Texas Trusts

trust attorney Tyler Texas

The first question usually emerges when that life-threatening experience comes a little too close for comfort.  I guess I really DO need a will, after all. Or, what’s this I hear about a . . . . trust??

A trust is a good tool to help an individual, couple, or group of individuals manage money during his or her lifetime(s). However, a trust is a great tool for the use in planning how your money, property, and other valuable assets will be inherited.  Reason: a properly designed trust will keep your family members from the long, arduous, and expensive probate process.

So what type of trust is best?  How about a Testamentary Trust – kind of a crossover from your last will and testament. Maybe a Revocable Living Trust is in order.  Hold on; that Spendthrift Trust sounds enticing.  But let’s not overlook the Brainiac-induced Educational Trust.  Maybe your philanthropic side is feeling more benevolent than usual; hence, the Charitable Trust.  Don’t want Fido to be neglected during your years of incapacitation?  Establish an Animal Trust.  And what on earth is this “Crummy” Trust nonsense?

Regardless, certain procedural guidelines must be followed. The Settlor must have intent, capacity, and must properly identify the property in the trust for the benefit of the beneficiary.  The trust must have a legal purpose, comply with the Statute of Frauds, and have ascertainable beneficiaries. The trust must also have a Trustee who holds legal title of the property for the benefit of the beneficiaries.  And a very subordinate, yet significant footnote: the trust must not violate the Rule against Perpetuities (whaaaaaaaaaaaat???).

A formal trust is one of the most important legal covenants you will ever create for you and your family’s future.  Don’t leave your manageable assets to chance.  Give us a call today.

Setterberg Law Office