Serving Denton County Since 1992 | 6021 Morriss Rd., Suite 101, Flower Mound, TX, 75028
972-724-3338
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What are trusts used for?
For many people, trusts are synonymous with the incredibly wealthy. Many people overlook the potential benefits of integrating a trust to their estate plan because they assume that only someone with millions of dollars worth of assets needs a trust.
Trusts are actually powerful legal tools that can help people in everyday circumstances, including those planning their estate or those looking forward to the care they will need at the end of their life. What do people use trusts for?
People use trusts to have control over their legacy
People recognize a trust as a tool that helps people pass on their property to others and financially support their loved ones. Other people may use a trust to set aside resources for a charity.
Some people even use a trust to give property to the local government for the creation of a park or to a local university for a scholarship fund. If someone wants to leave a specific legacy behind, a trust can help by controlling the use of the assets used to fund it.
Why do you need an estate plan?
When you think about planning for the future, you may dream of going on a once-in-a-lifetime vacation or saving for retirement or college for your children. You may not consider how important it is to have an estate plan for your future too.
If you haven’t made an estate plan yet to plan for the future, you are not alone. Unfortunately, only 32% of Americans say they have a will or other estate planning documents, according to a 2020 Caring.com survey. Of those surveyed, a majority of people say they just haven’t made estate planning a priority, even though they know it’s important.
The importance of having an estate plan
Everyone can benefit from having an estate plan, not just those who are wealthy. With an estate plan, you give your family direction about your wishes. You get to choose who will receive your assets and your heirloom items in your will. You can name a guardian for your underage or special needs children and establish a trust to provide for them. You can direct that some of your assets go to your favorite charity. Without a will, Texas law will decide how to distribute your assets.
Whether you need legal assistance with estate planning, have questions about elder law, or are involved in a business litigation case you can trust Colbert Law Group PLLC to handle your case with the personal attention and commitment to a positive outcome that you deserve. From our office in Flower Mound, we serve clients throughout Denton County and Southern Oklahoma.
6021 Morriss Rd., Suite 101, Flower Mound, TX, 75028
972-724-3338
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