Best trust lawyer in Dallas, TX
Those who are wondering who is the best trust lawyer in Dallas, TX can rely on our team at Brandy Austin Law Firm, PLLC. People often have preconceived notions about trusts. Contrary to some common assumptions, trusts are not only for wealthy people who plan to leave large financial sums to their children or grandchildren. In truth, a trust can be an extremely valuable tool for individuals who hold any number of financial assets or property.
Our goal is to be the first law firm that comes to mind when looking for a trust lawyer. We have worked hard to earn our reputation for offering quality legal services since we opened our doors. Among the estate planning tools that we offer to our clients are trust legal services. These include:
- A living trust
- A testamentary trust
- A revocable trust (applicable to a living or a testamentary trust)
- An irrevocable trust (applicable to a living or a testamentary trust)
What is a trust?
A trust is a type of legal arrangement in which property or assets are held by a third party for one or more other people. Typically, one party holds and manages assets on behalf of another party. Assets can include financial wealth, property, and physical items. This person will authorize another individual, referred to as the trustee, to manage and oversee your estate on behalf of your beneficiaries (the person or people who ultimately receive the property or assets in the trust). Some of the numerous benefits of establishing a trust include:
- Saving on estate taxes
- Possibly avoiding probate
- Preserving disability benefits
- Avoiding succession
- Keeping activity confidential and private
- Managing and protecting assets
- Controlling the distribution of assets
What is the difference between trustor and trustee?
When you consider who is the best Dallas trust lawyer in TX, it should be someone who is responsive to your questions about the trust process and any related legalities. Most people are not familiar with the terms used to describe roles and responsibilities associated with trusts. The difference between the trustee and trustor role include:
- The trustor. Otherwise known as the “grantor,” this is the person who created the trust. In creating the trust, the trustor is also the person who transfers their assets into the trust.
- The trustee. This is the person who the trustor designated to be in charge of the trust. Their role is to oversee the trust and to distribute the assets after the trustor passes away. They are ethically and legally bound to distribute the assets as specified by the trustor. If the trust is a living trust, the trustor must follow the instructions as written by the trustor before he or she became incapacitated.
What do I need to know about the types of trusts?
The following are several types of trusts. They include:
Revocable Living Trusts
These are legal documents that are separate from a will but can work in concert with a will. Generally, a revocable living trust is used to avoid probate. It could also be used when the person establishing the trust has property in multiple states or countries.
Irrevocable Life Insurance Trusts
These types of trusts can be used to move life insurance proceeds outside of an estate. The reason to establish this trust is primarily for tax purposes.
Married couples may include a trust in their will for two main reasons: the first being estate taxes, and the second being to protect the property. Marital trusts can ensure that any assets go to the correct person.
Trusts for Minors
These are created for children or grandchildren who are considered minors, as they are under the age of 18 years. The money is often managed by a trustee who ensures that the children get funds for education, healthcare, and other necessary support. Once the children turn a certain age or reach a particular achievement level, they might be able to receive funds from the trust.
Special Needs Trusts
These trusts allow someone to leave their property to a beneficiary who has special needs. This trust may also protect these people who are receiving government benefits while making sure they have extra money to secure the necessities in life.
These trusts are most commonly established to protect assets from creditors. Spendthrift trusts can be complicated and can be best explained by a qualified trust lawyer.
What does it mean to contest a trust?
If you believe you have reason to contest a trust, you may be wondering who is the best Dallas, TX trust lawyer. With help from us at Brandy Austin Law Firm, PLLC, you can determine if your argument is valid and might be recognized by a judge. There are various grounds on which a person may base their argument that a trust is not valid. Several of the most common reasons for contesting a trust include:
- The trustor was not of sound mind or body when they established the trust
- The trustor was under the negative influence of someone else and was coerced into establishing the trust or designating which heirs will inherit assets
- The trustee mismanaged the trust
- The trustee stole assets from the trust
- The trustee did not follow the instructions of the trust in the liquidation or distribution of the trust’s assets
What are the benefits of establishing a trust?
When most people hear the word trust fund, they’re likely to think of the beneficiary. Trust fund babies may come to mind. People from wealthy families who have inherited fortunes from their loved ones. However, this is not the only circumstance that can allow for a trust fund. A number of people are utilizing trusts because of the many benefits they may be able to offer.
For those who inquire as to who is the best trust lawyer from Dallas, our team at the Brandy Austin Law Firm, PLLC can show you the answer. Our experienced lawyers equipped with the skills needed to help you determine whether you should set up a trust. For some, setting up a trust may be the appropriate way to distribute your wealth after you have passed away. Trusts can offer a number of benefits not only for you but also for your beneficiaries.
Here are common reasons Dallas area residents should consider setting up a trust as a component to their estate plan:
For a Private Process
Creating a trust is a way of privately passing on your assets to loved ones. This is because in most cases, trusts are not required to pass through probate. Because probate is a public process, the contents of a will may be viewed by any curious party. A trust gives you the ability to leave your wealth to beneficiaries, privately.
Efficiently Transfer Assets
Because a trust does not have to endure the probate process, a beneficiary stands to gain immediate access to the assets you have bequeathed to them. As a result, you may even be able to circumvent some of the expense that can come from enduring probate.
Dictate How Assets Can Be Utilized
A trust can give you some control after you have passed away. Are you hoping to leave money to someone for a specific reason? A trust can give you the opportunity to leave specific directions regarding your wishes.
Although a trust is a component to your estate plan, it’s not required to pass through the probate process. As a result, the trust you have set up may be preserved from being contested through probate, and allow beneficiaries to access their inheritance in a timely manner.
What services does your law firm offer?
At Brandy Austin Law Firm, PLLC we believe in providing clients with a variety of support when setting up a trust. If you have ever asked yourself who is the best trust lawyer in TX, then it’s time to meet a member of our legal team. We are well aware of how overwhelming the process of planning a trust can feel. With our help, you can expect to encounter lawyers with experience in handling all variables to setting up a trust. Our services can:
- Provide help with planning your estate
- Help maximize the benefits a trust can deliver
- Support to the person you name as trustee
- Navigate the complexities of complicated estates
- Assist in extracting your wishes and apply them to the trust you are setting up
- Provide attorneys who are experienced in setting up trusts and are patient when you are making important life decisions
- Ensure that your assets are distributed the way you want them
You probably have a pretty good idea of who you would like to inherit your estate. However, figuring out the best way to distribute assets can be especially difficult to do without a professional. With our help, we can efficiently manage the process of setting up a trust in a way that keeps your wishes at the forefront.
Are you considering who is the best TX trust lawyer located in Dallas? If so, we suggest contacting Brandy Austin Law Firm, PLLC, to give yourself the opportunity to create a trust for beneficiaries that encapsulates your wishes. Call us today so that we can help you get started.
When can I meet with your legal team?
A trust can save money for both you and your beneficiaries. We encourage you to take us up on a complimentary case review offer with our trust lawyer at your earliest convenience. Not only will you not be charged for this first meeting, but you will be under no obligation to retain our legal services.
At Brandy Austin Law Firm, PLLC, we’d like to think that our trust lawyers are the best in the city. Call us right away to get some of your most pressing questions answered, such as: Who is the best trust lawyer in Dallas, TX?