Help Setting Up Trusts in Waco
A Useful Tool Available to Everyone in Waco, Georgetown & Central Texas
Trusts are not reserved only for the elderly or extremely wealthy. A trust can be a useful tool to control your assets during your lifetime, as well as in dictating how and when they are transferred to the beneficiaries you have selected. Trusts allow you, the settlor, to create a unique plan for your resources and have the power to make important decisions concerning your assets during your lifetime and beyond.
The Waco trusts lawyers at Rainey & Rainey, Attorneys at Law, LP are committed to taking the time to understand your unique needs and provide experienced assistance in crafting a plan specifically created for you.
Take the initiative. Shape your future. Contact Rainey & Rainey at (254) 826-8151.
Benefits of Establishing a Trust
Trusts are often used to manage assets of minors, help establish limits for big spenders, or otherwise accommodate for special needs. Trusts allow for your assets to be managed according to your wishes, giving you complete control both during your lifetime and even after you have passed away.
Trusts are often used to:
- Guarantee assets will pass to your children, even in the case of remarriage or a blended family
- Deliver set payments to beneficiaries at predetermined intervals
- Protect assets from creditors or potential lawsuits
- Determine the exact distribution of assets to the beneficiaries
- Distribute funds to charity
Guidelines Surrounding Drafting a Trust
While trusts are known for being an extremely flexible way to control your assets, there are certain laws to which they must adhere.
In order for a trust to be considered valid:
- The settlor must be over the age of 18 and be of sound mind
- It must comply with the Statute of Frauds in Texas
- The property included in the trust must be clearly identified
- It must have clear beneficiaries
Waco Estate Planning & Probate Attorneys
Another large benefit of a trust is its exemption from probate, the court process that reviews and enforces a will. Instead of being stalled for this process that often takes many months, a trust distributes assets to your beneficiaries immediately upon your death, if you so wish.
The trust lawyers at Rainey & Rainey take the time to ensure you understand the full extent of how forming a trust could benefit you, and how it can positively impact those you love.
Reach us at (254) 826-8151 to take hold of your future.