevocable Life Insurance Trusts.

For a comparison of a last will and testament to a revocable trust, follow this link: Comparing a Last Will & Testament to a Trust .

What Is A Living Trust? 

A living trust is a legal document creating a trust during an individual's lifetime wherein a trustee, or other designed entity,  assumes a fiduciary duty to manage an individual's assets for the benefit of the eventual beneficiary.  A living trust is also known as an inter-vivos trust and the duration of this living trust  is determined at the time of the trust's creation.  An important benefit of an inter-vivos trust is to avoid probate and the expenses associated with litigation after the individual's death.  Further, establishing a revocable inter vivos trust avoids a conservatorship of your estate upon your incapacity.  A conservatorship is a court-supervised proceeding in which the court appoints an individual as guardian of your assets and an incapacitated person. 

Why Do You Need A Trust & Estate Planning Attorney?



Having a living trust avoids expensive, time-consuming conservatorship court litigation in the event of our incapacity. At Wilson Legal Group, our trust lawyers utilize a team-based approach that benefits from having access to multiple attorneys with substantive years of experience in many practice areas. Whatever your estate or trust administration needs may be, our Dallas trust attorneys have the talent, resources, and expertise to meet them in an efficient, timely, and cost-effective manner. Our Dallas lawyers represent executors, trustees and trust administrators, beneficiaries, heirs, and other family members who own an interest in the trust or estate property.