Trusts FAQs2022-01-13T17:31:51-06:00

Trusts FAQs

Why are revocable trusts effective in complex estate planning situations?2022-01-17T23:20:58-06:00

Clients with business interests, blended families, or significant tax concerns should consider utilizing revocable living trusts to avoid unnecessary delays in the management of regular financial responsibilities. Establishing trusts may be effective in significantly decreasing the likelihood of a will contest, as trust are activated while the settlor (or trustor or grantor) is living versus in a will situation.

Once I have a revocable living trust, how do I fund it?2022-01-17T23:15:30-06:00

For your trust to activate, you must fund the trust with the help of an experienced estate planning attorney. Brown Law PLLC will assist you with transferring ownership of some or all your assets into the trust. Schedule an office or virtual client appointment today to fund your trust; simply contact us.

If I have a revocable living trust, do I need a will?2022-01-17T23:15:44-06:00

Yes. If you have assets that were not placed into the trust before your death or after it, then a pour-over will enable those things to funnel into and be administered under terms of any revocable living trusts.

How will the revocable trust help me if I own property located outside of Texas?2022-01-17T23:15:58-06:00

People who own real property outside the State of Texas may be able to avoid probate of their wills in each of those states by establishing a revocable living trust. The trust will own the real properties and probate will not be necessary for the properties. For more information on revocable trusts, please contact us today to schedule your consultation.

Why should I have a revocable living trust?2022-01-17T23:16:17-06:00

The main goal of estate planning is to maximize your wealth during your lifetime and to pass the largest amount of assets possible to your loved ones at death with as little hassle as possible. Establishing a revocable living trust may be the most efficient and effective way to avoid probate thereby limiting hassle of court proceedings and executor probate filing requirements.  Once the settlor, or trustor, passes, the assets owned by the revocable living trust continue to be administered by the trustee for the benefit of the named trust beneficiaries without the need for probate.

Is it better to leave a will or a trust?2022-01-17T21:32:43-06:00

The main goal of estate planning is to maximize your wealth during your lifetime and to pass the largest amount of assets possible to your loved ones at death with as little hassle as possible. This goal can be met via a will or a trust. However, consideration of your family dynamics, net worth and asset portfolio, future needs and/or legacy wishes, is essential to determining the best vehicle to achieve this goal as it may be suggestible to draft a will, a revocable living trust, or both. Contact us today to schedule a consultation top discuss your specific estate planning needs.

What is Estate Planning?2022-01-17T20:27:27-06:00

Estate Planning is a process in which individuals attempt to maximize their wealth during their LIFETIME and PASS the LARGEST amount of ASSETS possible to their loved ones at death with as LITTLE HASSLE as possible. (source: John V. Childers, Jr., The Secret Millionaire: Asset Security System)

Why is it good to avoid probate?2022-01-17T17:25:45-06:00

Time and money. Probate is a court process with all of its various proceedings, such as court hearings, gathering or inventorying estate asset and paying off debts, which takes months or even years. You can take appropriate steps to avoid probate of your assets. If you have any questions about how to avoid probate of your assets, call us to schedule a free consultation today.

What is the main purpose of a trust?2022-01-17T21:59:44-06:00

The main goal of estate planning is to maximize your wealth during your lifetime and to pass the largest amount of assets possible to your loved ones at death with as little hassle as possible. This goal can be met via a will or a trust. Establishing a trust may be the most efficient and effective way to avoid probate thereby limiting hassle of court proceedings and executor probate filing requirements. In some cases, establishing a trust may help to avoid or reduce inheritance taxes for families who would otherwise be subjected to an Estate tax bill.

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