Even if you aren’t wealthy, trusts can help you ensure that your assets are managed according to your wishes during your lifetime and after you die. The trust may not violate the Rule Against Perpetuities, which says that an interest is not good unless it must vest, if at all, not later than 21 years after some life in being at the time of the creation of the interest, plus a period of gestation.Ī trust can be set up and funded during a Settlor’s lifetime, or even at the death of the individual who established it. This Standard Document can be drafted as a warranty deed or special warranty. If the Settlor does not name the Beneficiaries with sufficient certainty, the trust will fail. A Standard Document used to convey Texas real property to a revocable trust. The trust must have ascertainable Beneficiaries.If there is no Trustee named, or if the Trustee that is named does not want to serve or cannot serve for any reason, the court can appoint a Trustee for the trust. The trust must have a Trustee who holds legal title of property for the benefit of the trust’s Beneficiaries.This sordid history bleeds through every filing in this case. On top of that, there are salacious allegations of fraud and other skulduggery. The Texas statutes specify that a trust cannot be created unless there is trust property. The Property is burdened with many liens and has a convoluted history of conveyances. The Settlor must identify the property covered by the trust and place it in the trust for the benefit of the beneficiary.The terms of a trust may not require the trustee to commit a criminal or tortious act or an act that is contrary to public policy. A trust may be created orally through a declaration of trust however, if it involves the transfer of real property, it must be in writing. The trust must comply with the Statute of Frauds.is of sound mind, which means he knows the nature and extent of his property, the persons who are the natural objects of his bounty, the disposition that he is making, and how these elements relate to form an orderly plan for the disposition of his property.he or she is over the age of 18 or has been lawfully married or a member of the armed forces, and.The Settlor must have capacity to convey assets to the trust.According to the Texas statutes, a trust is created if the Settlor manifests an intention to create a trust. The Settlor must have a present intent to create a trust.The following are the legal requirements for a valid trust in Texas: What are the requirements of a valid trust in Texas? They are beneficial because the Settlor (the person who establishes the trust) can direct how the assets should be managed, who will manage the assets, and how and when the assets should be distributed to the Beneficiaries. Trusts can be set up to manage assets for those who are minors, spendthrifts, or have special needs to ensure that assets in the trust ultimately pass to one’s children in the case of a blended family or if a surviving spouse remarries or to protect trust assets from creditors and potential lawsuits against the beneficiaries. What are the benefits of creating a trust? When people think about trusts and trust funds, images of people like Paris Hilton come to mind.
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