Control When and How Your Assets Reach Beneficiaries

Your trust is drafted to specify which assets it holds, who serves as trustee, and under what conditions distributions are made. Philip E. Mullin Attorney At Law prepares trust documents that include detailed instructions for managing investments, paying expenses, and transferring property to named beneficiaries. The firm also assists with retitling deeds, bank accounts, and brokerage statements so that ownership reflects the trust as the legal holder.

After your trust is executed and funded, your family will avoid probate court entirely for any asset held in the trust. Your trustee will follow your written instructions to distribute property, and beneficiaries will receive their inheritance without waiting for court approval or public notice. You will also retain the ability to amend or revoke a living trust during your lifetime, giving you flexibility if your financial situation or family structure changes. Philip E. Mullin Attorney At Law ensures that your trust complies with Texas law and coordinates with any existing wills or powers of attorney.

The firm works with clients who want to protect assets for children from a prior marriage, limit access to funds until beneficiaries demonstrate financial responsibility, or shield property from nursing home spend-down rules. Irrevocable trusts offer stronger asset protection but cannot be changed once signed. Your choice depends on your goals, tax situation, and the level of control you want to maintain over your estate.

Clients often ask about the differences between trusts and wills, how funding works, and what happens if circumstances change.

• What is the difference between a revocable and irrevocable trust? A revocable trust can be amended or dissolved at any time during your life, while an irrevocable trust cannot be changed once executed and offers stronger protection from creditors and estate taxes.
• How do I transfer assets into a trust? You retitle property by recording new deeds for real estate, updating account registrations for bank and brokerage accounts, and assigning ownership of business interests to the trust by name.
• Will a trust reduce estate taxes for my family? In Texas, there is no state estate tax, but a properly structured irrevocable trust can remove assets from your taxable estate for federal purposes if your estate exceeds current exemption limits.
• Can I serve as trustee of my own trust? Yes, you can act as trustee of a revocable living trust and retain full control over the assets during your lifetime, with a successor trustee named to take over when you pass away or become incapacitated.
• Do I still need a will if I have a trust? Yes, you should have a pour-over will that transfers any assets not already in the trust at the time of your death, ensuring nothing is left out of your estate plan.