Estate planning is a crucial step in future planning for individuals and families, as a person’s wishes are respected if they become incapacitated or pass away. While many individuals are familiar with wills, fewer may understand the advantages of establishing a trust. A will and trust attorney in Boerne, TX, such as Shawn T. McCammon of McCammon Law, P.C., can offer guidance on setting up a living trust, which serves as an effective tool for bypassing probate and preserving your assets for future generations.
What Is a Living Trust?
A living trust is a legally binding arrangement established to hold assets for named beneficiaries. Unlike a will, which takes effect only after a person’s death, a living trust is effective immediately upon its creation and funding. The individual who creates the trust, referred to as the "trustor" or "grantor," can also act as the trustee, maintaining full control over the trust's assets while alive. If the trustor ends up incapacitated or passes away, a successor trustee assumes responsibility for managing the assets as per the trust document.
There are several types of trusts, but the most common choice for estate planning is the revocable living trust. As indicated by the name, a revocable trust can be either amended or revoked during the trustor's lifetime. This flexibility makes it an attractive option for individuals who wish to retain control over their estate during their lives while passing their assets on smoothly to beneficiaries after death without the complications of probate.
How McCammon Law, P.C. Can Help You Set Up a Living Trust
Setting up a living trust involves several important steps, which is why legal guidance is important. Shawn T. McCammon, the founding attorney of McCammon Law, P.C., assists individuals and families in Boerne, TX, with the creation of thorough estate plans that may include living trusts. The process of setting up a living trust typically includes the following:
Assessing Your Assets
Before creating a trust, it’s essential to inventory and evaluate the assets to be included in the trust. These assets can include real estate, bank accounts, investment accounts, and personal property. McCammon Law, P.C. helps clients identify and organize their assets to place all appropriate items in the trust.
Drafting the Trust Agreement
The trust agreement serves as the document that establishes how the assets will be managed during the trustor’s lifetime and how they will be distributed after death. It is crucial that this document is drafted with clarity so that the trustor's intentions are honored. McCammon Law, P.C., works closely with clients to create a trust agreement that meets their unique needs.
Funding the Trust
To be effective, a trust has to be properly funded, which involves transferring ownership of assets to the trust. McCammon Law, P.C. assists clients in titling their assets properly in the name of the trust, making it fully operational.
Selecting a Trustee
The named trustee is the one responsible for managing the trust during the trustor’s lifetime and after their death. It’s vital to choose a trustee who is both reliable and capable of managing the trust's assets. McCammon Law, P.C. helps clients understand the role of the trustee and provides guidance on selecting the right person or entity to act in this capacity.
Contact McCammon Law, P.C. Today
If you’re considering setting up a living trust or need assistance with any other aspect of estate planning, McCammon Law, P.C. is here to help. Request a consultation and take the first step toward securing your family’s future. With professional legal advice from a will and trust attorney in Boerne, TX, you can feel confident that your estate will be handled properly.
