Frisco, TX United States - September 8, 2022 —
Living Trusts remain an untapped potential for most, as they either aren’t aware of them or have many questions that only a seasoned Estate Planning lawyer can address, disclosed Frisco, TX, attorney Rex Hogue.
For more information please visit https://www.haimanhogue.com
The partner at Haiman Hogue, PLLC said a revocable living trust allows a person to place assets into trust over time. These assets can be utilized by yourself but are owned in the name of the trust and overseen by a nominated trustee. Assets are available to the Trustor (person who set up and owns the trust) during his/her/their lifetime, and distributed after death to named beneficiaries as detailed in the trust.
But there remain several questions about living trusts that Hogue suggested a person should ask an experienced estate planning attorney to better understand what they are all about.
One question that frequently arises is what property or asset can be placed in a trust. “Assets such as retirement accounts are one of the few which shouldn’t be owned by the trust, but the trust should be listed as a beneficiary,” he countered, adding that the more property added to a trust, the more beneficial it will be.
Choosing the right trustee usually sees most people name themselves to administer the trust during their lifetime, but they must name a successor, if the trust remains active when they become incapacitated or after their death.
Raising questions about taxable impacts in trusts and how they can help avoid the probate process should also be addressed to an experienced Estate Planning attorney, urged Hogue.
“Living trusts offer diverse benefits, such as allowing trust assets to be distributed soon after death, negating the period that it takes to put a will through the probate process.”
Another benefit is that because a Living Trust is a revocable trust rather than an irrevocable trust, a person can alter it at any time. He said they could even dissolve the trust at any point, and as it is not probated, it never becomes public record.
The downside of a trust could be forgetting to assert a change of ownership of an asset that the trust would not cover. A Living Trust is like a treasure chest, and all the treasure needs to be in the treasure chest in order to be protected. Assets not included in a trust could be subject to standard state intestacy laws.
Hogue recommended raising questions with an attorney around the need for a will to run alongside a trust, how the power of attorney works with the trust, and to understand the difference between what a trust can deliver compared to a will. “Living trusts can be an essential element in estate planning,” he concluded.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Rex Hogue
Email: Send Email
Organization: Haiman Hogue, PLLC
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
Website: https://www.haimanhogue.com
Release ID: 89081189
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