Making end-of-life arrangements isn’t easy for anyone, but it lessens some of the pain and distress of those who survive you. A Lubbock testamentary trust lawyer can help you.
In Texas, a testamentary trust is created when someone passes away. This trust is outlined in the person’s last will or ordered by a court to manage the deceased person’s assets.
It doesn’t come into existence until the person dies, and when that happens, all the assets listed in the will go through probate before the court transfers them into the trust.
Before the person dies, they can change the terms of the trust as they wish. They can make it dependent on certain conditions, meaning the trust is created or altered only if those conditions are met.
Discover the Beck Law Firm Difference When Creating Your Lubbock Testamentary Trust
At Beck Law Firm, our dedicated team of experienced attorneys provides quality service adapted to your specific needs.
Life in Lubbock truly stands out, and your history speaks to that. We recognize the significance of having a legal ally who truly understands your needs, ensuring your legacy endures.
Here’s what sets us apart:
Sam Hawthorne is board-certified in tax law and estate planning & probate law by the Texas Legal Specialization Board. He is also a Certified Public Accountant (CPA) accredited by the Texas Board of Public Accountancy.
Sam provides legal skills to clients in Lubbock, focusing on business estate planning, wills, probate, trusts, and estate laws.
Sam also handles drafting trusts and wills, trust and estate disputes, estate administration, probate, guardianship, and agricultural and real estate matters.
Andrew Beck, a magna cum laude graduate of Texas Tech University School of Law, brings his legal talent to the table in topics including business law, estate planning, health law, and commercial transactions.
His extensive knowledge of healthcare laws and regulations ensures that your trust and will are in qualified hands.
Kristen Beck-Perez is a seasoned Texas attorney with a unique advantage as a licensed Certified Public Accountant (CPA). Her proficiency in handling intricate financial aspects related to end-of-life matters is unparalleled.
Kristen shines in estate planning, trusts, estate administration, and creating customized tools for comprehensive estate planning. She assists clients in navigating the complexities of wills, trusts, and probate administration.
When you hire us, you’re not merely picking legal representation but acquiring a dedicated team of highly skilled professionals fully devoted to your rights.
We offer wide-ranging solutions and instrumental guidance for estate planning, wills, and trusts. Your legal needs are our top priority, and we’re dedicated to serving you with quality and integrity.
Visit our conveniently located Lubbock office at 4910 Lakeridge Drive, right behind the TruFit Athletic Club on 82nd Street, to experience our unwavering commitment to your legal needs.
Why Would I Set up a Testamentary Trust?
One compelling reason to consider a testamentary trust is to provide for minor children or beneficiaries who are not financially mature.
Establishing this trust within your will lets you outline how and when to distribute assets to them, ensuring their financial security and responsible management after your demise.
Testamentary trusts are also useful in cases involving complex family dynamics, such as blended families or special needs dependents, where precise asset distribution is critical to meet unique requirements while preserving eligibility for government benefits.
Testamentary trusts offer a tailored, structured approach to safeguarding assets and ensuring your legacy aligns with your intentions, making it an indispensable tool in comprehensive estate planning.
How Is a Testamentary Trust Different From a Living Trust in Texas?
A testamentary trust and a living trust are both legal arrangements used in estate planning, but they differ in key areas, especially in Texas:
Creation and activation:
Testamentary trust: This trust is created through your last will and testament. It only takes effect after your death, as outlined within your will.
Living trust: This trust is established during your lifetime. You transfer your assets into it while you are still alive. It can be modified or revoked at any time.
Control and management:
Testamentary trust: You maintain complete control of your assets during your lifetime, and the trust only exists after your death. The assets are typically subject to probate before being transferred into the trust.
Living trust: You retain control of the assets placed in the trust during your lifetime and can act as the trustee, managing the assets as you see fit.
With incapacity or death, a successor trustee takes over, avoiding probate.
Testamentary trust: Assets in a testamentary trust usually go through the probate process before being distributed to beneficiaries, which can be time-consuming and costly.
Living trust: Assets held in a living trust bypass probate, allowing for a more efficient and private distribution to beneficiaries.
Testamentary trust: Information about the assets, beneficiaries, and terms of the trust becomes public during probate proceedings.
Living trust: The terms of a living trust remain private because it does not go through probate, providing confidentiality.
Testamentary trust: It may be less flexible, as it is typically outlined in your will and cannot be easily changed after your death.
Living trust: You can amend or revoke a living trust anytime during your lifetime, providing more flexibility to adapt to changing circumstances.
In Texas, both testamentary and living trusts serve specific purposes, and the choice between them depends on your goals, preferences, and the complexity of your estate.
Consulting with an estate planning attorney can help determine which type of trust aligns better with your needs and objectives.
Lubbock Will Attorneys Carry Out Your Final Wishes
We know how important your testamentary trust is, and we’re here to make the legal process more manageable. Whether creating a trust, will, or dealing with advanced directives, we have the knowledge and experience to guide you.
Choose Beck Law Firm as your caring partner for trusts, wills, and end-of-life directives. You can call us today at (806) 702-7909.
Your well-being is our main concern, and we’re here to support you with care and honesty. Get in touch with us now to start securing your peace of mind and protecting yourself and your loved ones.