The Benefits Of Trusts In Your Estate Plan
Establishing a will is one of the most important aspects of creating your estate plan. However, creating a trust — or various trusts — can also help you plan for the future and provide for your family.
At The Law Offices of Jon R. Disrud, we can help you with all your estate planning needs. We take the time to understand your unique circumstances and goals for the future, so we can help you craft trusts that safeguard your family’s best interests. Our founding attorney, Jon Disrud, has more than 30 years of experience guiding families through the estate planning process with integrity.
What Is The Difference Between Wills And Trusts?
Essentially, both wills and trusts indicate beneficiaries that will receive property or assets. However, wills and trusts are different. In your will, you instruct who will receive assets upon your passing. In a trust, you can provide instructions regarding who inherits assets, as well as how and when they will inherit them.
Trusts are also different from wills, because they hold and transfer ownership of property, finances and assets. This provides a significant level of protection for your assets.
Your will goes into effect only after death. Meanwhile, you can choose when a trust goes into effect. You can create living or revocable trusts that hold assets in life, or craft trusts that hold property for beneficiaries until your passing.
How Do Trusts Work?
You can create various trusts that manage various assets. For example, parents with children of special needs can establish a special needs trust. This trust holds finances and property that provide for your child in the event that you can no longer care for them.
There are only three essential elements a trust must include:
- A trustee designated to managing the property and wishes
- Property or assets
- A beneficiary who will receive the property
We can help you ensure your estate plan and trusts comply with Texas laws and follow your wishes. The wording of your trust is important, and we can help you craft the instructions for how the beneficiaries can inherit and use the property.
Attorney Disrud also has extensive knowledge of military law. We can help active military service members and veterans to craft personalized trusts to protect their assets and benefits, as well as provide for their family.