A trust is a fiduciary relationship whereby a title-holder (also called a trustee) manages certain property for the benefit of another person (a beneficiary). The Carrollton trust lawyers at Auten & Willingham, P.C. have experience dealing with a variety of trusts. Our compassionate and experienced estate planning attorneys can discuss your options and help create a solid trust plan that meets your financial, familial, and long-term goals for your legacy. We serve residents of Dallas, Denton, and Collin Counties.
Interested in setting up a trust or modifying your estate plan? Contact our firm today for more information.
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Revocable trusts can be altered, modified, or revoked altogether during the lifetime of the trust maker. Although they can help resolve matters without needing to go through probate, these trusts do not provide asset protection because assets transferred in the trust maker’s lifetime remain available to his or her creditors. Furthermore, revocable trusts often evolve into irrevocable trusts upon the death of the trust maker.
Irrevocable trusts, as opposed to revocable trusts, cannot be altered, modified, or revoked. Once property is transferred into an irrevocable trust, not even the trust maker can remove or transfer it.
Living trusts, like revocable trusts, offer many benefits. The Carrollton trust formation lawyers at Auten & Willingham, P.C. have helped hundreds of clients set up or modify living trusts, and our team is well equipped to handle a variety of legal issues that may arise. With years of experience, we can help you understand the benefits of living trusts and walk you through the complicated legal process.
Benefits of living trusts include:
The terms and conditions of living trusts are often set forth in a “Declaration of Trust.” Because these trusts fall under local and state laws, any breach of contract may render the offender personally liable. Both trustees and beneficiaries may be liable for breaches of contract, and one common example is where a trustee fails to administer the trust properly.
An NFA Gun Trust is tailored to comply with the National Firearms Act, which regulates Title II weapons. These include machine guns, short-barreled shotguns and rifles, destructive devices, suppressors, and any other weapons (AOWs). In addition, the Texas NFA Gun Trust does not require annual filing or fees and is filed by a private entity instead of a city, county, state, or federal government agency.
Gun trusts in Texas may include:
In the state of Texas, charitable trusts benefit a particular charity organization or the public in general. In addition, a Charitable Remainder Trust (CRT) can be funded during the granter’s lifetime and act as a financial planning tool. With the experienced legal assistance and advice of our firm, you can establish or modify a gun trust or charitable trust in the state of Texas.
Call us at (214) 643-8757 for a free consultation regarding trust formation with our Carrollton estate planning lawyers. We are centrally located to Carrollton, Plano, Richardson, Dallas, Farmers Branch, and Carrollton.