If I Have a Trust, Can My Beneficiaries Skip the Probate Process?

When you pass away, your money and your belongings can smoothly go to a family member if you have a trust. But without this special arrangement, your loved ones may have to deal with a probate process which can be lengthy and costly. That is a formal court administration of your estate after your death. However, it would be an essential step in order to pass your property on to your beneficiaries. In this blog, we will take a closer look at the advantages of setting up a trust and how a Texas probate attorney can help your family members avoid probate.

What Exactly is Probate?

Probate is the legal way property is passed on when someone in Texas passes away. It is a process overseen by the court, to transfer assets out of the dead person’s name into the living. During this process, either the Executor or Administrator of the deceased person’s estate takes charge. Their job is to gather, handle, and distribute the assets based on what is written in the person’s will or trust document. But if there are no instructions left behind, the courts will pick someone to handle this responsibility, and they will follow the state’s intestate succession laws to decide how the assets should be distributed.

How Can Probate be Avoided with a Trust?

A trust is a legal deal between you and the folks who will get your belongings also known as beneficiaries, and another person known as the trustee, who will handle those things. When you put your belongings into a trust, you do not own them anymore; you hand over ownership to the trust itself. If the trust is set up correctly, you will not have to deal with the probate process. After you pass away, the assets in the trust automatically go to the people you have chosen as beneficiaries, and you do not need a court to step in.

Trusts are meant to skip probate, but it is not a sure thing. Imagine you did everything right but somehow got some new assets that you forgot to put into the trust. In that case, those assets would have to go through the probate process and be distributed according to your will.

What are the Top Five Advantages of a Trust?

An estate planning attorney can assist you in creating a legally sound Declaration of Trust document. Here are the top five benefits of having a trust: 

• Trust assets are swiftly and efficiently passed on to your chosen beneficiaries, skipping the probate process.
• Trusts can protect assets from federal estate taxes and other taxes after your passing, potentially reducing your tax liability.
• You can establish rules about how and when trust assets are distributed after you are gone, giving you more control over your legacy.
• Depending on the type of trust you select, you can adjust the conditions during your lifetime.
• Revocable trusts can help your family manage assets if you become ill or unable to handle your affairs.

>Schedule a Free Consultation with a Fort Worth, TX Trust Lawyer

At Gonzalez Law, PLLC we can understand that you want peace of mind for your beneficiaries. If you are thinking about creating a trust you need a skilled Fort Worth, TX trust attorney who can walk you through the process. Call (817) 349-7330 for a free consultation.