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What is a living trust?

There are many different options you can take in Texas to plan what will happen with your assets when you die. Your estate planning efforts may include something called a living trust, which Forbes explains is just any trust you create when you are alive. This is the opposite of the type of trust created when you have a will. Upon your death, a will sends your assets into a trust that your executor then handles.

If you create a living trust, you have a little more control. You can use the trust to avoid probate issues after our death. It also enables you to ensure that the right beneficiaries get the right assets. Furthermore, it allows you to say how to distribute the assets held in the trust. This is helpful if you have minor children or you want to disburse the funds from a trust over time to a beneficiary. The bottom line is you maintain control even if you are dead.

You can make a trust revocable or irrevocable. You can make changes to a revocable trust, so it is most often what you want to use. You cannot make changes to an irrevocable trust, so you should only use this option when you know circumstances will not change.

Living trusts are common in estate planning. They work well for many people who want more control over what happens after they die and for those who want to avoid probate. This information is for education and is not legal advice.

 

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