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Trusts

Dallas-Fort Worth Trust Attorneys

Helping Clients Obtain Peace of Mind 

People often think that trusts are only for the rich and famous who are trying to hide hundreds of millions of dollars in off-shore bank accounts. However, normal, everyday people can experience huge benefit by using a trusts.

Trusts, by far, are the most comprehensive of all estate planning options because they greatly simplify estate settlement. Trusts can also help your family avoid the hassle of probate and legal disputes over assets and properties you want your beneficiaries to inherit.

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What is a Trust?

A trust is a legal arrangement in which one party, known as the "settlor" or "grantor," transfers ownership of assets to another party, known as the "trustee," for the benefit of a third party, known as the "beneficiary." Trusts are commonly used for various purposes, including estate planning, asset protection, and charitable giving. 

Common Types of Trusts

There are a variety of trusts that you can include in your estate plan that can be tailored to meet your unique planning needs. Our DFW trust lawyers are here to discuss your goals and figure out which type trust meets your specific goals.

We have years of experience establishing and administering the following types of trusts:

Often times, there is an abundance of misunderstanding surrounding Texas trusts. As you conduct your estate planning, it's important to determine which trust is best suited to your needs. If you have questions, contact our Dallas-Fort Worth trust attorneys. From there, we can aid you in exploring how you can set up a trust to protect or transfer your assets.

Protect Your Assets with a Trust

Trusts are adaptable legal instruments that can be tailored to your specific needs. Whether it's a revocable living trust, an irrevocable trust, or a charitable trust, we can help. Our firm's skilled DFW trust attorneys can guide you through the complexity of selecting the best trust for your case.

There are several common types of trusts that can be tailored to your specific needs, including:

  • Revocable Living Trust: Allows you to maintain control of your assets during your lifetime and avoid probate.
  • Irrevocable Trust: Provides asset protection and potential tax benefits, but cannot be modified or revoked.
  • Charitable Trust: Allows you to support your favorite charitable causes while potentially reducing your tax liability.

By including a trust in your estate plan, you can enjoy a range of benefits, such as:

Our knowledgeable trust attorneys in Dallas-Fort Worth can guide you through the process of choosing the right trust for your unique circumstances. Contact us to schedule a free consultation and start protecting your assets for the future.

Speak with qualified a Dallas-Fort Worth trust attorney at Crain & Wooley. Contact us online or dial (972) 945-1610.

What Are the Benefits of Including a Trust in Your Estate Plan?

Some of the benefits gained from establishing a trust include:

  • Avoiding In-State and Out-of-State Probate : Unlike a traditional last will and testament, trusts are portable. For example, if you have real estate in multiple states or other countries, then a trust would be worth considering because your beneficiaries would avoid the probate process in each state or country in which property is owned. Click here to find out why a will is not enough if you want to avoid the hassle of probate.
  • Plan for Nursing Home Expenses: As we age, we need to be prepared for the possibility of living in a nursing home. With the average monthly costs of nursing home care in Texas being $6,000 or more, an irrevocable trust protects your assets from being spent on nursing home costs. The greatest benefit is received by having a nursing home plan in place FIVE YEARS before the need for long-term care.
  • Protecting Loved Ones with Special Needs: Leaving an intentional legacy for a loved one with special needs can be accomplished through creating a special needs trust. With a special needs trust, you won't have to worry about your loved one losing any type of public assistance already being received. Read our blog to find out how special needs trusts can be powerful estate planning tools for disabled beneficiaries.
  • Protecting Assets from Troubled Heirs: Life is hard, and sometimes, loved ones struggle with mental health issues or harmful behaviors like substance abuse. Creating a trust with special instructions offers protection for both your assets and loved ones who tend to take financial risks. With a revocable living trust, you can restrict how and when money is given to certain beneficiaries. However, some complicated provisions can backfire, which is why you should consult with a lawyer to discuss your concerns.
  • Protecting a Surviving Spouse: Did you know that a surviving spouse does not always inherit from their deceased spouse’s estate? Surviving spouses are often surprised to learn that they must complete the probate process if they want to obtain 100% ownership of estate assets. However, a trust provides a seamless and court-free way for a surviving spouse to carry on living and making financial decisions. A trust also provides asset protection should the surviving spouse remarry.
  • Providing for Minor Children or Grandchildren: Trusts can also provide an avenue for safeguarding a minor’s inheritance until a suitable level of maturity or life experienced is gained. Trusts can also be used to make sure younger beneficiaries receive funding for college or vocational training. If you are a Texan who owns mineral rights that have been passed down from your ancestors, then you can put the rights into a revocable living trust to ensure they pass on to future generations.
  • Addressing Blended Family Concerns: Family is sometimes complicated. Trusts offer the ability to ensure equitable treatment of children and other family members in multiple marriage situations. Texas is a community property state. Misunderstanding Texas community property laws can cause serious problems for blended families. For example, the property doesn’t automatically go to the surviving spouse, which means children from a previous marriage can end up inheriting the decedent’s half of the property to the detriment of the surviving spouse.
  • Avoiding Estate Taxes: Taxes play an important part in civil discourse, but creating a trust may prohibit the government from taking more than its fair share. With a revocable living trust, your beneficiaries will be able to avoid the probate process and negative tax implications. Click here to find out about the tax benefits of including a revocable living trust in your estate plan.
  • Supporting Charities: Leaving a legacy of generosity is made easy through the creation of a trust. Our lawyers can include instructions in the trust for referencing a Memorandum of Understanding (MOU), which will ensure your hard-earned assets are utilized with the particular charitable goals you have in mind.

Call our trust lawyers in Dallas-Fort Worth at (972) 945-1610 for help choosing the right trust for your needs.

Can A Trust Be Changed?

Yes, a trust can be changed under certain conditions, and understanding these conditions is crucial for effective estate planning.

As the name implies, revocable trusts allow the grantor to make changes or withdraw the trust entirely at any time while they are still alive. Revocable trusts are a popular choice because of their adaptability, which lets beneficiaries, trustees, and rules be changed as needed. These modifications are frequently required when the grantor's objectives for estate planning, family relationships, or finances significantly alter.

Conversely, irrevocable trusts are usually intended to be irreversible after they are created. This rigidity is deliberate since irrevocable trusts are frequently used for beneficially permanent reasons, such as asset protection, tax planning, and charity giving. It is feasible to make changes to an irrevocable trust, nevertheless, under specific situations. These usually need approval from all beneficiaries and, depending on the details of the trust and the relevant state legislation, may entail a non-judicial settlement agreement or court approval.

Seeking advice from Crain & Wooley, a Dallas-Fort Worth trust law firm will help you understand whether you can change your trust and how to go about making any necessary adjustments. Our knowledgeable lawyers can help you navigate the complexity of trust law so that your estate plan continues to reflect your changing objectives and needs. Professional legal counsel is essential whether you need to amend an existing trust or are thinking about establishing one.

Can a Trustee Remove a Beneficiary From a Trust in TX?

In most trusts trustees do not have the power to change the beneficiary of an established trust. The right to add and remove beneficiaries is a power reserved for the grantor of the trust; however the grantor of the trust can name themselves as a trustee for the duration of their lifetime with a revocable living trust and make changes. When the grantor dies, their trust will usually become irrevocable and can not be modified without going to probate court and filing a petition.

Can a Trustee Be a Beneficiary of an Irrevocable Trust in TX?

Yes. An irrevocable trust does not allow modifications, so the grantor made a permanent transfer of assets and it is not uncommon to name a spouse, child or other family member to be named a trustee and beneficiary.

A trustor should be cautious when choosing a beneficiary as their trustee due to the conflict of interest.

We Can Help You Choose the Right Trust Today

With all the options you have when it comes to creating a trust, it is in your best interest to speak with a knowledgeable estate planning attorney at Crain & Wooley. With our effective legal services and customized legal strategies, you legacy is in good hands.

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For a free consultation with one of our seasoned trust lawyers in DFW, please call us at (972) 945-1610 or fill out our convenient online scheduler.

Satisfied Clients Tell Their Stories

  • "Thank you and God Bless you"

    Thank you for being my Living Trust and other Estate documents attorney. Due to our move and storage of business and personal documents, we had trouble locating & we took a lot longer to respond to your drafts, etc. You were very patient with me and my needing lots of explaining of legal terms and meanings. At my age, I was concerned about getting things done but wanting it all done right. You were very prompt in responding to my questions and I think by time of signing I felt confident we had things just the way we wanted to protect my heirs. Thank you and God Bless you.

    - Donna V.
  • "Very much appreciated"
    I am very much appreciated your service If anyone like me needed your service I will introduce about you. Everything you did with in a week. Very much satisfied all your service.
    - Sarah P.
  • "Smooth and easy"
    Learning about trusts at the meal was easy and educational. The set down at the office was where the finer points of trusts was explained. That is where and when we decided to make it safe and easy for our heirs. Our final meeting where we signed everything and an explanation of each item was given went smooth and easy. All in all I would say the investment in the trust was worth it.
    Thank you to Crain & Wooley office and staff
    - Anonymous
  • "Professional and knowledgeable"

    My husband and I recently had our living trust completed through the help of Crain and Wooley. Justin and his staffs are professional and knowledgeable. A special thanks to client education specialist Stephen. He is such a nice gentleman and always answers our questions clearly and right to the point, and always ready to help by answering your concerns promptly. We will certainly refer the law firm to our families and friends!

    - Susan X.
  • "Excellent, Highly recommend"

    We went to seminar to just find out what we needed to do for a will, They gave us all the info we needed right then there. Offered a really good price if we signed up to get one that day. A few weeks later after our appointment we have a Living trust. They were helpful with all our questions and were very thorough with these explaining the whole process. They stuck with the price that we paid + let us call anytime if we had any questions. Excellent, Highly recommend this company.

    - Linda B.
  • "So good to finally have a plan"

    After worrying about our lack of estate planning for years, it feels so good to finally have a plan in place. Thank you for making the process relativity painless and offering the educational support we needed.

    - Leslie W.
  • "5 Stars"
    Me and my appreciate Mr. Crosby we think that he was very professional in doing his job and we give him 5 stars when it come to him doing his Job.
    - James A.
  • "Overall experience was seamless"

    We recently had the opportunity to attend a workshop hosted by Crain & Wooley regarding wills and estate planning. Based on the information provided we decided to proceed with our estate planning with Justin and his team.  The overall experience was seamless and the process was clearly communicated. We had our homework and once that was completed, several iterations later we had our final walk-through and signed estate plan. We would recommend Justin to our family and friends.

    - Earl B.

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Estate Planning With Us Means:
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    Finally, you won’t need a lawyer to understand your legal fees. We clearly communicate our pricing structure upfront, so you can feel comfortable with our service from start to finish. No surprises, no hidden fees. *Our flat rate fees apply only to proactive planning services.

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    Laws change all the time. We stay up to date with all the latest information so that you’re covered. No one else in the region is as dedicated or educated in this area of law. We’re the experts so you don’t have to be.