Getting started with a trust might feel intimidating at first, but with the right preparation, it’s totally manageable. Here are the steps you can take as shared by our Arlington, TX trust attorneys who have been rated by Super Lawyers:
1. Inventory Our Assets
First, list everything you own: home, bank accounts, retirement plans, business interests, vehicles, investments, even sentimental items. It will help you see what would go into the trust.
2. Choose A Trustee And Successor Trustee
If you have a significant other, you can each name one another as the initial trustee, with a trusted family member as the backup. While it is possible to change this, you should be careful about who you choose to represent your estate.
3. Name Your Beneficiaries
Be sure to clearly identify who would inherit what, including specific bequests. It is okay to take your time here to really consider what you want everyone to get.
4. Work With An Estate Planning Attorney
Texas has some unique laws, and it is important to get everything done properly. An attorney can help draft the trust document and make sure you are compliant with state requirements.
5. Fund The Trust
This step is critical. You have to transfer ownership of assets into the trust — title your house in the name of the trust, retitle accounts, etc. A trust that isn’t funded won’t avoid probate.
Compliance Checklist
If you are considering going through the process of establishing a trust, consider these important factors:
Understand Scope Of Practice
Don’t take legal advice unless you’re getting it from a licensed attorney. Family and friends may like to offer knowledge, but Texas laws are very complicated.
Refer To Qualified Estate Planning Attorneys
This cannot be overstated. Even the smallest thing can cause an issue with your trust in the state of Texas. Only work with qualified professionals.
Respect Client Confidentiality
Keep all conversations about trusts and financial planning confidential. You can share the information with whomever you want, but keep in mind it might be controversial or it might share a little too much information about the assets you currently have.
Verify Document Status
Confirm that the trust is legally executed and funded. This is done with the help of your attorney.
Stay Current On State Laws
Texas trust laws can change; continuing education is essential. An experienced lawyer will stay up to date on these laws and let you know when changes might affect you.
Confirm Trustee Authority
Before working with a trustee, ask for a copy of the trust’s certification or summary.
Avoid Unauthorized Practice Of Law
Even well-intended advice can cross a line. Know when to defer to a lawyer.
Want To Get Started?
Here’s a simple to-do list:
1. List all your assets
2. Choose your trustee(s)
3. Decide how you want your assets distributed
4. Hire an estate planning attorney
5. Create and sign your trust
6. Fund the trust by transferring assets into it
7. Review and update it regularly
This might seem overwhelming, but with the help of a lawyer who has received a 10.0 rating from Avvo, it’s not as daunting as it seems. Give the Brandy Austin Law Firm if you’d like to schedule a legal consultation for more specific guidance. If you’ve been putting off estate planning, it is highly recommended that you talk with a Texas-based attorney about creating a family trust. It’s not just for the wealthy — it’s for anyone who wants peace of mind.
