Experienced Trust Lawyer Serving DFW Area Clients
The Foust Firm, PC serves as a knowledgeable trust lawyer that helps clients with Trust Administration and everything that is involved with that process. To administer a Trust, the trustee must understand the provisions of the Trust and how they relate to the Trustee’s duties and responsibilities for the Trust and the duties and responsibilities to the beneficiaries of the Trust. This can become complicated, but you can trust our knowledge and experience to guide you through the process.
Are Trusts Only for Rich People?
Certainly not. There are many advantages that a trust provides to all types of people, with several benefits over a simple will. A revocable living trust is a legal mechanism/contract set up by your trust lawyer to gather assets in one place, and it is an important financial management tool. The Trustee of your Living Trust can be appointed to manage all of your assets at a specified time. You can serve as the Trustee of your trust while you are living, and you can appoint a successor Trustee to manage your financial affairs should you become incapacitated and/or pass away.
A revocable living trust is also an excellent planning tool in the case of future disability. As compared with a Power of Attorney, it offers more flexibility to allow you to achieve specific goals. Advantages of a properly funded Living Trust include:
- Gathers assets in one place, which eliminates many management problems and paperwork for beneficiaries.
- Names a trustee (family member or professional) who can manage all the trust’s assets if the Grantor/Settlor/Trustor (the person who established the trust) becomes incapacitated.
- Eliminates the need for a court-appointed guardian (important because anyone can petition the court to be appointed as guardian for an individual who is not able to handle their own financial affairs).
- Financial institutions that hold legal title to the assets can rely on the actions of the trustee.
- Doesn’t require special tax forms on April 15 because a revocable trust is not taxed as an entity; taxes are assessed at the Grantor/Settlor/Trustor’s tax rate.
- Changes can be made with a very simple “Trust Amendment.”
- Avoids probate, probate hearings and the probate paperwork.
- If you have a Will, it will have to pass through probate to be enforceable.
- Keeps financial information private at death.
- Can set up other trusts for your beneficiaries upon your death (separate share trusts).
- Usually, a simple revocable trust costs less than the average costs of a simple probate.
Contact Us for a Free Legal Consultation Today
When you need a local trust lawyer to help you with a revocable living trust in the DFW area, get in touch with The Foust Firm, PC. Call us today at (817) 912-0722 or submit the contact form and we will respond within the next business day or sooner.