Individuals establish trusts to protect assets for beneficiaries, while distributing the trust holdings according to specific guidelines. Trusts can be revocable, meaning the assets can be withdrawn and returned to the estate holder, or irrevocable, meaning the trust holdings are placed permanently under the control of the trustee.
In many circumstances, trusts are established upon the death of an estate holder-with assets remaining from the estate or life insurance proceeds. This is often referred to as a settler's trust or a testamentary trust. Terms for distributing the assets continue in effect as long as there are assets in the trust.
Whether you're establishing a trust after the death of a loved one or want to create living trust, the firm of Hendershot, Cannon & Hisey, P.C. can help. Since 1987, we have helped countless families throughout Texas with sophisticated estate structures to protect their assets, their families, and their future. We are the firm clients turn to when they need to translate their goals into impenetrable legal solutions.
Call (713) 909-7323 or contact us online to speak with a Houston estate planning lawyer about your needs, goals, and circumstances. Our experienced attorneys can craft an ideal solution for you.
More and more, estate holders are turning to options for establishing living trusts to control the assets of the trust themselves and to gift the money to beneficiaries during the life of the trust holder. While it is necessary to assign a trustee to distribute the assets, a living trust holder can exercise influence and control over the assets. He or she may even revoke the trust, according to the needs of the estate and upon penalty of taxes.
Common goals for establishing a living trust include:
In effect, setting up a living trust lets you handle the financial affairs of your estate while you are living. With a living trust in place, there will already be an efficient means of distributing the trust assets to your surviving spouse, heirs, and desired charitable organizations upon your death. Learn more about the advantages and benefits of a revocable or irrevocable living trust by talking to an attorney at Hendershot, Cannon & Hisey.
We are recognized as the region's leading firm for estate planning needs. If you are ready to consider estate tax planning or the distribution of your family assets, it makes sense to get straight answers from a skilled team of living trust professionals. Talk to us first. We represent individuals and families throughout Texas.
Contact us to arrange a consultation with an experienced living trust attorney at our firm today.