Denton County Trust Attorneys 

What is a Trust?

A Trust is a legal arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be used to manage and protect assets, as well as to help ensure that your loved ones are taken care of after you pass away. Trusts can also be used to help you avoid the probate process.

There are several different types of Trusts, including:

• Living Trusts: A Living Trust is created during your lifetime and can be either revocable or irrevocable. A Revocable Living Trust can be changed or revoked at any time, while an Irrevocable Living Trust cannot be changed or revoked. Living Trusts are often used to help you avoid the probate process.
• Testamentary Trusts: A Testamentary Trust is created in your Will and does not go into effect until after you pass away. Testamentary Trusts are often used to help you provide for your loved ones after you are gone.
• Special Needs Trusts: A Special Needs Trust is created to help provide for a loved one with special needs. These Trusts are often used to help ensure that your loved one is taken care of without jeopardizing their eligibility for government benefits.
• Charitable Trusts: A Charitable Trust is created to benefit a specific charity or charities. These Trusts can be either revocable or irrevocable.
• Educational Trusts: An Educational Trust is created to help provide for a loved one's education. These Trusts can be either revocable or irrevocable.
• IRA Trusts: An IRA Trust is created to help you manage your individual retirement account (IRA) and can help you avoid the probate process.
• Medicaid Trusts: A Medicaid Trust is created to help you qualify for Medicaid benefits and can help you protect your assets.
• Revocable Trusts: A Revocable Trust is created during your lifetime and can be changed or revoked at any time. These Trusts are often used to help you avoid the probate process.
• Irrevocable Trusts: An Irrevocable Trust is created during your lifetime and cannot be changed or revoked. These Trusts are often used to help you protect your assets.
• Asset Protection Trusts: An Asset Protection Trust is created to help you protect your assets from creditors.
• Qualified Personal Residence Trusts: A Qualified Personal Residence Trust is created to help you transfer your home to your loved ones at a reduced tax rate.
• Qualified Terminable Interest Property Trusts: A Qualified Terminable Interest Property Trust is created to help you provide for your spouse after you pass away.