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There is more to creating a trust than just the writing it

Texas residents who want to write trusts can seek assistance from an estate planning attorney in order to get the document completed. Is that where it ends, though? Does just putting everything down on paper really get the job done? No, there is more to creating a trust than just the writing of it.

There are many benefits to trusts. They can offer tax and legal protections not offered in other estate planning documents. However, if one does not fund a trust, the trust document is pretty much worthless.

Funding a trust comes after the creation of the trust document. If the appropriate steps are not taken, when it comes time to administer one's estate there could be a lot of issues that first must be resolved. It could also prevent one's estate from being distributed as originally intended.

If a trust is not funded, asset ownership and beneficiaries will need to be identified before the estate can be distributed and closed. This can be fairly easy in joint ownership situations or if a will is also in place. If not, though, a probate judge is likely to get final say in the matter.

At the end of the day, a trust can be a great thing if it is written and funded properly. Unfortunately, far too many people make mistakes when creating their trust documents or they fail to follow through in the funding aspect. An estate planning attorney can assist Texas residents in the writing of their trusts as well as ensuring that assets are transferred appropriately.

Source: nwitimes.com, "Estate planning: Unfunded trusts", Christopher Yugo, May 7, 2017

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