How Can an Experienced Ft. Worth Estate Planning Attorney Help You with a Revocable Living Trust?
Updated on September 3, 2021 | by Benjamin Garfield
Fort Worth is a city in North Texas with a land area of 355.56 square miles. As one of the wealthiest cities in the US, it ranks at 5th position. Many wealthy families in Fort Worth create a revocable living trust to avoid probate and protect the privacy of the estate owner. You need an experienced Ft. Worth estate planning attorney to manage the process.
What is a Revocable Living Trust?
You can understand a revocable living trust as a trust document created by an individual, which you can modify later. It allows you to use your assets during your lifetime and transfer them to the desired beneficiaries after your death. A revocable living trust is not only for the wealthy; you can also create a trust to protect your wealth.
Texas has not adopted Uniform Probate Code which simplifies the probate process. Hence, many lawyers suggest estate owners make a living trust to avoid the Texas complex probate process.
However, creating a revocable living trust is a complicated process, and you need an experienced Ft. Worth estate planning attorney for the job. Here are some ways an attorney can help.
Create Documents That Meet All Requirements
According to estate planning attorneys, Texas has made the probate process simple for a small estate (under $75000). Though you can find all information related to creating living trust from the internet, putting all legal documents together is difficult for most people. If you have never created a living trust before, you are bound to make mistakes that may create a legal problem for your heirs.
An experienced Ft. Worth estate planning attorney might have created several living trusts for Texas estate owners. Hence, they know the correct documents and the process to be followed as per applicable laws.
Reduce Emotional Stress on Your Loved Ones.
As per the Bizjournals.com report, around 40% of Texas billionaires hail from Fort Worth. The primary purpose behind creating trust for these people is to express their desires and ensure their wealth is distributed properly after their death. In the absence of living trust, your loved ones may find the property stuck in probate courts for years.
Fort Worth estate planning lawyers know the Texas probate laws well. They also know about problems in executing your will and the probate issues your family might face after your death. Hence, they will guide you to avoid these problems while creating living trusts.
Reduce Tax Liabilities on Your Family.
Texas property rates are not based on the land area but the market value of the property. The property tax department of Texas levies property taxes as the appraised value of the property. For example, if the Texas property tax rate is 1.5% and the value of your home is around $100,000, you have to pay $1500 as property tax every year.
The estate planning lawyer can make specific mentions in the deed about the property taxes to avoid tax complications and allow your family to possess your property as per your wishes.
When an estate goes to the probate court, the details of the assets become public. It can impact your privacy negatively. The estate planning lawyer will ensure the living trust passes the property to the beneficiaries directly and the matter is settled outside a probate court.
This legal provision helps in protecting the identity of the person who has inherited the property.
Give You Right Advice
When you create a living trust, you can make it revocable or irrevocable. The estate planning lawyer will explain the pros and cons of both and help you understand what better suits your requirement.
To sum up, these are some ways in which a Fort Worth estate planning attorney can help while creating a revocable living trust.