Are Revocable Living Trusts only for the wealthy?
That depends. However, I can tell you with certainty that many clients who aren’t “rich” could benefit tremendously from trusts. I decided to post this article after finding an article called “Trusts Are Not Just For The Wealthy” by Certified Financial Planner professional David T. Mayes.
So, what are some scenarios in which you would want a trust?
You can customize how your assets are used if you use a trust. For example, if you want to give money to a younger person to assist in paying for a college education, you can instruct the trustee to only disburse trust money to pay for education.
By placing money in a trust instead of making an outright gift, you have more assurance that the money will be used how you want.
Trusts are helpful to beneficiaries with special needs. If the beneficiary is not good with money, has a disability, has creditors, or has a history of substances abuse–a trust can be incredibly beneficial. With a trust, you can make sure that your gift doesn’t make the beneficiary ineligible for Medicaid, that the gift can’t be reached by creditors or lawsuits, and that the money won’t be easily wasted.
A Revocable Living Trust can help you avoid Texas probate. If you create a trust that goes into existence during your lifetime and you transfer your assets into the trust, then your family will not need to go to probate after you pass away. This is very nice, because the cost of probate is great than the cost of having an estate planning attorney create a revocable living trust for you.
In short, trusts are an amazing estate planning tool, and they’re not just for the wealthy. Even clients with modest means can benefit from all kinds of trusts. This highlights why it’s a good idea to talk with an estate planning attorney in your area before making large gifts or using an online form for your last will and testament. Attorneys well-versed in Wills and estate planning are valuable because of their insight into these issues.
In other words, what’s best for your friend or neighbor may not be best for you. There is not a one-size-fits-all Will or trust. We all have unique family situations and different kinds of assets, so it makes sense to hire someone to help you get the most out of your assets for you and your family.
Visit www.ShuttLawFirm.com for more information on Texas Trusts, a Texas Living Trusts, deciding when you should get a Revocable Trust, if you should get a Irrevocable Trust, the problem with online Wills or online Wills, contact Dallas, Texas lawyer Isaac Shutt at firstname.lastname@example.org.
Shutt Law Firm’s office is conveniently located just north of Dallas, TX, near the intersection of highway 75 and Arapaho Road in Richardson, TX.
You can also call the trust attorneys at Shutt Law Firm at (214) 302-8197 for more information on the topic discussed in this article or to discuss a different legal matter. Please consider the Shutt Law Firm if you’re looking for a Dallas, TX law office to avoid probate with a revocable living trust, Dallas Wills Lawyer, Dallas estate planning law, power of attorney near Dallas, TX, or trusts attorney in Dallas area.
DISCLAIMER: Nothing in this brief article constitutes legal advice. The information provided herein is merely provided in the spirit of education. If you have a legal question, you should consult an attorney for your specific legal situation. Further, nothing in this article shall be construed to have started an attorney-client relationship. No such relationship exists until both you and attorney Isaac Shutt sign an engagement letter with the Shutt Law Firm, PLLC.