Dallas-Fort Worth Trust Attorneys

Helping Clients Obtain Peace of Mind 

People often think that trusts are only for the rich and famous trying to hide hundreds of millions of dollars in offshore bank accounts. However, normal, everyday people can greatly benefit from using 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. 

Trusts offer unique advantages, such as flexibility and control over asset distribution. They can be crafted to fit specific needs, whether safeguarding a family heirloom, planning for long-term care, or ensuring that a charitable goal is met. By allowing the grantor to set detailed instructions for the trustee, trusts provide peace of mind that their assets will be distributed exactly as they wish.

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 determine which type of trust meets your specific goals.

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

• Special Needs Trust
• Revocable Living Trust
• Irrevocable Trust
• Minor Trusts
• Descendant’s Trusts
• Educational Trust
• Taxable Estate Trusts and more

In addition to these, trust options also include Spendthrift Trusts, which protect beneficiaries from their potentially detrimental spending habits, and Grantor Retained Annuity Trusts (GRATs), which are designed to minimize gift taxes when transferring assets. Understanding your unique situation is pivotal, and our knowledgeable team is well-equipped to help you navigate these options.

Protect Your Assets with a Trust in Fort Worth

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:

• Asset protection
• Probate avoidance
• Privacy
• Control over asset distribution
• Potential tax savings

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 a qualified 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.

Contact 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.

Related Reading:

• Treat Your Living Trust Like a Business
• Can My Successor Trustee Change My Trust?
• Able Accounts vs. Special Needs Trusts
• How Do I Update My Trust When I Move to a New State?
• Tips and Tricks For Refinancing Your Home Titled In a Trust

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.

Frequently Asked Questions About Trusts

How Long Does It Take to Establish a Trust?

The time required to establish a trust can vary depending on the complexity of the estate and the type of trust being set up. Generally, simpler trusts can be established within a few weeks, while more complex arrangements, possibly involving significant assets or intricate stipulations, may take several months. Initially, the process involves gathering information about all assets, drafting the trust document, and possibly coordinating with other professionals such as financial advisors.

Once the paperwork is in place, the trust must be funded by transferring assets into it, which can add to the timeline. Delays often arise due to the time needed for asset valuation and transfer, particularly with real estate or investments. Our team at Crain & Wooley works diligently to streamline this process, ensuring all details are handled efficiently and promptly. We focus on providing services that respect your timeline while maintaining the integrity and purpose of your trust.

What Happens if I Move Out of Fort Worth After Establishing a Trust?

If you relocate out of Fort Worth, it's important to reassess your estate plan, including any trusts. Trusts are flexible legal instruments, and while they often remain valid across state lines, it's advisable to consult with a legal professional to ensure all aspects continue to align with your new state’s laws. This may involve amending the trust, appointing a new trustee, or updating the list of assets, particularly if you acquire new property in a different state.

Our attorneys at Crain & Wooley are prepared to guide you through this transition, providing insights on the necessary adjustments both in-state and out-of-state. By offering virtual consultations, we ensure that wherever you are, you receive the consistent, reliable support we pride ourselves on. Trust law can vary significantly from one jurisdiction to another, so staying proactive with these transitions ensures your estate plan continues to serve its intended purpose seamlessly.

What is the Process for Changing a Trustee?

Changing a trustee in Fort Worth requires careful adherence to the terms outlined in your trust document. Often, the document will specify the conditions under which a trustee may be replaced, such as incapacity, resignation, or breach of fiduciary duty. If the trust is revocable, the grantor typically has the power to appoint a new trustee directly, maintaining control over the management of the trust's assets.

For irrevocable trusts, however, replacing a trustee can be more complex and might require consent from beneficiaries or court approval. Our team at Crain & Wooley can provide guidance through this process, ensuring legal requirements are met and the transition is smooth. By working with us, you ensure that the trustee change maintains the trust's integrity, continues to meet its objectives, and respects the wishes of all parties involved.