Trusts Lawyer in San Antonio

Helping Clients Adequately Prepare for the Future

When creating an effective estate plan, many people consider establishing a trust at some point. Contrary to popular belief, trusts are not just for the ultra-wealthy. A trust can protect your assets from probate, offer excellent tax incentives, and provide greater flexibility as you pass on an inheritance to beneficiaries. However, in spite of what you may have heard, for some people in Texas, a good Will may be a better choice than a trust or perhaps a trust needs to be established inside a Will. There are many different types of trusts and you should understand your options before making a decision.

There are many reasons that a trust may be an ideal solution for your goals, but if you believe that avoiding probate is the only reason to establish a trust, you may be surprised to learn that many times an estate must go through probate even though a trust was established, and sometimes a trust does not take effect until a Will is probated, meaning the trust did not avoid probate at all. Depending on the size and nature of your estate and your family situation, there may be other reasons to establish a trust other than to avoid probate. Alternatively to establishing a trust, in some cases a family limited partnership or an LLC might work better. You need an estate planning lawyer who will evaluate every detail of your situation and help you decide which is right for you. If the person who sets up your trust merely tells you that everyone needs a trust or prepares a trust as you requested, without first asking you questions about the size and nature of your estate and your goals, then they haven’t helped you make an informed decision about whether the trust is truly the best solution for your estate.

At South TX Family Law, we understand that estate planning is no easy task which is why we’re dedicated to helping our clients throughout the entire estate planning process. Our goal is to make the process as easy and painless for you as possible. There are various reasons why a person might choose to establish a trust, and we can ensure that no matter your goal, you’re given the best chance at achieving it.

Finding the right trusts lawyer in San Antonio doesn’t have to feel impossible – contact our firm today to learn more about how we can help you moving forward. You can reach us at 210-775-0353 to get started.

What is a Trust?

A trust is a legal arrangement in which property (such as land, property, and assets) is managed and maintained for the benefit of another person or group. A trustee administers those assets on behalf of those whom the trust names as beneficiaries. A separate document known as a trust agreement outlines the conditions under which people named within it can receive resources from the trust – such as money, real estate, and stocks. One analogy is that a trust is like a box or a wagon that holds your property so that it can easily be transferred from one person to another and the trust is in charge of taking the right things out of the box at the right time. Although for wealthier individuals, sometimes a bank or financial institution acts as trustee to manage the trust, often people act as their own trustee.

Since the trust technically owns the property, this frees the trust creator from potential risks, such as dangers from creditors, predators, and, in some cases, high taxes. Trustees, or individuals named to manage the trusts, have certain responsibilities that should be carried out, ranging from managing assets to distributing property to beneficiaries. The trustee is held to a high standard of care to safeguard and manage the property well for the benefit of the beneficiaries, but there is often no one who oversees whether or not the trustee is doing the job right, so the choice of trustee is a critical one. The trustee has a duty to follow the trust agreement instructions, but often the trustee has a great amount of discretion on how to carry out those terms. While in an LLC, the members may be required to take a vote on certain management and distribution decisions, the trust beneficiaries generally do not get a say in how the trust is administered.

South TX Family Law helps clients create all sorts of trusts, including revocable living trusts, special needs trusts, and more, to protect their families’ inheritance and interests after they die. Our law firm has years of experience crafting customized trust agreements. We can advise you on establishing the ideal trust for your family or navigating the complex trust administration process. Call our legal team for help through this complicated legal process.

Why Are Trusts Beneficial?

Trusts are one of the most efficient tools for effective estate planning. They help manage assets judiciously while protecting them from potential creditors or predators should you pass away unexpectedly. They give people peace of mind by helping to secure their legacy. In addition, trusts also provide other benefits, such as sometimes minimizing potential taxes and ensuring that beneficiaries receive property upon death in a timely manner. For those who are fortunate enough to own property that exceeds the federal estate tax threshold, the property placed in trust will not be part of the estate for estate tax purposes. If the trust contains a business, the successor trustee may take over immediately without any delay for the probate process. If the trust owns real estate outside of Texas in other states, the transition in property ownership through the probate process might require a separate probate procedure in each state and that would require paying a lawyer in each state. Some other states impose a state estate tax in addition to the federal estate tax and in some states the probate process is much more difficult than it is in Texas, so it makes sense to use a trust so that the multiple probates and perhaps taxes can be avoided. Further, the trustee can use trust funds to maintain the trust property and ensure that the ad valorem taxes are paid over time.

For example, you might choose to create a trust that will provide for your family after you pass away. A trust can help protect your children’s inheritance by limiting how much they can spend each year. Of course, there are many other reasons why people create trusts, and our San Antonio law office can ensure that no matter what your goals are, we’ll work with you every step of the way.

Besides the lack of oversight, other reasons a trust may not be the best choice include the fact that the trust agreement is not kept in any standard secure place, and by the time a person passes away, their family may not be able to find the trust agreement. Trust instruments tend to be lengthy and filled with legal terms that are often intimidating to those people who are thrust into the role of trustee. A trust may require a separate annual income tax return. Sometimes the trust fails to name enough successor trustees to provide for a trustee who has not predeceased the current trustee or the successor trustee that is named is unable to accept the position. If the trustee is a family member, the power to control another family member’s money can lead to some serious family squabbles. Further, if there is no estate tax potential and the estate owns no property outside the state of Texas, without any other reason to have a trust, the cost of preparing a trust is significantly more than the cost of preparing a will even including the cost of taking the will through probate. With the Texas ability to name an independent executor, our probate process can be done quickly and with no ongoing court oversight. The argument often made that a trust is more private than a will because the will is filed in a public record has lost much of its appeal in Texas since we are no longer required to file the estate inventory in the court record. For estates consisting mainly of a homestead and a few financial accounts, the use of rights of survivorship in the financial accounts and transfer on death deeds may eliminate the need for probate just as well and with much less hassle and expense than a trust.

When you have questions about trusts or other estate planning matters, please consult with our dedicated legal team. We’ll take the time to understand your unique challenges and goals so we can tailor our services to your needs.

Can a Trust Lawyer Make a Trust That Is Right for Me?

Whether you’re looking to create a trust for your loved ones or want to ensure that your assets are handled in accordance with your wishes after death, it’s important to work with an experienced trusts lawyer who offers comprehensive legal counsel. The right trustee is able to administer property in accordance with the intent of the person who set up the trust.

A trusts attorney can help you navigate all aspects of creating a trust, including choosing the types of assets that should be placed into it and selecting appropriate trustees. As part of this process, they will also provide information about how much management costs might be associated with administering certain assets. Some examples of possible trusts include charitable trusts, irrevocable trusts, special needs trust, living trust, and revocable trusts.

The process begins with finding a qualified trusts lawyer in San Antonio who is experienced in this area of law. Laura D. Heard’s team are dedicated professionals who have been helping people like you for years and can answer any questions you might have about establishing an estate plan with trusts. Call South TX Family Law immediately for more information about saving money and avoiding probate.

When Should I Create a Trust?

If it is determined that a trust is right for you, then you should create a trust as soon as possible. Once we’ve laid the groundwork for your trust, we’ll help ensure that it’s set up so it meets your specific needs and goals while still complying with the state and federal laws involving trusts. For example, with a special needs trust, we can ensure your loved ones have the income they need after your death without risking their public benefits. A revocable living trust can also allow individuals to control their assets while they’re still alive to give themselves distributions whenever they need or desire one. If your goal is to pass on your estate to the beneficiaries of your choice, keep in mind that death can come unexpectedly at any time and the document must be signed before you die in order for it to have any effect.
Our legal team can handle every aspect of the process to ensure that the legalities are lined up in advance and that there is no confusion when it comes time to distribute assets or property upon death. With years of experience as a trusts lawyer in San Antonio, Laura D. Heard will provide the level of guidance and care that you deserve throughout this process. You can’t control the future, but you can be prepared by calling our legal team today!

Should I Hire Your San Antonio Trusts Attorney?

Whether you are looking into creating a trust or need help administering a trust, we can help. Our reliable lawyers have many years of experience with irrevocable trusts, revocable trusts, and other forms of trusts. We’ll help ensure your family members are well cared for, even if you die or become incapacitated. We can also give you the best asset preservation benefits possible when you use our firm to create your trust.

If you’ve been named a trustee, you have no time to lose in contacting an experienced law firm. A lawyer can help you carry out the many tasks and duties in front of you to make the process smooth and ensure you have as few legal issues as possible.

Call South TX Family Law at 210-775-0353 to learn more about how we can assist you with the trust and probate process.