Living Trust Legal Solutions in McKinney and North Texas
At Lucé Law, PC, our estate planning attorneys create living trusts for clients in McKinney and across North Texas. When people want to maintain privacy, reduce estate taxes, protect family members and avoid the lengthy probate process, a living trust is often the ideal approach. Our legal team can guide you through the process of creating and managing a trust, ensuring your family’s financial future is in the best health.
How a Living Trust Works
A living trust is a tool used in the estate planning process. An individual can move their assets, such as property, stocks and savings, into the trust and designate beneficiaries. If a person has young children, they can also assign a custodian to manage the ongoing distribution of assets. After the creator of the living trust passes away, assets are transferred to beneficiaries without the need for probate.
The Living Trust Creation Process
At Lucé Law, we provide a personalized service based on a client’s individual requirements. How a living trust is created and what it includes will vary, but many of the following steps are usually required.
- Choose a revocable or irrevocable trust – A revocable trust gives more control of the estate to the grantor and can be canceled at any time. In contrast, an irrevocable trust cannot be changed or canceled after its creation.
- Name the beneficiaries of your assets – The document names the beneficiaries of the estate, such as family members or charities.
- Select a successor trustee – The successor trustee will manage the distribution of trust assets after the creator of the trust dies.
- Funding the living trust – Assets (such as a house, cars, boats, stocks and bonds) are transferred to the trust.
- Let your lawyer create a trust agreement – Your living trust lawyer will create the legal agreement, ensuring a responsible approach to estate planning and legal compliance.
Common Questions About Living Trusts
Living trusts can be an important part of an estate plan. Because the trust won’t need to go through probate you will not require an estate probate attorney, and assets will reach your heirs more quickly. The trust could also save beneficiaries money in taxes and legal costs.
Yes. A living trust can be contested based on accusations of mental incapacity, coercion, fraud and document drafting errors.
It is advisable to create a will alongside your living trust for personal property and gifts. A pour-over will is also an option, as it transfers any remaining assets to your trust after death.