FAQs About Trusts, Trusts

What are the Responsibilities and Duties of a Trustee of a Testamentary Trust?

Wills sometimes create testamentary trusts, trusts that spring to life after the death of a testator. When a testator includes a testamentary trust in his Will,…

FAQs About Trusts

To Trust Or Not To Trust

Last Christmas, the only thing on my older children’s Christmas list was a laptop computer. As they have gotten older, school assignments have increasingly required access to…

FAQs About Trusts

Living Trust Scams

Many of us have seen advertisements touting the benefits of a living trust. Salespersons who promote living trusts claim they can reduce taxes, protect assets from creditors, and…

FAQs About Trusts

Should I Designate My Children’s Guardian as Beneficiaries of My Life Insurance Policy?

I spoke to a young mother several weeks ago who wanted information on how to legally name a guardian for her minor children. She explained that…

FAQs About Trusts

Does a Revocable Living Trust Protect Assets From Creditors?

Many people mistakenly believe that putting their assets into a revocable trust will shelter those assets from creditors. This is not the case. A revocable living trust…

FAQs About Trusts

I Have a Revocable Trust – Why Do I Need a Will Too?

If you have a properly funded revocable trust, you may not need a will. At the time of your death, your property will be managed and…

FAQs About Trusts

What Is A Contingent Trust?

If you have life insurance, there is a good chance no benefits will ever be paid. An insurance settlement is contingent on you dying during the term…

FAQs About Trusts

When Should I Use a Revocable Trust?

A couple of weeks ago, I explained that probate recently got more private in Texas. In the past an estate’s representative was required to file an…

FAQs About Trusts

Can a Settlor Revoke or Modify a Trust?

Whether a Settlor, the person who creates a trust, can revoke or modify it depends on if the trust is irrevocable or revocable. According to Section 112.051…

FAQs About Trusts, Questions About Estate Tax

Does Portability Make Bypass Trusts Obsolete?

Before this year, bypass trusts were necessary to preserve a deceased spouse’s federal estate tax exemption. This is no longer the case. Under the new estate…