Experienced & Reliable
Call Us Today: 979-314-0065
Building Lasting Relationships
Blog Layout
Important Information About A Living Trust
April 17, 2021
Important Information About A Living Trust
It is commonly understood what the purpose of a Last Will and Testament does, especially if there are assets to leave to family or friends. A living trust can be equally valuable, although it often takes the help of law firms in Bryan Texas to grasp the purpose of such a document. Both have similar functions but each is used somewhat differently. When planning an estate, it is important to learn the difference between these two documents to see how a living trust can offer current protection, while a will protects beneficiaries later on.
Living Trust and Will – The Differences
Both a living trust and a will are legal documents that allow individuals to state how property or wealth will be handled after the death of that individual. One of the first perceivable differences between the two is that a living trust is not required to be probated through a court. Probate is the legal process of reading a will after that person is deceased, determining the worth of the deceased’s estate, and then dividing the estate as documented by the deceased. It is time-intensive and executors of a will can charge a fee for time and service that must be paid from the proceeds of the estate, which does reduce the value of the estate that can be awarded.
A living trust does not have to go through probate and the distribution of assets that have been designated by a valid will can be accomplished in a much shorter period of time. Without the cost of probate, the estate is usually larger than when processing through probate court. Any person who is considering having a living trust should learn the details of this type of estate planning to see if it appears to be the right thing to do. Law firms in Bryan TX can help by explaining all of this to someone looking at estate planning and advise if a living trust would be useful.
A Living Trust – The Benefits
As mentioned above, the chief advantage of a living trust is that estate owners can plan the distribution of estate assets ahead of time, which will reduce the time and effort required to do the same thing upon reading a last will alone. Legal fees are less, the whole estate dispersal process is quicker, and the person or persons drawing one up can more easily revise a living trust without having to create a new will.
Property ownership can be jointly divided between estate owner and benefactors so that ownership transfers more easily upon the death of the trust owner, making the entire inheritance process more easily handled. For those with a large estate, this can be very beneficial.
A Living Trust – The Difficulties
There are not many difficulties with a trust, perhaps the correct phrase is additional action that needs to be taken when putting one’s assets into a living trust. Assets that are currently in banks, stocks, bonds, and anything similar needs to be transferred by separate paperwork to the estate. Insurance policies, IRA’s, 401-k’s and the like must name the estate as the beneficiary rather than any individual person. All of this takes extra paperwork and time as well as the expertise of a law firm in Bryan that is familiar with this type of estate planning – which is why the initial cost to set up a living trust is so much greater than just writing a will.
A living trust can be a great option for individuals, couples, or families with large estates and offers the side benefit of allowing the designated representative or successor trustee to assume estate handling if the owner of the living trust should become incapacitated without the court intervention that would be required even with a durable power of attorney. Law firms in Bryan TX caution that consultation with qualified estate attorneys should be done before deciding if a living trust is the best estate path to pursue. If it is, a living trust may indeed be a great tool for estate planning purposes.
In the realm of real estate transactions, there is nothing more confusing to most people than two commonly used terms: title and deed. Toss in the use of title insurance as part of a property sale transaction and the picture only becomes less clear about the difference between title and deed. Real estate lawyers in Bryan TX advise that there are different types of deeds, each one serving a different purpose in determining the legal ownership of property; however, there is only one property title that shows legal ownership.
Buying a house is part of the American dream, an achievement that people work toward for years. After finding the right property, the buying process can sometimes turn that dream into a nightmare when there are conflicts between seller and buyer. To appease both sides and allow the sale of a home to be finalized, real estate attorneys in Bryan Texas are an essential part of the procedure. Enlisting the services of an experienced lawyer can make the difference between buyers actually realizing the dream of owning a home – or having to pass it by and continue the search.
There are nearly 63 million Americans receiving disability payments because of being legally disabled and unable to work. Social Security disability is one of the benefits available to most U.S. citizens; however, the process involved to obtain this benefit can be difficult. Due to a number of fraudulent or unqualified claims, the process of applying for Social Security benefits for the disabled can be lengthy and confusing. This complexity is why many applicants seek the help of lawyers in Bryan Texas who are experienced with the process and can help clients receive a favorable outcome.
When someone sustains an injury that might have been caused by the actions of another person, lawsuits may become involved if settlement cannot otherwise be reached. Law firms in Bryan TX see many personal injury cases every year as these are some of the most common types of lawsuits currently being filed. Handling such a case involves more than just filing a complaint and convincing a judge and/or jury to award the injured party due compensation. Personal injury cases can be lengthy, complex, and exhausting to all parties involved, which makes it important to understand the process and what it means to anyone considering filing this type of complaint.
Owning rental properties will be profitable when being leased by tenants; empty units will not make any money. The local rental market is booming for many reasons, including the always-present student tenants. Yet some properties remain harder to fill, perhaps creating certain leasing situations that should be avoided. As part of the leasing process, attorneys in Bryan Texas alert owners that interviewing prospective tenants must be done within compliance of the Fair Housing Act to avoid any accusations of discrimination. Read the information presented below about applicable equal housing regulations and fair housing laws to avoid any problems.
Despite a depressed housing market over the past few years, interest in buying second homes and investment properties has held its own. Real estate lawyers in Bryan Texas advise that while it is definitely a buyer’s market even with investment homes, it is important to know that the market continues to move. When is the right time to invest? Following are some suggestions for prospective buyers of vacation or investment homes to consider to help make such a decision.
Today’s weak economy has created difficult financial conditions for many individuals over the past few years. Jobs are being lost along with healthcare benefits which is putting even home living arrangements at risk. As bills stack up and the choice becomes keeping food on the table or paying bills, it is easy to understand how individuals and families can get into financial straits. For many people, bankruptcy seems as if it is a viable option when things get that bad; however, lawyers in Bryan Texas caution that it is important to understand how the process works and determine if it is the best option before filing for bankruptcy.
Civil law is a branch of the United States legal system by which non-criminal wrongdoings are judged. Lawyers in Bryan Texas who handle civil trial settings consider an action to be non-criminal if it is based on violations or offenses committed because of some problem in the interpretation of verbal disputes, contract disagreements, property ownership or damages, most family law, etc.
A last will and testament is a valuable document when correctly planned. It can alleviate many disagreements about money and property and help ensure that private wealth is divided as desired. Attorneys in College Station TX recommend that anyone without a will should execute one while there is plenty of time with the help of a good estate lawyer. It sounds easy to list valuables and designate who should receive them, yet the process is not that simple with a number of exclusions to handle and other rules about property distribution to consider.
Contact Us Today!
If you’re interested in our services, please call or fill out the contact form.
