Houston trust attorney Whitney L. Thompson (https://wthompsonlaw.com/houston-trust-attorney) releases a new article explaining how a trust can benefit the creator and their estate. The lawyer mentions that when it comes to estate planning, one of the most important things to consider creating a trust. Trusts are a great way to protect a person’s assets and ensure that they are distributed according to the owner’s wishes in the event the owner passes away.
“A trust is a legal arrangement in which one person, called the trustor, gives another party, a trustee, the right to hold their property for a third party, a beneficiary. A trust allows for the legal protection of the trustor’s assets which will help in the asset’s distribution according to the trustor’s wishes. Trusts can have different functions depending on the goals of the trustor in creating the trust,” the Houston trust attorney says.
The lawyer adds that the trustor is the one who creates the trust, transfers the ownership of their assets into the trust, and then declares a trustee to manage the trust. The trustee can be an individual, a corporation, or a financial institution and will manage the trust for the trustor. The rules and the kind of trust that is being created will determine the roles and responsibilities of each party.
Attorney Whitney L. Thompson says that a trust can be very beneficial for estate planning, providing flexibility, asset protection, and tax advantages. They can also help manage assets during the owner’s lifetime and distribute them after the owner passes away.
In the article, the lawyer explains, “Trusts can also offer greater control over how your assets are managed and distributed than other estate planning tools like wills. For example, you can use a trust to specify exactly when and how much money your beneficiaries will receive. You can create and use a trust to provide for a family member with special needs. You can also use a trust to protect your assets or business from creditors or lawsuits.”
Lastly, the lawyer emphasizes the importance of having a skilled trust attorney when dealing with matters involving estate planning. Having an experienced estate attorney may be able to help an individual understand their rights and help them prepare for the future of their loved ones.
About The Law Office of Whitney Thompson, PLLC
Attorney Whitney Thompson is an experienced family law attorney who helps clients deal with family law matters such as divorce or legal separation. Attorney Thompson also deals with guardianship, probate, and estate planning matters. As an experienced divorce lawyer, attorney Thompson and her legal team have helped families have a smoother divorce process and plan for their future more thoroughly. To schedule a consultation, call (281) 214-0173.
The Law Office of Whitney L. Thompson, PLLC
4201 Farm to Market 1960 Rd W Suite 219, Box #116B, Houston, TX 77068, United States
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(281) 214-0173
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The Law Office of Whitney L. Thompson, PLLC
Whitney L. Thompson
+12812140173
info@wthompsonlaw.com
The Law Office of Whitney L. Thompson, PLLC
4201 Farm to Market 1960 Rd W Suite 320, Box #116B, Houston, TX 77068, United States
