Finding The Right Trust For Your Legacy
A trust is a powerful legal tool that can be shaped in countless ways to reflect your wishes and achieve the legacy you want to leave behind. Contrary to popular belief, trusts aren’t just for the ultrawealthy. Those with modest estates can also benefit from a carefully crafted trust.
At The Goodson Firm, P.C., an estate planning law firm based in Tyler, I help people put the right legal tools into place for their estate. I hold a master’s of law in taxation with an emphasis on estate planning. As a result, I am deeply familiar with the types of Texas trusts. I use that knowledge to help people from all walks of life create thoughtful, effective estate plans for their unique needs and goals.
Understanding The Basics Of A Trust
A trust is a legal entity that holds property for the sake of beneficiaries. It’s managed by a trustee. Depending on the type of trust, the person who creates it can also serve as the trustee and beneficiary.
Trusts are more flexible than wills or codicils. They offer many benefits, including potential tax advantages and avoiding probate.
Types Of Trusts In Texas
There are multiple types of trust, each with its own set of limitations and advantages. They include:
- Testamentary trusts are created through a will, and they don’t go into effect until the will does.
- Revocable trusts can be changed or revoked at any time during the creator’s lifetime. Their primary purpose is to avoid the probate process, which can be costly, time-consuming and burdensome.
- Irrevocable living trusts can’t be changed or revoked once created. They’re effective for avoiding estate taxes and probate.
- Charitable trusts are used to benefit charitable causes or organizations. When created properly, they can offer significant tax advantages.
- Special needs trusts can be used to provide for a loved one who has disabilities, without impacting their ability to qualify for public benefits.
Determining which trust is right for you depends on what you’re trying to accomplish. As a trust lawyer, I can help you find the right one for your situation and tailor it to accomplish your wishes.
Talk To A Trust Attorney About Your Wishes
I would welcome the opportunity to speak with you about your estate planning goals and how a trust might fit into that plan. To learn more, call me, attorney Leigh Hunt Goodson, at 903-630-9174 or reach out online.