Trusts

Trusts can help a family protect what they own, care for loved ones, and make transfers easier. In Texas and North Carolina, a trust works alongside a Will and your powers of attorney to form a complete plan. You keep more control over how and when assets are managed and distributed. And when the trust is properly funded, those trust assets stay out of probate, which keeps the process simpler and more private.

What Is a Trust?

A trust is a legal arrangement where someone, called a Trustee, holds and manages property for another person’s benefit. The person who sets up a trust, called a grantor, transfers the property to the trust and decides how it will be used. The trustee then follows those directions to take care of the people the grantor names as beneficiaries.

Trusts can be used to:

• Avoid probate and simplify the transfer of assets
• Manage property for minor children or family members with special needs
• Protect assets from creditors or lawsuits
• Minimize estate taxes and preserve generational wealth
• Control distributions over time

Types of Texas and North Carolina Trusts

The right trust depends on your specific needs and goals. Here are some common options:

Revocable Living Trust

A Revocable Living Trust can be amended and revoked during your life. Many clients serve as their own trustee while they are able, and name a successor to step in if they become incapacitated or after they die.

Irrevocable Trust

An irrevocable trust is harder to change once it’s created and funded. In the right situation, it can offer creditor protection or tax planning benefits. Whether those benefits apply depends on the design of the trust and your goals.

Special Needs Trust

A special needs trust protects eligibility for needs-based benefits like Medicaid or Supplemental Security Income (SSI), while allowing funds to improve the beneficiary’s quality of life.

Testamentary Trust

A testamentary trust is a trust that springs to life after your death. This type of trust is useful for minor children and beneficiaries who would benefit from having their inheritances manged and distributed over time.

Do You Need a Trust?

Some families only need a will. Others benefit from a trust because they want privacy, own real estate in more than one state, or have beneficiaries who need guidance. We will look at your goals, your assets, and your family, then decide what fits.

Coordinate Beneficiary Designations

Certain assets do not follow a will or trust. Retirement accounts and life insurance usually pass by the beneficiary form on file. Those designations should be reviewed and coordinated with your trust so the plan works as a whole. In some cases, naming the trust as beneficiary makes sense. In others, naming individuals is better. The choice depends on taxes, protections, and your objectives.

Guidance on Trusts & Estate Planning in Texas and North Carolina

At Rania Combs Law, I help clients choose, draft, and fund Texas Trusts and North Carolina Trusts that fit real life. We will review which assets belong in the trust, how to choose successor trustees, and how distributions should work day to day. If a simpler path will meet your goals, I will say so.

If you would like to explore whether a trust belongs in your plan, schedule an appointment. You can also browse the resources below to learn more about trust creation, funding, and administration in Texas and North Carolina.