If you own a property, it makes sense to have a Texas living trust. Basically, it is a legal document that regulates the property you have placed in the trust. If in case you die, your beneficiary will receive the trust property. You can also use the trust to transfer some assets. It is quite similar to the will, but the difference is that the will becomes part of the public record during the probate process while the trust is not made public at your death.
If you have living trust forms, you can enjoy the following:
- Protect minor children
One of the benefits of having a trust form is that minor children are protected. It can hold the money for minor children until such time they are ready and responsible enough to handle money.
- Keep the family’s assets
If you execute a trust, you can keep your family asset within the family. This is particularly true if your child is getting married and you don’t like his partner-to-be. In the event they divorce, your family’s assets will be protected.
- Protect from untimely death
Death is one of life’s reality that we all have to face whether we are prepared or not. In case of untimely death, your spouse will not take all the money.
- Make sure of family’s privacy
This is where trust is more favorable than a will. If your will is being probated, it comes to a public record including all pertinent information such as your asset’s value and inventory listing all your assets. On the other hand, a living trust is a private document. Even if it is probated, the information will remain private. You will be able to protect yourself from public interest.
Another great thing about a living trust is when the time comes you become incapacitated; the successor trustee will manage the trust asset on your behalf. It is an advantage, especially for singles that don’t have a spouse or children to manage their assets. If you have not made a living trust yet, then now is the best time to do so.
