The J.D. Wilson Law Firm The J.D. Wilson Law Firm
Serving Round Rock, Austin and the Surrounding Areas
Trusts

Round Rock Trusts Attorney

Trusts & Wills Attorneys in Round Rock, Georgetown, and Austin

Trusts are a popular estate planning tool that can protect your assets and provide for your loved ones. A trust is a legal arrangement in which a third party, called a trustee, manages and distributes property for the benefit of another person or entity, called a beneficiary. You can either create a trust during your lifetime or through your will. If you create the trust during your lifetime, the trust is called a "living" trust. If you create the trust through your will, it is known as a "will trust." The J.D. Wilson Law Firm has over 50 years of combined experience helping clients create and manage trusts.

Rely on our Round Rock trusts attorneys to help you create a customized trust that meets your needs and protects your assets. Call (512) 355-1161 or send us a message online today.

What Is a Living Trust?

A living trust is a legal document that allows you to transfer the ownership of your property to a trustee during your lifetime. A trustee is a person or institution that is legally bound to manage and distribute your property for the benefit of the trust's beneficiaries. A living trust is an excellent way to avoid the costs and delays associated with probate. However, a living trust does not avoid all probate costs and delays. If you transfer property into the trust during your lifetime, that property is still considered part of your probate estate. A living trust can be revoked at any time during your lifetime.

Call our Round Rock trusts lawyers at (512) 355-1161 to schedule a free consultation.

What Is a Will Trust?

A will trust is a legal arrangement in which you transfer the ownership of your property to a trustee through your will. A will trust is different from a living trust because it is created after your death. A will trust avoids probate costs and delays. However, a will trust does not avoid all probate costs and delays. If you transfer property into the trust through your will, that property is still considered part of your probate estate.

A will trust is a good option if you want to avoid probate costs and delays but do not want to create a living trust.

Understanding the Different Types of Trusts

Choosing the right type of trust can significantly impact your estate planning strategy. At The J.D. Wilson Law Firm, we provide personalized consultations to help you navigate the various options available. Here’s a brief overview of some common types of trusts that may benefit your unique situation:

  • Revocable Living Trust: This flexible option allows you to maintain control over your assets during your lifetime while avoiding probate after your passing.
  • Irrevocable Trust: Once established, this trust cannot be altered, providing asset protection and potential tax benefits.
  • Special Needs Trust: Designed to support individuals with disabilities without jeopardizing their eligibility for government assistance programs.
  • Charitable Trust: This trust allows you to donate to your favorite charities while also providing tax benefits for your estate.

Each type of trust serves a different purpose and can be tailored to your specific needs. Our experienced attorneys can guide you through the process of selecting and setting up the right trust for you, ensuring that your assets are protected and your wishes are honored.

Why Consult with Us? Our dedicated team at The J.D. Wilson Law Firm is committed to understanding your goals and providing tailored legal solutions. We pride ourselves on our transparent communication and personalized service, making the estate planning process as seamless as possible.

What Is Probate?

Probate is the legal process through which the validity of a will is determined and the will is executed. If the will is valid, the executor distributes the estate's property to the beneficiaries named in the will. If the will is invalid, the court appoints a personal representative to distribute the estate's property to the beneficiaries named in the will. The court also determines whether the deceased person's debts are paid and whether the deceased person's property is properly distributed to the beneficiaries named in the will.

Probate can be costly and time-consuming. Probate costs and delays are reduced when you create a will trust because the property does not have to go through probate. However, a will trust does not avoid all probate costs and delays. If you transfer property into the trust through your will, that property is still considered part of your probate estate.

Why Choose a Trust Over a Will?

While both trusts and wills are essential components of estate planning, choosing a trust can offer distinct advantages that align with your financial goals and family dynamics. Understanding these benefits can empower you to make informed decisions for your estate.

Here are some compelling reasons to consider establishing a trust:

  • Avoiding Probate: Trusts typically bypass the lengthy and costly probate process, allowing your heirs to inherit assets more quickly and efficiently.
  • Privacy Protection: Unlike wills, which become public records during probate, trusts maintain your family's privacy, keeping your financial affairs confidential.
  • Control Over Distribution: With a trust, you can dictate when and how your assets are distributed, ensuring that your beneficiaries receive their inheritance under the terms you set.
  • Protection from Creditors: Certain types of trusts can shield your assets from creditors, providing an additional layer of security for your beneficiaries.
  • Incapacity Planning: Trusts can include provisions for managing your assets if you become incapacitated, ensuring that your financial affairs are handled according to your wishes.

At The J.D. Wilson Law Firm, our experienced Round Rock trusts attorneys are here to guide you through the process of establishing a trust tailored to your unique needs. Contact us today to schedule a consultation and take the first step toward securing your family's future.

How to Avoid Probate Costs and Delays

You can avoid probate costs and delays by creating a living trust. A living trust allows you to transfer the ownership of your property to a trustee during your lifetime. If you transfer property into the trust during your lifetime, that property is still considered part of your probate estate. You can also avoid probate costs and delays by transferring your property to a will trust after your death.

Call our Round Rock trusts attorneys at (512) 355-1161 to schedule a free consultation and learn more about how trusts can help you avoid probate costs and delays.