One of the reasons you create a will or trust is to ensure that your assets go to the people you want to have them upon your death. Unfortunately, once those assets are distributed, they can become vulnerable to ex-spouses, creditors and predators. One way to protect those assets is by placing them in a trust for your beneficiaries.
At Kennedy & Jackson, located in Houston, our lawyers understand how to create wills and trusts that protect assets for beneficiaries. Our attorneys are board-certified in estate planning and probate law by the Texas Board of Legal Specialization.
WHY DO MY BENEFICIARIES NEED A TRUST?
The divorce rate today is about 50 percent. Without proper estate planning, an ex-spouse could end up with half of your child’s inheritance if he or she divorces. Other threats to an inheritance include lawsuits, bankruptcy and the beneficiary’s own decisions.
Unfortunately, most wills and trusts distribute assets directly to your beneficiaries upon your death. While some estate plans may delay the distribution by few years, once the assets are distributed, they lose any protection they might have had.
Our lawyers draft wills and trusts that place your assets in a trust at the time of your death. This trust is not community property, so an ex cannot get the money. Since the trust assets are not personal property, they are also protected from creditors, lawsuits and bankruptcy. Our lawyers also draft spendthrift trusts, so your beneficiaries are protected from themselves.
Beneficiary trusts are sometimes called legacy or dynasty trusts. Your children can serve as the trustees, or you can name a trusted advisor as the trustee. Our lawyers are available to serve as the trustee or advise the trustee to ensure the assets are protected.
FOR MORE INFORMATION ABOUT BENEFICIARY TRUSTS
Our law office is located in the Galleria area of Houston, with free on-site parking available next to our office building. We provide a free — and confidential — initial consultation to all new potential clients to discuss beneficiary trusts.
To schedule an appointment with one of our lawyers, call 713-783-7444 or send us an email.