Your Bridge to a Better Future
Trusts
Trusts
Austin, Texas
🏛️ What Is a Trust?
A trust is a legal arrangement where one party (the trustee) holds and manages assets for the benefit of another (the beneficiary) according to rules set by the grantor (the person who creates the trust). Trusts can be used during your lifetime and after your death to manage and distribute assets.
📘 Types of Trusts in Texas
Texas recognizes several types of trusts, each serving different purposes:
-
Revocable Living Trust
-
Can be changed or canceled during your lifetime.
-
Helps avoid probate and maintain privacy.
-
-
Irrevocable Trust
-
Cannot be changed once established.
-
Offers asset protection and potential tax benefits.
-
-
Testamentary Trust
-
Created through a will and activated after death.
-
Useful for managing inheritance for minors or dependents.
-
-
Special Needs Trust
Protects eligibility for government benefits while providing supplemental support.
-
Charitable Trust
Supports charitable causes while offering tax advantages.
-
Spendthrift Trust
Protects assets from creditors and limits beneficiary access to prevent misuse.
-
Bypass Trust (Credit Shelter Trust)
Helps married couples reduce estate taxes by preserving the estate tax exemption.
-
Qualified Personal Residence Trust (QPRT)
Transfers a personal residence to heirs at a reduced gift tax value.
⚖️ Why Choose a Trust Over a Will in Texas?
Here are key reasons Texans might prefer a trust:
-
Avoids Probate
Trusts bypass the court-supervised probate process, saving time and money.
-
Privacy
Unlike wills, trusts are not public record, keeping your estate details confidential.
-
Control Over Distribution
You can set conditions (e.g., age milestones, education requirements) for how and when beneficiaries receive assets.
-
Incapacity Planning
Trusts allow for seamless management of assets if you become incapacitated, unlike wills which only take effect after death.
-
Tax and Asset Protection
Certain trusts offer protection from creditors and may reduce estate taxes.
If you are considering estate planning in Texas, a trust can offer more flexibility, privacy, and efficiency than a will—especially if you have complex assets or specific distribution wishes.
We’re here to help – contact us today or call (512) 328-3030.
Se habla Espanol.
Comprehensive, Creative, Trusted Family Law and Estate Planning Help
Our team brings extensive experience to the table, which enables us to provide a wide range of advice and representation regarding family law matters and estate planning needs, such as:
FAMILY
ESTATE PLANNING
At the Morrison Law Firm, we achieve faster, less-costly results with less stress and more respect for everyone's emotional well-being. If resolution is only possible in court, we will ensure your rights and interests remain the focus of our efforts on your behalf there as well.
Texas family law and Estate Planning attorney serving communities throughout Central Texas
Whether it is divorce, alimony, domestic violence, prenuptial agreements, or other family law concerns, trusted family lawyer Greg Morrison can make a difference in your life.
If your needs are not litigation related, we excel there. Let us help you design the best possible estate plan for you—distributing your assets in the manner you prefer, protecting your loved ones in the case of your incapacity and empowering you to make sure your wishes are known, and carried out, not only at death but in the event that you are unable to voice them at some future date.
Please call (512) 328-3030 or contact us here to schedule a confidential, comprehensive, initial consultation today.
Se habla espanol.