A testamentary trust is one that becomes effective upon your death. By placing assets in a testamentary trust rather than giving them to beneficiaries directly, you can protect those assets from waste, taxes, divorce and other issues.
At Pursley McNamara & Flint, our attorneys draft living trusts for families in Sugar Land, Missouri City and other communities in Fort Bend County, Texas. We offer a free initial consultation to discuss your estate-planning goals.
There are many reasons why a testamentary trust may be right for your beneficiaries:
- Once assets are in a trust, they are protected from creditors and ex-spouses.
- You can appoint a trustee to distribute assets to beneficiaries according to your instructions. For example, you can specify that beneficiaries receive assets at a certain age or use those assets for a certain reason such as education.
- Assets placed in a trust do not have to go through the time, expense and publicity of a probate proceeding.
- Your beneficiaries may experience certain tax advantages from having assets in a trust.
- You can place some or all of your assets in the testamentary trust.
A trust is a legal property interest that you establish for a beneficiary. Since the trust is not under the control of the beneficiary, those assets are protected from creditors and predators. A testamentary trust can ensure spendthrift provisions to ensure that the assets you provide to children are not wasted.
For More Information About Testamentary Trusts in Texas
For answers to your questions about testamentary trusts, call our lawyers at (713) 766-4326. You will receive our prompt attention.