There is a misconception that trusts are only for people with millions of dollars. The reality is that there is no magic amount of assets where using trusts makes sense. Trusts are extremely versatile, and can serve an important role in the estate planning process.
Georgetown attorney Les David Romo helps clients plan for the future using trusts when it makes sense to do so based on the facts and circumstances.
Different Types of Trusts
There are several different types of trusts that are commonly used as part of the estate planning process. Attorney Les David Romo can help you determine whether using one or more of these types of trusts can help you meet your goals:
- Testamentary Trust – This type of trust is very common for parents of minor children. Testamentary trusts are created by including provisions in wills. When someone who created a testamentary trust dies and other conditions of the will are triggered, the trust springs into being and is managed for the beneficiary according to the terms included in the will.
- Revocable Trust – If you want to avoid the need for your estate to go through probate court after you die, you may want to consider creating one or more revocable trusts. This type of trust is also often referred to as a “living trust” or an “inter vivos trust.” By creating the trust and funding it during your lifetime, you can ensure assets will be managed and distributed the way you want them to be handled – on your terms.
- Irrevocable Trust – This type of trust is often funded using life insurance, and may be used as part of an advanced strategy to provide liquid assets that can be used to pay estate taxes and other costs of estate administration when you die. As the name implies, irrevocable trusts cannot be revoked or changed, so people who create them are giving up control over the assets they put into this type of trust.
These are the most common types of trusts, however trusts can also be used to provide for loved ones with special needs or to leave a charitable legacy after your death.
To Learn More, Contact Attorney Les David Romo Today
Trusts can be valuable tools in helping ensure your wishes are carried out both during your lifetime and after your death. To find out if a trust is right for you, contact Georgetown Texas Trusts Attorney Les David Romo today!