Do I Need A Trust?
5 Reasons A Living Trust Might Not Be Necessary
1. Probate is not that expensive if you have a good will and competent counsel.
2. Living trusts are not needed by most individuals for estate tax planning.
Unless you have an estate worth more than $11 million per person, you have no need for a living trust to avoid estate taxes. Even if you do have an estate large enough to trigger estate tax considerations, you do not always have to have a living trust to minimize estate tax liability.
4. Most probates of properly drawn wills do not require a lengthy process.
5. If assets are not added to the trust as they are acquired, the purpose of having a living trust can be defeated.
3 Reasons You Might Need A Trust
1. You own property in different states or many counties in Texas.
Without title to real property in other states being held in the living trust, you might be compelled to probate a will in all the different states in which such assets exist.
3. You want to provide special conditions on receipt of assets that you prefer remain private.
How To Decide If A Trust Is right for you:
- Seek out an estate planning attorney with knowledge of Texas law to draft the documents.
- Prepare a full summary of your assets to take to the attorney when you meet.
- Advise the attorney of any special situations in your family that might benefit from having a trust.
- Avoid using standard forms, kits, or computer software that is one-size-fits-all.
*The free consultation does not cover actual review of documents or giving legal advice on a specific situation.
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