What is a living trust?

A living trust is a type of legal document created by an individual (or couple) to establish a plan for their estate and assets should they become incapacitated or after they pass away. Essentially, it allows an individual to plan out how their assets will be handled after their death. In Texas, a living trust is a powerful legal document because it can be used as an alternate to a will in order to protect the individual’s assets and make sure their wishes are followed. A living trust is created while the individual is still alive, and it offers the same protections for an individual’s estate and assets as a will does. It lists out the individual’s wishes for how their assets should be handled, including who their beneficiaries are and how their property should be distributed. The trust also names a trustee, who is legally responsible for carrying out the individual’s wishes and managing the assets. When the individual passes away, the trust is enforced and the trustee is responsible for carrying out the individual’s wishes and managing the assets. This means the assets are not required to go through the often time-consuming and expensive probate process. Furthermore, a living trust also allows the individual to maintain control of their assets even if they become incapacitated. In Texas, living trusts, like wills, must meet state laws and requirements in order to be enforceable.

Related FAQs

What are the risks of not having a power of attorney in place?
What is a health care directive?
How do I plan for long-term care and elder care needs?
What are some common Elder Law topics?
How do I find an Elder Law attorney?
What is elder financial abuse?
How can I ensure my elderly parent is not being taken advantage of?
What is a probate avoidance trust?
What is a spendthrift trust?
What is a health care directive and how does it work?

What is a living trust?

Related FAQs

Related Blog Posts