A trust is an arrangement that allows a third party, a trustee, to hold assets on behalf of a beneficiary or beneficiaries. The Law Office of Steve Ortega, PLLC, drafts trust for clients in El Paso, Texas.
A trust may be beneficial if you have many assets in real estate, art, or a business. If you have a disabled relative you’d like to provide for without disqualifying them from government assistance, a trust is the right option for you, too.
Benefits of a trust
- Control your wealth – specify terms exactly, controlling when and to whom distributions are made.
- Protect your legacy – well-constructed trusts can protect your estate from your heirs’ creditors.
- Privacy — a trust allows you to pass assets outside of probate and remain private.
- Reduce state and gift taxes
- Divide assets without the cost of probate
Establishing a Living Trust In Texas
There are several requirements to meet when establishing a living trust in Texas. Among them, the living trust must comply with the Statute of Frauds and must not violate the Rule Against Perpetuities. The office of Steve Ortega can help handle all the legalities of establishing a living trust in your name.
Leave it to us to help you to create a living trust in Texas, prepare for your future and explain the legal nuances of each requirement.