estate planning lawyer Houston

ESTATE PLANNING AND TYPES OF TRUSTS
Estate Planning and Types of Trusts There are many different types of trusts, some of which can be useful for estate planning purposes. The many types of trusts generally fall into two basic categories: living trusts and testamentary trusts.A living trust (Inter-Vivos trust) is established during the person’s lifetime. A testamentary trust is set up in a person’s will and is crested only after the person’s death.In exploring the many types of trusts that are either living trusts or testamentary trusts, it is important to understand the uses and benefits of each for estate planning purposes, and for that understanding, you should obtain advice from competent legal counsel, an estate planning attorney in Houston for Houston and surrounding residents.The following is a general description of some of the different types of trusts:Testamentary trust: Although many types of trusts can be created in a person’s will, a testamentary trust generally refers to a trust that is created by a person’s will. The trust does not exist until the person’s death. Since a person can change the terms of their will at any time before death, the terms of any trusts contained in a will can be changed at any time prior to death. Once a person passes away, the testamentary trust terms become irrevocable. In addition, a testamentary trust can be contingent, which means that it will be created only if certain conditions are met (for example, if the value of the estate exceeds a particular amount, or if a beneficiary is under a certain age).Revocable living trusts allow you to retain control of all the assets in the trust, and you are free to revoke or change the terms of the trust at any time. Normally, you can name yourself as the primary trustee [manager of the trust, and you can also name yourself as the beneficiary of the trust. In order for particular property or assets to become a part be used to pay any estate costs upon your death and provide your beneficiaries with tax-free income.
Nick C. Caridas, Estate Planning Attorney, CaridasLaw