Using Living Trusts Effectively
A living trust is an estate planning tool that can help individuals avoid the probate process after death. Sometimes this type of trust is also called a revocable trust. A living trust avoids probate by moving the individual’s assets from his or her own name into the trust. A trustee, which can be that same individual, has a fiduciary duty to manage the trust for the beneficiaries of the trust. When the individual passes away, a successor trustee then takes over.
There can be advantages to creating a living trust, including:
- Avoiding probate
- Reducing cost and time in distributing an estate
- Estate tax exemptions can apply
- Assets can remain private and not part of public record
- Trust is revocable and amendable during the individual’s lifetime
If you are interested in learning more about living trusts, contact our Houston living trusts attorneys. At Stephenson Fournier, we provide exceptional estate planning services, including planning, drafting and funding living trusts and irrevocable trusts. Contact us to discuss how we can help you with your estate planning needs.