Trust

What is a Trust in Texas?

A trust is a separate legal entity which is created to hold assets (for example, belongings or possessions) for the benefit of certain persons or entities, with a trustee managing the trust (and often holding title on behalf of the trust).

Trusts are most often established by individuals (who are called trustors, settlors, or donors) who sign a written trust declaration which organizes and initiates the trust and sets out the terms and conditions upon which the trust will be governed. The trust declaration identifies the initial trustee or trustees, successor trustees, or the method to select future successor trustees. The individuals who create the trust usually give the assets which will be held by the trust, to the trust.

What is the purpose and use of a Trust in Texas?

A trust may replace the will as an estate planning tool, and perhaps avoid the probate of the estate by designating the distribution of all trust assets upon the death of the original trustors, settlors, or donors who created the trust.

What are the basic types of Trusts?

A trust may be "revocable" (that is, it may be revoked, changed or  terminated after it is created), or a trust may be "irrevocable" (that is, it cannot be revoked or changed after it is created).  If a trust is created in a will it is called a testamentary trust. A testamentary trust may be changed, revoked or terminated by modifying or revoking the will.  However, upon the death of the maker of the will, the terms of the testamentary trust become irrevocable and may not be changed.

I assist clients in the preparation of trusts and other estate planning documents.