When should I consider getting a Trust?

Most people do not need a Trust. However, Trusts are becoming increasingly popular in instances where people want to bypass the probate process. Trusts are, in essence, mini corporations set up to handle one’s assets and liabilities. Trusts can be set up for many reasons with an infinite amount of variety. Most often, Trusts are used to protect assets from liabilities like judgments. Trusts also allow for the oversight of assets by a person or entity called a trustee. A Trustee is guided by the Trust language in what he or she can do with the Trust property. A Trustee has broad and sweeping powers in dealing with Trust property. However, a Trustee is a fiduciary and is held to a high standard of fair dealing with Trust property. Oftentimes, a trustee is also a beneficiary of the Trust. A Trust can either be revocable or irrevocable. If a Trust is irrevocable, it cannot be changed except to the degree the Trust language allows for such. A revocable Trust can be altered or amended or terminated by the settler of the Trust. Oftentimes, a revocable Trust is called a “Living Trust.” A good rule of thumb for determining whether to set up a Trust is if your assets are one-half a million or greater, a Trust will likely benefit you.

Overall, there are a multitude of issues with regards to Wills, Trusts and Advanced Directives, and to make sure that you are doing everything you can during your lifetime to prepare for what will happen after you have passed, contact a Conroe trust lawyer at Garg & Associates today to get this process started and to protect the future of those you love.

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