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A trust can help people in Texas manage their estate

When a person thinks of estate planning, the first thing that typically comes to mind is the creation of a last will and testament. While this is an important part of the process, the creation of other legal documents are just as important. For example, there are many people in Texas who choose to create a living trust in order to protect their estate and beneficiaries.

Despite the benefits of creating trusts, many people have some misconceptions about them. In most cases, creating one is a relatively simple process. Once the creator, also known as the grantor, decides the purpose of the trust and investment goals as well as who will serve as trustee, preparing the appropriate agreement is a relatively simple process for an experienced attorney. Unfortunately, some people believe that such an agreement is only for the wealthy. The fact is that many people, even those who do not have extreme wealth, have found a trust to be helpful in planning their estate and protecting their retirement savings, for example.

There are many benefits to living trusts. For example, trusts are not subject to the probate period. Therefore, beneficiaries may have access to assets sooner than those left in a will. Additionally, probate proceedings are a matter of public record whereas trusts remain private.

The estate planning process may seem daunting to many in Texas. There are many important decisions that must be made that may require difficult conversations with loved ones. However, an experienced attorney can help with the creation of a trust to ensure that a person's wishes are known and followed.

Source: wilmingtonbiz.com, "Common Misconceptions About Living Trusts", Susan Willet, May 15, 2016

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