This form is a living trust form prepared for your state. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.
Lewisville Texas Living Trust for Husband and Wife with Minor and/or Adult Children: A living trust is a legal document created by individuals or couples to protect and distribute their assets while they are still alive, and after they pass away. In Lewisville, Texas, residents have several options when it comes to setting up living trusts for themselves and their family members, including specific types tailored for husband and wife with minor and/or adult children. Let's delve into the details and explore these various options: 1. Revocable Living Trust: This is the most common type of living trust, allowing the granters (husband and wife) to retain control of their assets during their lifetime while designating beneficiaries, including minor and/or adult children. With a revocable living trust, the granters can make changes or revoke the trust if needed. 2. Irrevocable Living Trust: Unlike a revocable living trust, an irrevocable living trust cannot be changed or revoked once established. This type of trust offers certain tax benefits and protects assets from creditors or legal claims. It can be set up to provide for minor and/or adult children while ensuring the granters' wishes are followed. 3. Testamentary Trust: A testamentary trust is created within a will and becomes effective upon the death of the granters. This type of trust can be established to provide for minor children until they reach adulthood or any specific age set by the granters. Adult children can also be beneficiaries, receiving distributions according to the instructions outlined in the trust. 4. Supplemental Needs Trust (SET): If a child has special needs or disabilities, a supplemental needs trust can be established within a living trust. This trust allows for the allocation of assets to support the child's specific requirements, while ensuring eligibility for government assistance programs is maintained. 5. Family Pot Trust: With a family pot trust, assets are pooled together for the benefit of the entire family. This type of trust is commonly used when there is a significant age gap between minor children and adult children. The trust can provide for the needs of both groups while ensuring fair and equal distribution. 6. Educational Trust: For couples who prioritize their children's education, an educational trust can be established. This trust is specifically designed to fund and support the educational expenses of minor and/or adult children, such as college tuition, books, and other related costs. By creating a living trust tailored to their specific needs, Lewisville, Texas residents can ensure that their assets are protected, their beneficiaries are provided for, and their desires are met. Seeking the guidance of an experienced estate planning attorney is highly recommended ensuring that the trust is properly drafted and aligns with both state and federal laws.
