Killeen Trust Attorneys
Top Probate & Estate Planning Lawyers Serving Bell County
Trusts have become a popular estate planning option in recent decades, mostly because they skip probate and can offer tax advantages worth considering. If you are looking for an alternative to the probate process to transfer what you own to your loved ones when you pass away, a trust might be a great option for you.
Our attorney at The Law Office of Nancy Perry Eaton, PLLC can help you establish a trust that accomplishes your estate planning goals. When you work with our attorney, she will apply her many years of experience toward helping you create a trust that protects you and your family’s interest in your property while helping it avoid probate. If you would like to learn more about our trust attorney in Killeen or how The Law Office of Nancy Perry Eaton, PLLC can help you with your estate plan, don’t hesitate to request a consultation.
You can get in touch with us today by calling (254) 221-8588 or by contact us online!
What Is a Trust?
A trust is a fiduciary agreement that permits a third-party trustee to hold assets on behalf of one or more beneficiaries.
Broadly speaking, there are two main categories of trusts: revocable and irrevocable. Within each of these categories are numerous other types of trusts that serve various niche purposes.
A revocable trust is also known as a “living trust.” This is an arrangement that provides the grantor (trust maker) with many of the benefits of having a trust while also preserving their control over this property. This control allows the grantor to add or remove property from the trust, add or remove beneficiaries, dissolve the trust, or make any other changes after its creation.
By contrast, an irrevocable trust is one whose terms can’t be altered by the grantor unless
Why Is Avoiding Probate Important?
Many people wish to avoid probate because it can be a cumbersome legal process that consumes a lot of time and money. If you don’t expect your loved ones to fight over your property, a trust’s ability to avoid probate can lead to a simpler and more cost-effective division of your assets.
In most cases, the desire to avoid probate boils down to these benefits:
- Avoiding a complex and costly transfer of wealth
- Eliminating unnecessary court costs and attorney’s fees
- Reducing the time it takes to settle an estate
- Reducing the chance of a successful legal contest
- Preserving privacy (probate is a matter of public record)
If any of the benefits described above resonate with you, chances are a trust would be a valuable addition to your estate plan. Discussing your goals with our trust attorney in Killeen can help you to better understand what your options with a trust can be.
How Do Trusts Avoid Probate?
All trusts avoid probate by legally removing the property from your personal estate. This happens when you sign over control of things like your bank accounts, home, vehicles, and other property to your trust, which is managed by a third-party trustee.
Depending upon the type of trust you establish, you can benefit from these things during your life as you normally would, but they are considered the property of your trust – not you, personally. This distinction is what makes it possible for all trusts to avoid probate.
Keep in mind that avoiding probate doesn’t necessarily mean avoiding estate taxation, particularly if you held property in a revocable living trust.
