The prime reason for setting a trust is to have control over your assets so that you can distribute them accordingly as per your requirements. It is a way to secure the future of your family.
One of the most significant advantages of transferring your assets to the Trust is that nobody can falsely claim your property.
Creating Trust is not a big deal if you live in Texas. You can do it online or take the help of an estate planning authority.
However, you have to make a trust agreement first before setting up a trust of your property. Below are guidelines that will help you set up a trust in Texas:
Decide the ways in setting up the Trust.
Setting up a trust for your property is easy as you can do it online. However, you should hire the services of an estate planning lawyer for proper guidance.
There are two ways of creating a trust; revocable Trust, where you will be able to change, and irrevocable Trust, where it is locked once you make the Trust.
Creating the Trust
You will not be able to create a trust unless you follow specific legal procedures.
If you want to make a trust agreement, there is some legal paperwork that you need to fill out. The essential components of Trust must have the following:
- The Grantor who creates the Trust.
- The Trust where you will transfer your property and asset.
- The trust beneficiaries who will receive the Trust after you die.
- The trustee who will take control of your help and manage them.
Sign the Trust
It is of utmost importance that you must notarize the Trust after you create the Trust. Notarization can prevent fraud and confirm the trust agreement’s validity.
In addition, you will not be able to alter or modify the contents of the Trust later. Hence, you must sign the trust agreement in the presence of witnesses.
Setting up a bank account
After you create the Trust, you must set up a trust bank account where you can transfer the money. It is essential as you will be able to transfer money to the beneficiaries with ease.
Transfer your assets
The last step of setting up the Trust is to transfer your assets to the Trust. It is an intention that you are willing to distribute your assets and property to your beneficiaries after you die.
Call to Action
Though with the availability of online mode, you can easily set up a trust for the benefit of your family members, it will be a wise decision if you hire the services of a professional.
He will do all the necessary processes on your behalf and ensure that you make the Trust.
