Irving Testamentary Trust Attorney

Irving Testamentary Trust Lawyer

Lawyer in North Texas Helping Clients Pass Down Assets Through Testamentary Trusts

In the great state of Texas, there are numerous ways to pass down your property to your heirs after death. Trusts and wills are two of the most popular vehicles for handing down wealth. Testamentary trusts are a sort of combination of the two. A testamentary trust is a trust created by a will. Unlike other trusts, which can take effect during the grantor's lifetime, a testamentary trust has no legal effect until after the person making the will—also known as the "settlor"—has died. While testamentary trusts, once in effect, generally work like other trusts, the way that they are created and activated is very different.

Estate planning can be a highly technical area of the law, and one that is often overwhelming for the average person. At Andrew Dunlap Attorneys, PLLC, we here to help our clients create estate plans that can provide long-term security and peace of mind. Our attorney will fully explain all of your options for using wills and trusts to distribute your estate and provide guidance for you in making the choices that are best for you and your loved ones.

Attorneys in Dallas for Creating Testamentary Trusts

Testamentary trusts are created in wills. To do this, the settlor instructs that some or all of their estate property should be placed into a trust with at least one named beneficiary. We can help you execute a will in accordance with all applicable laws and regulations so that your testamentary trust can be set up correctly. It is important to understand that you can use your will to create more than one trust, or a trust with more than one beneficiary. Customized trusts for minors and special needs adults may be options as well.

One of the benefits of testamentary trusts over revocable living trusts is that you retain ownership of all your property. To create a valid trust, you must "fund" the trust by putting property into it - however, this involves transferring present ownership of your property from yourself to your trust. By using a testamentary trust, you can keep title to everything you intend to ultimately become trust property.

The potential downside is that in order for a testamentary trust to take effect, all estate property subject to the will must pass through probate first. Because the trust itself is technically the devisee, it must wait until the probate process is complete before estate assets can be placed in the trust.

Attorney Andrew Dunlap will help you assess whether a testamentary trust fits into your overall estate plan. He and his team are skilled in piecing together complex plans for trust and estate property using a variety of testamentary documents depending on the personal needs of our clients.

Controlling a Testamentary Trust

One of the major draws of testamentary trusts is the level of control they offer the settlor. When you create a trust with your will, you reserve the right to control how the trust will be managed and distributed. You know the needs and tendencies of your intended beneficiaries, and our firm knows how to work with you to design a custom distribution plan.

As the settlor, you will appoint a trustee—a person you trust to manage the trust funds for your beneficiaries. This may be a financially savvy relative or family friend, but in some cases, a professional trustee may be appropriate. Andrew Dunlap Attorneys, PLLC will work closely with you to develop a plan for how your trust will be distributed over time.

Call a Texas Testamentary Trusts Attorney

At Andrew Dunlap Attorneys, PLLC, we are skilled in navigating the complexities of estate planning. Our team will guide you through all your options, and if a testamentary trust is the right fit for your overall estate plan, we will custom design one that meets the needs of you and your beneficiaries. Contact our office at 972-807-6357 for a confidential consultation. We serve clients in Irving, Dallas, and all of North Texas.

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