Much like a will, a trust is formulated for the distribution of your property, life insurance and other assets after death. A trust is not a substitute for a last will and testament. Both documents supplement each other in that a will is formulated for property, wealth and other desired intentions not discussed in a trust. A specific trust should be chosen with caution to ensure that all is legally valid and dictates all of your intentions. Every state in the U.S. has its own set of specifications and regulations regarding trusts. It is best to consult a probate attorney to ensure trust validity in your state.
Information About Trusts
A trustor should decide whether or not he needs a trust. In the event that a trust is sought after, estate-planning objectives should be strongly considered. One issue is to avoid probate after a person’s death. A trustor (creator the trust) sometimes opts for creating a trust, since property in the residing state or from another state in the trust may not have to go through probate.
Beneficiaries mentioned in the trust will receive their portion of property or wealth distributed by the trustee. A trustee holds legal title of property over the beneficiary and is responsible for ensuring the trust remains in working order. You can be the trustee of your own living trust, however a professional trustee can be responsible for managing your assets in the event of mental incapacity.
Opting for a Trust
A trust can be beneficial in addition to a living and last will. The documents should be considered with the assistance of a probate attorney.
To formulate a legal and valid trust, or for more information, contact the McAllen probate attorneys of Barrera, Sanchez & Assoc., P.C. at (956) 287-7555.