What is an Estate Plan?

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An estate may consist of your home, real estate, personal property, bank accounts, vehicles, brokerage accounts, life insurance, and retirement account.  An estate plan allows for your wishes and aspirations to be carried out the way you want, and not how the state of Texas wants - which is the alternative. 

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Who Needs an Estate Plan?

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Everyone needs an Estate Plan. An estate plan is more than a will, everyone's situation is unique and requires provisions to protect your wishes, such as:

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What is a Trust?

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A trust is achieved through the creation of a legal document that holds legal title to property for your beneficiaries.  A trust details rules you want followed in the handling of the property.   A trust involves:

• A trustee -- the person with the right to manage the property. 

• A beneficiary -- the person(s) that hold the beneficial right to the use and enjoyment of the property.

• A trustor -- the person giving the property.

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What is the Distinction Between a Trust and Living Trust?

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A living trust is a trust created while the creator is living (compared to a testamentary trust, which is created at, or after the creator's death under the terms of his or her will).  In a living trust, the trustor (creator) is often times the trustee, which gives the trustor the right to control and manage the property during the life of the trustor.

 

And a Revocable Living Trust?

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A living trust can be revocable.  It allows the trustor (creator) to make changes to the trust, or revoke the trust, during the life of the trustor.  When most people speak of a living trust, they are referring to a revocable trust created during the creator's lifetime for the management and disposition of the creator's property.

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A revocable living trust is usually a good idea when the creator holds property in another state, your age, or medical condition makes pending disability likely, if there are privacy concerns, or if it is likely that loved ones will contest a will.