Richmond Trusts Lawyer

When thinking about estate planning, most people know that wills are a way to establish plans for distributing property after one’s death. However, if you want to maintain more specific control over your assets and minimize the lengthy probate process, you may want to consider trusts as another estate planning option.

There are several prerequisite conditions for trusts to be valid under state law. These requirements may be difficult to fulfill without assistance from a seasoned trusts and estates attorney. An experienced Richmond trusts lawyer from Romano & Sumner can explain these estate planning tools and help determine a strategy that fits your specific needs.

Methods for Creating Enforceable Trusts

Chapter 112 of the Texas Property Code establishes various rules and regulations for the “creation, validity, modification, and termination of trusts.” Texas Property Code § 112.001 outlines five specific methods for creating a valid trust. A person establishing a trust (known as a settlor) can:

• Declare that they are holding property as a trustee for another person
• Transfer property while they are still alive to another person
• Make a testamentary transfer of property to be executed after their death
• Use a power of appointment to make an appointment of property as a trustee
• Make a promise of rights to a person that should be held in trust for another party

In simpler terms, a person creates a trust by transferring certain property into the care of a trustee. Depending on the terms of the trust, the trustee may take ownership of the property, gain the right to make conditional use of it, or preserve it for a third party. There are several types of trusts to serve these different purposes. A Richmond trusts attorney could go into further detail about which option is best for a given situation.

Legal Requirements for Trusts in Richmond

Texas Property Code §§112.001 through 112.038 directly address what requirements a settlor must fulfill in order to create a valid trust. Importantly, a trust must have its terms in writing a be signed by the settlor. A settlor must also have:

• A stated intent to create a trust
• The mental capacity to do so
• Property to put in the trust
• A legal purpose for creating the trust

Additionally, Texas Property Code §112.036 prevents settlors from creating terms that allow someone to own property without being able to use it themselves for a certain period of time. A local attorney can further explain these complex trust laws and how they may apply in a particular case.

Seek Assistance from a Richmond Trusts Attorney

The information above is a broad summary of several key rules for trust formation in Texas. Understanding and complying with all of them will be challenging for anyone without a legal background, so it is advised that you seek help from a skilled attorney.

If you would like to explore your options for protecting your assets and property, speak with a Richmond trusts lawyer. The experienced attorneys at Romano & Sumner can explain the legal side of using trusts to preserve your family’s financial future. Call today to learn how we can help you accomplish your estate planning goals.