San Antonio Living Trusts Lawyer

Put simply, as the grantor, you would retain full control over the trust and the assets within it.

One of the primary advantages of a living trust is its flexibility and the ability to bypass the probate process, which is the legal procedure for validating a will. By avoiding probate, the trust assets can be distributed to beneficiaries quicker and with more privacy. 

Furthermore, a living trust can provide continuity of asset management in the event of the grantor’s incapacity, as a successor trustee can assume responsibility for the trust without the need for court intervention.

Living trusts offer privacy because they do not typically become matters of public record, whereas a will is subject to probate court proceedings. 

Types of Living Trusts

Living trusts can then be separated into two broad categories: revocable and irrevocable. 

When you set up a trust, our living trusts attorney will prompt you to identify the beneficiaries, what they are to receive, and under what (if any) conditions. As the term revocable suggests, this type of trust allows you to change your original decisions. You can even abolish the trust altogether if that’s your desire. 

The key advantage of a revocable trust is flexibility. By retaining the ability to modify or revoke the trust’s terms and beneficiaries during the grantor’s lifetime, you can accommodate changes in circumstances or relationships.

Then, there’s the irrevocable trust. Again, the term accurately describes the conditions. Your trust and its terms are now set in legal stone and cannot be altered. Giving up flexibility is a lot, but there are substantial benefits that come with it. 

These are two important advantages of choosing an irrevocable living trust: 

• Estate tax reduction: The assets transferred into the irrevocable trust are typically removed from your taxable estate.
• Protection from creditors: The assets held within the irrevocable trust may be shielded from potential claims or legal actions against you or your heirs.