A trust is a legal arrangement that allows you to appoint a third party, called a “trustee”, to hold and distribute assets on your behalf. They can be written in many ways to achieve different goals in regard to how and when assets are passed to beneficiaries. Attorney Eric Smith is an experienced estate planning lawyer who assists clients with living trusts, wills, and other directives. He has practiced estate planning law in Texas since 2005 and has assisted clients with a wide variety of unique needs and circumstances. Eric serves clients in Grand Prairie, TX, as well as Dallas County, Johnson County, and Tarrant County, TX.
Trusts typically avoid probate, which means that your beneficiaries may be able to access your assets more quickly. Probate can be time-consuming and expensive. Assets in an irrevocable trust may also be shielded from estate taxation, allowing your beneficiaries to walk away with more. They allow you to have a greater level of control over the distribution of your assets. You can even create conditions and specifications to help preserve your legacy if you are passing assets down to a beneficiary who has a history of poor money management. If you think that a trust may be the right solution for your estate planning needs, contact The Law Office of Eric J. Smith today. Eric can also review and modify your current estate planning documents to ensure they match your current situation.
The difference between a will and a living trust is that a trust is in effect while the settlor is still alive and does not have to be cleared by a court when they die. A living trust is managed by a trustee who has a legal obligation to manage the trust as specified by the settlor. A revocable trust allows you to keep ownership of the assets in the trust. You have the freedom to revoke or modify the terms of a revocable trust as you please. If you use an irrevocable trust, you no longer have access to the assets you place in it and you can’t change the terms. The benefit to using an irrevocable trust is that appreciated assets are not subject to estate taxes.
You should have an experienced estate planning attorney draft your living trust or review it if you’ve already made one. There are various specific types of trusts that achieve different objectives. Eric J. Smith is a passionate and knowledgeable lawyer who assists clients with wills and trusts. He will ensure that you understand your options and develop a trust agreement that truly suits your needs.
Call our office in order to speak with a qualified attorney about trusts, living trusts, and more. Eric Smith would be happy to answer your questions and offer his professional guidance. He can create a personalized estate plan. He’ll consider all of your unique circumstances and helps you reach your unique objectives using a trust. Either call (817) 860-2800 or fill out our online contact form to request more information or schedule an appointment.
Texas Property Code outlines the laws and the legal requirements for creation, validity, modification, and termination of trusts. Attorney Eric Smith is up-to-date and well-versed in the various types of trusts and laws surrounding them. He will apply his knowledge to your unique situation to create a trust that will do what you need it to do. We serve clients in Grand Prairie, TX, and nearby areas.