What is a survivor's trust?

A survivor’s trust is a legal tool that helps protect assets for survivors of a deceased family member. In Texas, a survivor’s trust is specifically designed to protect assets for minor children, disabled adults, and other family members who may need additional financial protection. These trusts are set up to help ensure that an individual’s assets are not lost due to probate, taxes, creditors, or other unforeseen events. A survivor’s trust is usually established by a parent, or other family member, while they are still alive and can provide detailed instructions about how to manage the assets in the trust. The trust’s creator often names someone to act as trustee, who is responsible for carrying out the instructions given by the trust’s creator. The trustee’s responsibilities can include managing the assets, making investments, and distributing the assets to the beneficiaries in accordance with the trust’s instructions. Beneficiaries of a survivor’s trust are usually the minor children or disabled adults of the deceased family member. The trust’s creator can choose who the beneficiaries are and can set up a trust to provide for either general support or specific needs such as education. The trust can also provide tax benefits to the beneficiaries and help protect the assets from creditors or other claims. Surviving family members should consult with an experienced elder law attorney to learn more about how a survivor’s trust might benefit them in Texas. An experienced attorney can help them create the trust and will ensure that the trust is set up correctly to meet their needs and those of their beneficiaries.

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What is a survivor's trust?

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