956-707-3610
Schedule a Free ConsultationAttorney for Trusts in McAllen
We Proudly Serve Clients in and Around McAllen, TX, with the Creation and Administration of Trusts
One of the primary reasons that anyone creates an estate plan is to protect their legacy and safeguard their property and assets for family members and the next generation. While wills can accomplish some of these objectives, there are additional estate planning measures that have unique benefits which can be enjoyed during your life instead of just benefiting your heirs after your death. Depending on your needs, there are various types of trusts available that can help both you and your loved ones.
At our South Texas law firm, we have a deep knowledge of different estate planning tools. We can provide valuable legal guidance as you select what type of documents serve your interests. We typically recommend a last will, various types of trusts, powers of attorney documents, advance healthcare directives, and more. However, many types of trusts can be difficult to fund or manage without legal assistance, so we recommend contacting our law office for help.
To discuss your estate planning goals and determine what sort of trust would benefit you and your beneficiaries most, please get in touch with our law firm for a free case evaluation today.
What Are the Benefits of Having a Trust in Your Estate Plan?
Including a trust in your Texas estate plan has several benefits. The common misconception is that trusts are reserved only for those with large estates or considerable wealth. The truth is that trusts can benefit people from all walks of life, regardless of their financial status.
Some of the benefits of creating a trust include the following:
- Trust assets are protected and preserved from creditors, lawsuits, and claims
- There are trusts for adult children with special needs, as well as trusts for elderly parents who need help with their financial affairs
- Depending on the type of trust you select, it can be customized to determine how and when property is distributed
- All assets within trusts can skip the probate process, which provides a benefit over a will, which must go through probate
- With specific types of trusts, it is possible to minimize your vulnerability to federal and state taxes
- While some estate planning tools have difficulty addressing matters like business succession plans, divorce, and blended families, trusts are flexible enough to address these concerns
What Are the Different Types of Trusts Available in Texas?
The many different types of trusts available in McAllen, Texas, include the following:
- Asset protection trusts
- Charitable trusts
- Constructive trusts
- Educational trusts
- Generation-skipping trusts
- Irrevocable trusts
- Life insurance trusts
- Pet trusts
- Revocable living trusts
- Special needs trusts
- Spendthrift trusts
- Tax bypass trusts
- Testamentary trusts
To determine what type of trust is most suitable for your needs, please get in touch with our law firm for a free case review.
Do You Need a Trust if You Already Have a Will?
While a will is the foundation upon which virtually every McAllen and South Texas estate plan is built, it may not be enough for some individuals and families. Additionally, while wills have to go through the probate court, a public process, trusts can skip probate, and assets within the trusts can be distributed privately.
Whether you need a trust and a will depends on your unique situation. Please get in touch with our practice for a free consultation so that we can help you determine the estate planning measures you need to take.
Contact Our South Texas Law Firm to Schedule a Free Consultation with a Knowledgeable Trust Lawyer Today
Several different types of trusts are available in Texas. We would be happy to advise you on selecting the right kind of trust for your estate plan, provide guidance through trust administration, and provide other legal services to assist you throughout the estate planning process.
To learn more about the benefits of retaining our legal representation, please get in touch with our law firm to schedule your free initial consultation with the attorney and his legal staff today. You can reach us at 956-707-3610.