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Why You May Need a Living Trust

Living Trust and Estate Planning

If you do not yet have a living trust , consider talking to a probate attorney near The Woodlands about whether this arrangement might benefit you. When you create a living trust, you can name yourself as the trustee to remain in full control of any assets you transfer into the trust. You can use the trust to pass on assets to your heirs after your death. One main benefit of having a probate attorney establish a living trust for you is that any property that remains in the trust at the time of your death will not go through the probate process. This means that if your heirs need financial resources right away after your passing, they can have access to them without waiting for the estate to be closed.

In some cases, it is more difficult to challenge a living trust than to challenge a will. If someone challenges the validity of a living trust, he or she would need to prove that you were mentally incompetent at the time the trust created or perhaps that your signature was forged. Generally, the fact that you continued to manage the trust after you created it is sufficient proof of your mental competence. However, be aware. There are often very good reasons not to create a trust for your properties. For example, the “taxable basis” of your trust property may be different than what it would be if the property were inherited in a simple probate case, so consult with a lawer prior to creating such an instrument without proper counsel.

 Living Trust

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