A trust is defined as a legal entity, which involves three distinct aspects in the arrangement: the trust-maker, the trust manager, and the trust beneficiary (these can consist of only one person married couple). Trusts are created in a variety of formats, and they vary in terms of complexity and the purposes they serve. In general, these purposes include personal, tax, legal, or investment-related reasons. Below is a list of some examples of trusts:
If you want to construct a comprehensive estate plan, your last will and testament is only one part of it (contrary to popular belief)! If a person dies without an official will, the state laws determine that they have died “intestate,” which results in Texas statutes having the final say on the distribution of the person’s assets.
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