The many tools available for estate planning can help ensure that each Texas resident has the opportunity to create his or her plan according to specific wishes. Of course, these many tools can also seem overwhelming to individuals who may not know much about estate planning. Fortunately, information is available on the uses of planning options, including living trusts.
It is common for people to think that trusts are only used by the super rich. However, that does not have to be the case. Trusts could benefit anyone in various ways and help achieve specific planning goals. For instance, some people may want to control how beneficiaries use funds or when they are able to obtain those funds, and creating trusts with these stipulations could provide control even after the person has passed.
Additionally, trusts can help parties avoid probate if they do not want their families to have to go through the process. Placing assets in trusts remove them from the estate itself and allows for a more private distribution of assets. Many people value their privacy, and if an estate goes through probate, much of their personal information could become public knowledge.
Of course, the benefits and uses of living trusts go far beyond the few mentioned here. Texas residents who are interested in gaining more information about trusts and other estate planning tools may want to consult with experienced attorneys. These legal professionals can provide insight into how trusts could work for specific estates and the unique wishes of those creating their plans.