A living trust is created during a person's life while it is still alive. While a person is still alive, he transfers the title of his property from his name to the administrator in life. When a person transfers the property to a living trust, it is the administrator who becomes the legal owner of the transferred assets. Many clients become the original "trustee" of the trust and choose their children as trustees or placed in a particular process order.

For some, they have no children or do not want to use their children as administrators. In this case, they can choose another family member, friends or trust companies or banks. Anyone who chooses as a co-trustee does not necessarily have extensive experience in accounting, law or administration and administration of trusts, but they must be willing to invest the amount of time required to administer trusts and be willing to to seek professional help When the need arises.

Placing your property in a trust does not mean you lose control of it. Since you are very likely the original administrator, you will be responsible for what happens to your property. It's up to you to take it out of the trust or use it as you did before the trust was created, or just leave it at peace. Having a living trust allows you to manage your assets as a single entity, and a trust will ensure that the distribution of your property is handled effectively after your death.

The first course of action would be to hire a real estate planning attorney to write the trust document. The document will include the names of the trustees (the people who create the trust). Generally, the trust will also appoint subsequent trustees, such as other individuals, banks or trust companies. In the event of incompetence, resignation or death of the original trustee, the subsequent trustee will be responsible for the management of the trust.

If both trustees die, the trust will also provide the distribution of the assets, as will a will. This may include provisions for younger family members, schools, charities, etc. If you want to learn more about life threats or other aspects of estate planning, we recommend that you participate in an experienced estate planning that you can rely on: these are complex situations, who deserve extensive treatment. By working with a lawyer who understands this area of ​​the law, you can take the necessary steps to plan your future as well as for your entire family.

Watkins, Blakely and Torgerson, LLP are proud to serve Orange County residents with more than four decades of legal services. With a focus on property management and estate planning, they are ready to help clients with issues ranging from real estate to trusts, wills and even tax issues. If you choose to work with an Orange County estate planning attorney at your firm, you can rest more relaxed knowing that they will be on your side and help you navigate through the complex issues surrounding estate planning. For more visit here https://estatelawtexas.com/trusts