Round Rock Trusts Attorney
Trusts & Wills Attorneys in Round Rock, Georgetown, and Austin
Trusts are a popular estate planning tool that can protect your assets and provide for your loved ones. A trust is a legal arrangement in which a third party, called a trustee, manages and distributes property for the benefit of another person or entity, called a beneficiary. You can either create a trust during your lifetime or through your will. If you create the trust during your lifetime, the trust is called a "living" trust. If you create the trust through your will, it is known as a "will trust." The J.D. Wilson Law Firm has over 50 years of combined experience helping clients create and manage trusts.
Rely on our Round Rock trusts attorneys to help you create a customized trust that meets your needs and protects your assets. Call (512) 355-1161 or send us a message online today.
What Is a Living Trust?
A living trust is a legal document that allows you to transfer the ownership of your property to a trustee during your lifetime. A trustee is a person or institution that is legally bound to manage and distribute your property for the benefit of the trust's beneficiaries. A living trust is an excellent way to avoid the costs and delays associated with probate. However, a living trust does not avoid all probate costs and delays. If you transfer property into the trust during your lifetime, that property is still considered part of your probate estate. A living trust can be revoked at any time during your lifetime.
Call our Round Rock trusts lawyers at (512) 355-1161 to schedule a free consultation.
What Is a Will Trust?
A will trust is a legal arrangement in which you transfer the ownership of your property to a trustee through your will. A will trust is different from a living trust because it is created after your death. A will trust avoids probate costs and delays. However, a will trust does not avoid all probate costs and delays. If you transfer property into the trust through your will, that property is still considered part of your probate estate.
A will trust is a good option if you want to avoid probate costs and delays but do not want to create a living trust.
What Is Probate?
Probate is the legal process through which the validity of a will is determined and the will is executed. If the will is valid, the executor distributes the estate's property to the beneficiaries named in the will. If the will is invalid, the court appoints a personal representative to distribute the estate's property to the beneficiaries named in the will. The court also determines whether the deceased person's debts are paid and whether the deceased person's property is properly distributed to the beneficiaries named in the will.
Probate can be costly and time-consuming. Probate costs and delays are reduced when you create a will trust because the property does not have to go through probate. However, a will trust does not avoid all probate costs and delays. If you transfer property into the trust through your will, that property is still considered part of your probate estate.
How to Avoid Probate Costs and Delays
You can avoid probate costs and delays by creating a living trust. A living trust allows you to transfer the ownership of your property to a trustee during your lifetime. If you transfer property into the trust during your lifetime, that property is still considered part of your probate estate. You can also avoid probate costs and delays by transferring your property to a will trust after your death.
Call our Round Rock trusts attorneys at (512) 355-1161 to schedule a free consultation and learn more about how trusts can help you avoid probate costs and delays.