956-707-3610
Schedule a Free ConsultationRevocable Living Trusts Attorney in McAllen
Providing Knowledgeable and Personalized Service to Clients with Creating, Funding, and Administering Revocable Trusts in South Texas
We understand that protecting your family’s future and the future of any of your designated beneficiaries is vitally important to you and the purpose of your estate plan. While most estate plans are built upon wills, there are other estate planning documents that you may wish to consider, including various types of trusts.
One such type of trust available in Texas is the revocable living trust. This estate planning tool gives the trustor a great deal of flexibility and control over how the trust is managed and how trust assets are transferred. It allows the trustor to revoke the trust at any time and for any reason.
A person looking to create, fund, and manage a revocable living trust is strongly recommended to seek the advice of experienced attorneys. Our law firm can assist you in making this legal arrangement, placing assets into the trust, ensuring trust assets are distributed according to your wishes, and thoroughly explaining the many benefits of keeping the trust current and active.
To learn more about the many benefits of creating a living trust, please get in touch with our McAllen law office to schedule your free initial consultation today.
What is a Revocable Living Trust?
A revocable trust, sometimes called a revocable living trust, is a legal arrangement an individual forms during their lifetime. The trust creator will also appoint a trustee and often a successor trustee, whose responsibilities will include trust administration and the distribution of real property and other assets from the trust. With a revocable living trust, it is possible for the trust’s creator to also serve as the trustee during their life. At the time of their death, assets owned by the trust will be distributed according to the document’s language.
Revocable trusts allow individuals to control their assets while they are living, but also see that those assets are transferred to their loved ones when they pass away.
To learn more about how a revocable living trust protects your best interests and those of your family members, including your spouse and minor children, please contact our law firm to schedule your free case review.
What is the Difference Between a Revocable and an Irrevocable Living Trust?
Living Trusts can be either revocable or irrevocable in Texas. There are unique advantages to both types of trusts, and what type of trust is right for your estate plan will depend on your financial situation, business interests, claims from creditors, and family dynamics.
The primary advantage of a revocable trust is its flexibility and the fact that the trustor retains control over how trust assets are distributed. Revocable trusts allow you to make significant changes, even revoking the trust document, whereas irrevocable trusts do not. An irrevocable living trust is a permanent creation. Any assets transferred into it typically must remain in the trust or otherwise be transferred according to the document’s language.
The irrevocable living trust offers some advantages over revocable living trusts, too. For example, irrevocable trusts can help manage tax obligations, help you qualify for Medicaid, and afford a higher level of asset protection than what is afforded by a revocable trust.
It is also worth noting that an irrevocable trust does not allow the creator to serve as the trustee. Once the irrevocable living trust is created, the trustor loses control over the trust’s assets and surrenders trust administration to the trustees.
What Are the Pros and Cons of Revocable Living Trusts?
Creating a revocable living trust and including it in your Texas estate plan has several advantages and disadvantages.
We encourage you to contact our law office for a free, no-obligation case evaluation to better understand how revocable living trusts can benefit you and your loved ones.
Do You Still Need a Trust if You Already Have a Will?
When you pass away, your will goes to probate court, which must be authenticated and approved before the probate process begins. The probate process can be costly and time-consuming, and it is a matter of public record. Most people try to avoid probate if at all possible.
Most people should have a will and a living trust. To learn more, please get in touch with us today.
Does a Revocable Trust Avoid Probate?
Creating a revocable living trust allows you to avoid probate, ensuring that trust assets will be distributed more freely upon the trustor’s passing. Additionally, the trust allows assets to be distributed upon incapacitation without court involvement or approval.
Suppose any estate assets must be administered through the probate court. In that case, our compassionate legal team is here to provide valuable legal guidance.
Will a Revocable Living Trust Afford You Any Asset Protection?
While a revocable living trust affords a certain level of asset protection to the property that remains within the trust, this type of trust does not effectively shield assets from creditors, lawsuits, and judgments the same way that an irrevocable trust would. The reason is that the assets put into a revocable trust are still under the ownership of the trust’s creator.
Assets owned by any irrevocable trust are no longer owned by the creator of that trust, meaning they are not subject to the same vulnerability to creditors and claims.
What Assets Can You Include in a Living Trust?
Several different types of assets can be placed into a living trust, including the following:
- Bank accounts
- Business interests
- Collectibles, art, antiques, and fine jewelry
- Intellectual property, including patents, trademarks, and copyrights that you own
- Investments, including money market accounts, stocks, and bonds
- Life insurance policies
- Real estate property, including your home, vacation residence, farm, and more
- Retirement accounts
- And more
Contact Our Texas Law Firm to Schedule Your Free Consultation with Our Trusts Lawyer Today
Creating a revocable living trust in McAllen, Texas, involves several steps. First, we recommend seeking legal advice from our experienced estate planning attorney. Attorney Lino H. Ochoa will then assist you in naming the beneficiaries of your assets, selecting a trustee and successor trustee, funding the trust with assets, and drafting the final legal agreement.
To learn more about revocable trusts and other types of trusts that may be useful to your specific needs, please contact our McAllen trust attorney, serving South Texas, for a free case evaluation today.
You can contact us through our online form or by calling our office at 956-707-3610.