 Wills and Trusts
Wills and Revocable Living Trusts are common ways in which individuals appoint representatives to oversee the transfer of assets. Trusts, unlike Wills, have the benefit of avoiding probate, and if properly drafted, the fund take less time to be distributed, is confidential, revocable and can also protect you if you become incapacitated.
A Will is the legal document that allows a person to distribute its property to
those whoever it chooses to. The designated beneficiaries will receive specific
items from the person?s estate, and the other beneficiaries will receive everything
else.
The executor of your Will, a Wills attorney will be the assigned executor's the
person wishes. A Will also gives parents of minor children the chance to nominate
a guardian. The court makes the final decision when appointing a guardian for your
children after the parent?s death.
A Will comes into play someone dies, but a living trust can actually start benefiting
the person while it is still alive. A living trust is a trust established during
life. It is revocable, and subjected to changes.
A living trust can be used to manage assets before and after death, as well as provide
how those assets, and the income earned by the trust, will be distributed after
your death. A trust is very useful for example, in a situation where a person becomes
incapacitated and needs a trustee to manage its financial affairs. Living trust
must be very carefully drafted with the help of an attorney in order to achieve
the desired goals.
Terri regularly drafts Texas Property Code §142 Trusts which permits the establishment of a court created trust for investment of funds accruing for the benefit of a minor or incapacitated individual in a civil lawsuit.
She is also proficient in drafting Texas Probate Code §876 Management Trusts, which permits the creation of a trust in a guardianship proceeding and works with various companies establishing structured settlements and annuities for incapacitated and/or minors to provide for their long term needs.
Talk to us and let Terri Green draft your trust today!
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