As mentioned previously in this blog, there are many estate-planning options available to those who wish to ensure their legacy is preserved after they are no longer alive. However, the process may seem overwhelming initially for those beginning it, as they struggle to figure out which arrangements will work out for them. One option is to create a trust.
Many Houston residents may think that only the wealthy should create trusts, but this is not the case. Anyone with a reasonable amount of financial assets would benefit from establishing a trust. One of the biggest advantages of a trust is that it can be one way to avoid family disputes. The distribution of assets between family members can be a tumultuous process, but the trust introduces a third neutral party to take over the process and thus reduce the stress involved in the process.
Trusts also provide greater control to the creator. For example, some trusts allow the trustor to space out the payments they want a specific child to receive, rather than a lump-sum amount in one go. This can be a good choice for those who feel their children will not be able to handle a large amount of money suddenly. Trusts also ensure protection, as a trustee is supposed to always consider the well-being of the beneficiaries and the trustor before making any decisions.
Another big advantage of establishing a trust is that an experienced attorney can take over all the legalities and ensure that it conforms to the relevant laws relating to trustees, executors and fiduciaries. A trust can be one way individuals can ensure their loved ones are taken care of and assets distributed as they wish, but there are also other estate planning options available.