Trusts are not for everyone. There are only certain situations when someone needs to set one up. There are many different types of trusts to fit many types of sitiations and property. The 3 most common reasons for a trust are:
1. If you own property outside the state of Texas.
2. If you are looking for asset protection.
3. If you need estate tax planning because your estate exceeds $5.45 million.
It’s important to speak with a qualified estate planning attorney about your situation to determine whether or not you really need a trust.