Trusts -

How Can Funds Be Spent With a Special Needs Trust?

Funds from a special needs trust can be used for supplemental items that improve a beneficiary’s quality of life. This can include home repair, vehicle repair, vacation, a computer, cable TV, Internet, and educational expenses. It cannot be regularly used for food or shelter costs or distributed directly to the beneficiary because it will be…

What is a Special Needs Trust (SNT) and Who is It Intended For?

A special needs trust (SNT) is designed to control the distribution of assets so that if there is a beneficiary who is disabled and is eligible for financial aid or services from the government, the money going to that beneficiary automatically goes to a SNT so as not to disqualify that beneficiary from receiving public…

How Does a Will Compare to a Trust?

A will is the backup plan for our estate plans. The purpose of a will in a plan that has a trust is to be the backup in case there are any asset which were not assigned to the trust by the time the person dies. Keep in mind that a will can have a…

How is a Trust Defined in Texas?

A trust is a contract between the settlors (the owners who are moving the property into the trust) and the trustees (the persons in charge of managing the trust). It is an agreement on how certain property will be managed. Some trusts give the settlors more power than other trusts. A revocable living trust gives…

Funding a Trust

What Does Funding a Trust Mean? Funding a trust means to place something of value, such as cash or property, into a trust. Initial funding occurs at the signing of the trust. Personal property, like furniture and clothing, is assigned to the trust in a broad assignment. Sometimes there are also one or more deeds…

Is a Will Just as Good as a Trust?

If your plan for when you die is only stated in your will, then you have given your family a ticket to probate. The family will need to hire a lawyer to navigate the probate court, prove up the will, obtain letters testamentary, send notice to all potential creditors, pay any creditors, and then, finally,…

Types of Trusts

A trust is a fiduciary arrangement that can be created during an individual’s lifetime and survive beyond their death. Additionally, a trust could be originated out of a will and thus formed after someone’s death. Assets deposited into the trust belong to the trust itself, never the trustee, and those assets are subject to the…