Living trusts offer many advantages
Residents of San Antonio who want to save probate costs and establish a long-term way to manage their assets may want to explore the possibility of creating a living trust.
A revocable living trust is designed specifically to avoid probate, which is the court-supervised process of the legal disposition of the assets of someone who has passed away. Probate can be a costly and time consuming process which can drag on for months before any assets are distributed. By contrast, with a living trust, there are no court costs and minimal attorney fees as compared to probate. Once assets in the trust have been distributed according to the directions in the trust, the living trust ceases to exist.
Living trusts also provide a greater degree of financial privacy and make it easier for someone else to manage assets if the person who created the living trust passes away or is otherwise unable to manage their own affairs.
Living trusts are managed by a trustee for the benefit of another person called the beneficiary. The person who creates the trust is called the grantor. For example, a father may create a living trust, making him the grantor. Typically, he would also serve as the Trustee, but he may choose to designate one of his children to manage the living trust, making that child the Trustee. The assets of the living trust are held for the benefit of the father, which means he is the beneficiary. Upon the death of the father, the trust will provide who is to receive the assets of the trust at that time, either a spouse, or the kids. Because the grantor can change his mind at any time with regards to who the trustee is and who ultimately receives the assets, the document is often times called a revocable living trust.
Some people attempt to create living trusts by themselves. While it might seem that this is relatively easy to do, it is never recommended. It is always best to retain the services of a lawyer to make sure everything is in order and adresses all of the issues that should be considered.
The Voeller Law Firm proudly serves San Antonio, Schertz, Garden Ridge and nearby Texas communities located in Bexar County, Comal County, and Guadalupe County.