Experienced Lawyers in Rockwall and Wylie Draft Living Trusts  

Efficient Texas estate planning attorneys help to transfer your wealth

A living trust is a powerful testamentary tool, offering grantors control and flexibility over asset distribution, while enabling beneficiaries to avoid probate. At Grob & Associates Law Firm PC in Rockwall and Wylie, our Texas estate planning attorneys help clients understand the legal concepts behind this tool so they can utilize its benefits. If you want to ensure your wealth gets distributed according to your intentions while simplifying the process for your loved ones, we are ready to assist.

What is a living trust?

A revocable living trust is a legal document that allows you to enjoy your assets during your lifetime, then pass them seamlessly to your beneficiaries upon your death. During your lifetime, you can serve as trustee, giving you the power to manage assets placed in the trust. You can also modify or revoke the trust as needed. Upon your death, the trust becomes irrevocable, and a designated successor trustee distributes the assets to beneficiaries according to your instructions. In Texas, living trusts are governed by the Texas Trust Code, ensuring legal enforceability. Unlike a will, a living trust is not administered through the probate process, saving time and costs.

Benefits of creating a living trust

Living trusts offer multiple advantages for Texas residents. First, trusts bypass probate, which can be lengthy and expensive, sometimes costing thousands in legal fees. Shifting property through a trust averts the possibility of a will challenge in probate court and typically results in faster asset distribution to beneficiaries. Second, living trusts provide privacy, since they are not administered through open court proceedings.  Additionally, a living trust can provide for the grantor’s incapacity by allowing a successor trustee to manage assets if the grantor is unable to do so.

Who should consider a living trust?

A living trust is ideal for individuals in various situations. People with significant assets, such as real estate or investment portfolios, can benefit from avoiding probate and simplifying asset transfer. Conversely, families of limited means might opt for a living trust to avert estate settlement costs. Older adults or those with health concerns value the incapacity provisions, which can prevent loss of autonomy through a court-appointed guardianship. Business owners might also use trusts to keep succession matters away from public view. 

Create a living trust step by step

To be confident that your living trust is enforceable, you should work with a knowledgeable estate planning lawyer who can assist with the following steps:  

• Reviewing your assets — All types of assets, including real estate, bank accounts, vehicles and personal property can be included within the trust.
• Choosing beneficiaries and trustees — Designate who will receive assets and name an honest, capable successor trustee to manage the trust after your death or incapacity.
• Drafting and executing the trust document — We can create a legally sound document outlining asset distribution terms that comply with Texas law.
• Funding the trust — Transfer ownership of assets to the trust, which might require retitling property deeds and updating bank accounts.
• Securing the document — Copies of the executed trust should be kept with your attorney and among your most important papers.
• Reviewing and updating the trust as necessary — Periodically review the trust with your lawyer to reflect life changes, like marriages or financial shifts.

A living trust offers Texans a flexible, private way to manage and distribute assets. Our Dallas-area estate planning lawyers take meticulous care to ensure your trust is enforceable and tailored to your needs. 

Contact a North Texas estate planning lawyer to discuss a living trust

The estate planning lawyers at Grob & Associates Law Firm PC in Rockwall and Wylie establish living trusts for clients throughout North Texas. For a consultation, please call 972-777-5701 or contact us online.