When planning for the future, it is important to take current and future needs into consideration. While there is no way to accurately predict what will happen in the coming months and years, it is possible to make plans that will provide stability and security long term. In addition to the basic estate planning steps, it may be beneficial to consider how a trust could allow a Texas adult to accomplish specific goals for his or her wealth and estate in the future.
Future protection through a trust
A trust allows one to set aside and protect assets for a specific use in the future. While some may assume that it is best and easiest to simply pass assets to a designated beneficiary through a will, this may not be the case. A trust determines exactly how assets held in the trust will be used, as well as when funds can be accessed.
Another benefit of a trust is that the grantor, the person who created the trust, gets to name a trustee. This person oversees the distribution of assets. Additionally, assets held in a trust do not have to go through the probate process.
Adding a trust to an existing estate plan
A Texas adult does not have to be wealthy to benefit from a trust. This estate planning tool can be a beneficial addition to many estate plans, and an assessment of the individual situation will be helpful to determine if this is the best course of action. With the right plans in place, it is possible that one can look to the future with confidence.