Set up a Trust in Texas
Real Estate Law For Current or Prospective Property Owners
Set up a Trust in Texas
Real Estate Law For Current or Prospective Property Owners
Setting up a Trust
Setting up a trust helps a person manage their property and assets. In creating this fiduciary arrangement, you are assuring your property is distributed according to your wishes after you pass.
WHY FORMING A TRUST IS IMPORTANT
There are many reasons for forming a Trust. As part of a well-crafted estate plan, it provides for your family after you pass and states how they will receive their inheritance. Additionally, a Trust may ensure the avoidance of probate.
Note: Probate is the legal process of authenticating a Last Will and Testament, assuming the deceased has had a Will prepared.
What is a Trust?
Setting up a Trust in Texas
A Trust can be set up by an individual, group, organization or a corporation known as the Settlor or Trustor. It is established to hold assets or property for a specific person or group, which are called the Beneficiary.
You may transfer real estate property into your Trust. Additional documents may be needed for this purpose.
Control of a Trust is overseen by a Trustee. In some cases this may be the Settlor or Trustor themselves or someone else may be named as a Trustee. This person might be a trusted member of the family, an acquaintance or a professional.
A Trust Consists of:
Reasons for Creating a Trust
Experienced Texas Real Estate Lawyer
Do you have questions about setting up a Trust? Email your questions directly to attorney Scott Steinbach at scott@steinbachlaw.com. Or speak with attorney him at 972-960-1850. There is no fee for your call.
The Steinbach Law Firm, P.C. prepares Trusts. Our fee is $950.
Scott Steinbach is AV Preeminent rated by Martindale-Hubbell. Peer rated for Highest Level of Professional Excellence.