Arlington Trusts Attorneys

Helping Texans Preserve Their Legacy in DFW

While planning for the future can be daunting, taking the time to prepare a comprehensive estate plan is critical to protecting your legacy and loved ones in the event that anything happens to you. For many individuals, establishing a trust can be an effective way to safeguard their hard-earned assets while enjoying peace of mind that their estate will be distributed according to their wishes. Whether you’re preparing to establish a trust as a grantor or distribute a loved one’s assets as the appointed trustee, having an experienced trusts attorney on your side can make all the difference.

At Norred Law, PLLC, our Arlington lawyers have decades of experience in helping our clients navigate the legal complexities of trust creation, management, and administration in Dallas-Fort Worth. We understand that every individual has unique needs and goals when it comes to their estate, which is why we take a personalized approach to each case. From selecting the right trust for your specific goals to ensuring its provisions are executed accurately and in a timely manner, we can help you ensure your assets are protected in the Lone Star State. 

Don't wait to secure your legacy. Contact us online to discuss your case with our trusts attorneys and take the first step toward protecting your family’s future.

What Is a Trust?

A trust is a legal arrangement where one party (“trustee”) holds assets on behalf of another party (“beneficiary”). The trustee has a fiduciary duty to manage the trust’s assets and distribute them according to the instructions outlined in the trust document. Trusts can be used for various purposes, such as avoiding probate, minimizing taxes, and protecting assets from creditors. They can be revocable or irrevocable, meaning they can be changed or dissolved at any time by the grantor (the person who created the trust) or are permanent and cannot be altered.

What Are the Different Types of Trusts in Texas?

Understanding the different types of trusts in Texas is key to selecting a suitable option for your specific estate. Our lawyers are well-versed in trust establishment and administration to guide your legal steps wisely and help you find legal solutions that best suit your unique needs. Common types of trusts include: 

Revocable Trusts 

Revocable trusts can be altered or revoked by the grantor during their lifetime, providing flexibility by allowing the grantor to maintain control over the assets and make amendments as needed.

Irrevocable Trusts

Irrevocable trusts cannot be modified or terminated without the beneficiary’s consent. They can offer significant tax advantages and protection from creditors.

Living Trusts

Living trusts are created during the grantor’s lifetime to manage assets and ensure a smooth transition of property upon their death, avoiding probate altogether. 

Testamentary Trusts

Testamentary trusts are established through a will and take effect after the grantor passes away. These trusts are commonly used to manage and distribute assets to beneficiaries over time.

Special Needs Trusts

Special needs trusts are designed to benefit individuals with disabilities, protecting the beneficiary’s eligibility for government benefits while providing supplemental financial support.

Charitable Trusts

Charitable trusts allow the grantor to donate assets to a charitable organization either during their lifetime or posthumously, often providing tax benefits in the process.

How Does Funding a Trust Work?

Funding a trust involves transferring ownership of your assets into the trust. This process starts by listing all the assets you want to include, such as real estate, bank accounts, investments, and personal property. Grantors must change the title or ownership of each asset to the trust's name. 

For example, if you want to add a house, you need to execute a new deed transferring the property to the trust. Bank accounts can be re-titled and investment accounts can be assigned to ensure your assets are owned by the trust, and will be managed according to the terms you’ve specified in the trust document. 

Properly funding your trust is critical to ensuring your assets are distributed appropriately and potentially avoid probate. In these complex legal matters, having a knowledgeable trusts attorney by your side can make a significant difference. At Norred Law, PLLC, our Arlington lawyers can help you navigate the legal process efficiently, giving you peace of mind that your assets are protected and will be distributed according to your wishes. 

Why Establish a Trust?

Establishing a trust can be a wise decision for many Texans looking to secure their legacy and protect their family’s future. Some advantages of establishing a trust include: 

• Avoid probate: Trusts can help you avoid the probate process, allowing for more efficiency and privacy during asset distribution.
• More control over assets: Trusts allow you to specify how and when your assets are distributed, allowing you to stay in control even after your passing. 
• Protect beneficiaries: Trusts can safeguard the interests of minors, individuals with disabilities, and beneficiaries who may not be prepared to manage large sums of money.
• Tax benefits: Certain types of trusts can offer tax advantages, potentially reducing the tax burden on your estate and beneficiaries.
• Creditor protection: Assets placed in irrevocable trusts are shielded from creditors, offering financial security.
• Continuity of management: In the event of incapacity, a trust allows for uninterrupted management of your assets according to your wishes.
• Charitable giving: Charitable trusts provide a way to support causes you care about with potential tax benefits. 
• Privacy: Unlike wills, which are kept in public records, trusts offer grantors more privacy by keeping asset distribution private.
• Peace of mind: In the face of an uncertain future, knowing your assets will be managed and distributed according to your wishes can provide peace of mind for you and your loved ones.

Understanding Trust Administration in Texas

Trust administration is the process of managing, safeguarding and distributing assets held in a trust for the benefit of beneficiaries. If you were appointed as a trustee or successor trustee, understanding your legal responsibilities is imperative to ensure proper management and distribution of trust assets. 

Some key steps involved in trust administration include:

• Identifying all the assets held in trust
• Complying with tax laws and filing required tax returns for the trust
• Valuing and managing those assets according to the terms of the trust
• Maintaining accurate records and accounting for all trust transactions
• Distributing income or principal from the trust to beneficiaries per the terms of the trust

At Norred Law, PLLC, we understand the importance of carrying out a loved one’s wishes and preserving their legacy. As a full-service law firm with extensive experience in handling trusts, wills, and estate planning matters for fellow Texans, you can trust our attorneys to provide sound counsel and guidance throughout the trust administration process. 

Protect Your Hard-Earned Assets with Norred Law, PLLC

At Norred Law, PLLC, our Arlington attorneys have over 75 years of collective experience in providing trusted representation to fellow Texans and their loved ones. Our firm is well-versed in the legal nuances of state law to handle a wide range of legal matters. From navigating complex business disputes to filing for bankruptcy protection, we can deliver the high-quality representation you need to navigate your legal matter with clarity and confidence, giving you peace of mind that your best interests are prioritized. When it comes to planning for the future, look no further than our highly skilled advocates for sound counsel and personalized representation. 

Establishing a trust can be complex, but you don’t have to navigate the legal process alone. Call (817) 500-9433 to schedule a consultation with our top-rated attorneys.