Dallas Estate Planning Attorney

A living trust, also know as a revocable trust, is a legal document that allows you to transfer ownership of your assets to a trustee while you're still alive, and it can be an effective way to ensure that your assets are managed and distributed according to your wishes after you pass away.

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One of the benefits of a revocable living trust is the added protection it provides against liability. When assets are held in a trust, they are not considered to be owned by the individual but rather the trust itself. This means that in the event of a lawsuit, the assets held in the trust are typically protected from being seized by creditors.

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Additionally, a living trust can also offer protection in the event of incapacity or disability. In this scenario, the trustee designated to manage the trust can step in and manage the assets on behalf of the individual, ensuring that they are properly maintained and used for the individual's benefit.

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Overall, a revocable living trust can be a useful tool for protecting assets and ensuring they are managed properly, but it's important to work with a qualified estate planning attorney, such as Bruce Alford to understand the specific protections afforded by a living trust and to ensure that the trust is set up in a way that maximizes those protections.