While most people only think of the last will and testament when they start planning their estate, there are several others ways to ensure your loved ones receive your assets. Setting up a revocable trust or life insurance trust could be your best option. For assistance with trust law, contact Judith P Kenney & Associates, P.C. in Frisco, TX.
Any property held in a trust won't be included in the probate process. For certain individuals, this could be a serious advantage. We'll explain trust laws in simple terms so that you can make informed decisions.
Call today to see which type of trust might be right for you.
The revocable living trust has a multitude of advantages over just a Will. Among them is continued management of the assets put in the trust by a successor trustee which protects the assets from your heirs or other predatory individuals when you begin to lose capacity. Probate may be avoided if all of the assets of the estate are transferred to the living trust. If assets are owned out of state, then multiple probates may be avoided saving time and money. It also avoids the need for separate estate plans for each state. Unlike a Will, the trust is private, only the pertinent powers and proof of signing is all that is required in a Trust Certificate to provide to third parties. Living trust helps to avoid challenges and contests over the assets of the estate. The living trust is easily amended by only a notary instead of the need to create a new will just to change a few things. Furthermore, a receipt and release may be required of the beneficiaries of a living Trust. Whereas an executor of a Will only a receipt is required.