A living trust is a trust fund and legal document that secures your assets for a beneficiary until a certain time, such as when you pass away, when the beneficiary reaches a certain age, or another circumstance specific to your needs. You should consider putting a living trust on your ...
A living trust can be a powerful estate planning tool if you’re looking to protect your assets, avoid probate, and ensure a smooth distribution of your property to your loved ones. In this guide, ourTexas estate planning lawyersexplain a living trust and the steps to set one up. We also...
A living trust—also called a revocable living trust—is the most basic type of trust. Depending on several factors, you can choose between several types of revocable living trusts. It's called a revocable trust because it allows you to modify or revoke your trust at any time. An irrevocabl...
A blind trust is a type ofliving trustin which thegrantorandbeneficiaryhave no control or knowledge of the assets in the trust or how they’re being managed. A third-partytrustee, who can be an individual or an institution, has full control of the trustassetsand does not communicate with ...
Revocable Beneficiary vs. Irrevocable Beneficiary Life insurance beneficiaries can be revocable or irrevocable.Revocable beneficiariescan be changed if necessary at any time during the policy owner’s lifetime. This is similar to a revocable living trust, which can also be changed as long as the tru...
The beneficiary is the person or organization that receives the benefits from the trust. They might receive income, property, or other assets as specified by the trust's terms. The beneficiary's rights are protected by the trustee, who must act in their best interests and follow the grantor'...
What if I don't designate a beneficiary? If you don't have a beneficiary named, your accounts may enter probate — a court-supervised process of distributing the estate and assets of a deceased person. Probate — which can take place even if you have a will or revocable trust — can be...
The trust can be either revocable, also called a living trust, which allows you to make changes if circumstances change, or irrevocable, which means no changes can be made without the beneficiary’s permission. If you wish to pursue this route, contact an estate planning attorney. Can a ...
Trust administration might take months, depending on how complex the trust is. The trustee has a fiduciary duty to act in the trust’s best interests. How do you distribute trust assets to beneficiaries? There are three main ways for a beneficiary to receive an inheritance from a trust: Outr...
An irrevocable trust is a type of trust typically created to help protect assets and reduce federal estate taxes. The creator of the trust (the grantor) can designate assets of their choosing to transfer over to a recipient (the beneficiary). Once established, irrevocable trusts are very ...