Trust Lawyers in Waco

Protecting Clients’ Assets When They Need It Most

Trusts can be helpful estate planning tools that give everyone more direct control over their assets while they are still alive and competent, regardless of the overall worth of the estate. Additionally, trusts allow you to designate beneficiaries for specific assets directly and specifically after you pass away. Proactively planning and making decisions concerning your assets is the best step you can take to care for your family, both now and for generations to come.

The lawyers at Rainey & Rainey, Attorneys at Law, LP, have the experience and dedication necessary to ensure that your estate is managed according to your wishes, even after you become incapacitated or pass away. Our attorneys understand that no two situations are precisely the same, and we take the time to listen and understand your goals in planning so that you will have peace of mind knowing that your estate will be taken care of properly.

Schedule an initial consultation by calling (254) 457-5083 for help with your trusts today!

When is a Trust Used?

Common uses of a trust include “accommodating and managing assets belonging to minors”, those with special needs, or others with a habit of flippantly spending their money. Placing income and assets into a trust gives you complete control both during your life and after you die, allowing your investments to be managed according to your wishes.

Trusts can be used for any of the following:

Distribute funds to charity
Deliver payment to beneficiaries in intervals that are predetermined
Protect assets from creditors or potential lawsuits
Guarantee assets will pass to children, even in remarriage or blended family situations
Determine exact asset dissemination to beneficiaries

What is a Living Trust in Waco?

A living trust is one possible way to avoid your assets being tied up in a probate process. Establishing a revocable living trust places assets in the trust to benefit you and your beneficiaries by holding them in unsupervised processes.

When creating a living trust, you designate yourself or someone else as a trustee. That person is responsible for managing the assets placed within the trust. Then, you name a successor to your estate. At the time of your death or incapacitation, ownership of the trust and the assets within convert to that of the successor.

Common Assets

When creating a living trust, it’s essential to transfer various common assets into the trust to ensure they are properly managed and protected. Here’s a breakdown of key assets to consider:

Mutual Funds: Placing your mutual funds into a living trust allows for continued growth while ensuring they are distributed according to your wishes without the delays of probate.
Securities: Include stocks and bonds in your trust to safeguard your investments and streamline the transfer of these assets to your beneficiaries, bypassing complex legal processes.
Bank Accounts: Transferring checking, savings, and other bank accounts into your trust ensures that these liquid assets are accessible for your care and future distribution, avoiding probate-related obstacles.
Certificates of Deposit (CDs): By including CDs in your living trust, you maintain control over these secure investments, ensuring they are passed on according to your estate plan without disruption.
Other Assets: This category includes valuable real estate, personal property, and business interests, all of which can be placed in a living trust. Doing so helps protect your holdings, ensures they are efficiently transferred, and shields them from unnecessary legal challenges or delays.

By properly assigning these assets to your living trust, you can achieve smoother management and transition of your estate, while also minimizing probate complications.

What Other Types of Trusts Exist in Waco?

In a revocable living trust, a grantor can cancel or revoke the trust at any time. The revocable living trust is the most common type due to its flexibility. You may cancel, change, or update it by removing or putting in assets, naming a new successor, removing a previous successor, changing the predetermined guidelines, or trading property the trust owns. Upon your death or incapacitation, your successor trustee must follow your instructions to the letter given to them in the Declaration of Trust.

In an irrevocable living trust, you may not make such changes to the terms of the trust. These trusts are used to transfer property ownership and can be changed only by a judge’s order or agreement signed by all names attached to the trust.

Contrary to a living trust, a testamentary trust is set up posthumously following the instructions in your last will and testament. The terms of a testamentary trust can be altered at any point until your death, and this trust is simpler and more flexible than other types of trust.

Other Types of Trusts

Other types of less common trusts are:

Charitable Trusts
Charitable Lead Trusts
Charitable Remainder Trusts
Qualified Terminable Interest Property Trusts
Grantor Retained Annuity Trusts
Irrevocable Life Insurance Trusts
Irrevocable Funeral Trusts
Spendthrift Trusts
Special Needs Trusts
Generation-Skipping Trusts
Totten Trusts

How We Can Assist You With Your Estate Plan

At Rainey & Rainey, we understand how important it is to protect your estate assets and provide for your loved ones. Our estate planning lawyers in Waco work closely with you to create a trust that fits your unique needs, helping to safeguard your financial legacy. We take the time to listen to your goals and ensure that your wishes are clearly outlined, minimizing potential complications down the road. Whether you’re setting up a revocable living trust to maintain control of your assets during your lifetime or creating an irrevocable trust for tax benefits and asset protection, we will guide you through the process step by step.

We prioritize clear communication, making sure you fully understand each aspect of your trust, from the selection of trustees to how assets will be distributed to beneficiaries. Our team works diligently to organize and manage your estate assets in a way that provides security and peace of mind, ensuring that your trust functions exactly as you intend.

We also handle the complexities of transferring real estate, bank accounts, and other financial assets into your trust, taking care of the details so you can focus on what matters most. Our estate planning lawyers aim to simplify the process and protect your family’s future by creating a clear plan for the management of your estate assets. Working with Rainey & Rainey means working with a team dedicated to securing your legacy while avoiding unnecessary probate costs and delays. Let us help you take the steps necessary to protect your estate and provide for those you care about most.

Contact Our Team Today

When establishing a trust, you want to enlist the services of a trust attorney who will take the time and care required to properly plan out the distribution of your estate after your death. The lawyers at Rainey & Rainey, Attorneys at Law, LP, have four decades of experience doing just that and will provide a level of service that few other law firms in Texas can provide.

Call and set an appointment today at (254) 457-5083.