Wilson Whitaker Rynell

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972-248-8080 DALLAS
713-830-2207 HOUSTON
512-691-4100 AUSTIN
wilson whitaker rynell attorneys and counselors at law logo
972-248-8080 DALLAS
713-830-2207 HOUSTON
512-691-4100 AUSTIN
a blue and orange check mark with the letter w on it as the Wilson Whitaker Rynell Logo

A Texas Overview of a Revocable Living Trust

John Wilson • Mar 02, 2019

Revocable Living Trusts Are "Living" Because You Make Them While You Are Alive

a close up of a dollar bill that says trust
A living trust is a legal document created during an individual's lifetime wherein a trustee, or other designed entity, assumes a fiduciary duty to manage an individual's assets for the benefit of the eventual beneficiary. A living trust is also known as an inter-vivos trust and the duration of this living trust is determined at the time of the trust's creation. An important benefit of an inter-vivos trust is to avoid probate and the expenses associated with litigation after the individual's death. Further, establishing a revocable inter vivos trust avoids a conservatorship of your estate upon your incapacity. A conservatorship is a court-supervised proceeding in which the court appoints an individual as guardian of your assets and an incapacitated person.  Out Dallas trust lawyers can assist you in creating your living trust documents.  For more information on our will and trust practice, visit our Will & Trust Practice web page.

When Does A Trust Become Effective?

A trust is effective upon creation by the grantor. A trustee manages and distributes assets through the duration of the trust, and a successor trustee continues the purposes of the trust in the event a successor ceases to be able to act for the trust either by way of incapacity, death or simply quitting the trust. A trust, unlike a will, avoids probate and therefore avoids time and expensive of a legal process. A trust does not need to be probated.

Is The Trust Process Private? 

Given a trust is not subject to probate, it does not require public disclosure as wills do. Trusts are a private process.

Who Controls The Trust Process? 

Unlike a will, a judge is not be involved in a trust unless its defective.  This means that assets in a trust can be passed through to family members immediately and without court intervention. With that said, the grantor in a trust maintains control throughout their lifetime and until a successor trustee is appointed. A trustee, or successor trustee, controls the trust.

Must A Trust Own Assets To Be Effective? 

Unlike a will, a trust must be funded for it to become effective. The trust must hold property (e.g. cash, title to land, or other assets). The trust becomes funded when the assets are properly titled and transferred after a grantor forms the trust. Trusts only go into probate when they are either lacking beneficiary or they are not funded.

What Happens To A Trust If I'm Incapacitated? 

A trust can carry out trust terms and trust provisions immediately upon incapacity because it is effective during your lifetime, and the trust includes plans for contingencies and successor appointments. Simply, a trust can carry on your wishes during incapacity and beyond death. 

A woman is sitting at a desk using a laptop computer.
By Chelsea Lankford 08 May, 2024
Interview of a Child in Chambers by a Texas Court Divorces can be messy; even more so when children are involved. One pivotal question that is often asked is who will receive primary custody. The prospect of children speaking to a judge during a divorce case to help determine custody can be a controversial topic. On one hand, it aims to understand and prioritize the child's preferences and best interests. On the other hand, exposing children to legal proceedings can be emotionally taxing and stressful . When Can the Judge Talk to Children? During a nonjury trial or hearing, the court is required to privately interview any child 12 years or older, while interviewing a child under 12 is at the judge's discretion. This private interview helps convey the child's wishes regarding who should have primary custody. The judge can also conduct the interview independently or on the request of a party, amicus attorney, or attorney ad litem. While speaking to the child can help determine issues of possession, access, and parent-child relationships, it does not restrict the court’s authority to decide what’s best for them. However, in cases where a jury trial is underway, the judge is prohibited from privately interviewing the child on matters subject to a jury verdict such as which parent is granted conservatorship/primary custody. During the conversations, attorneys representing the parents, the amicus attorney, the guardian ad litem, or the child's attorney ad litem may be present. For children aged 12 and older, the court is required to record these interviews to ensure a thorough and accurate record is available as part of the overall case documentation. Inside the Judge's Playbook: What Gets Asked? The judge may ask open-ended questions about living arrangements, the child's relationship with each parent, and other aspects relevant to their well-being. Additionally, an interviewer’s nonverbal communication may not contribute to the making of a particular statement. James v. Texas DHS, 836 S.W.2d 236, 239-241, (Tex.App.—Texarkana 1992, no writ.). However, the child's testimony is just one piece of the puzzle, weighed alongside other factors such as parental behavior, home stability, and each parent's willingness to cultivate the child's relationship with the other parent. Importantly, if the judge during the interview has reasonable cause to believe that a child’s physical or mental health or welfare has been adversely affected by abuse or neglect by any person , the the judge is obligated to shall immediately make a report. Tex. Fam. Code §261.101(a).
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By John Wilson 06 May, 2024
What is a Franchise Agreement? Businesses form franchise agreements when they want to share their business ideas and ventures with other entrepreneurs looking to be independent business operators themselves. The franchise agreement is a legal contract that establishes a franchisor-franchisee relationship to expand the franchisor's entrepreneurial ideas and values. The franchisor grants the franchisee the legal right to set up and operate a franchised business consistent with the terms of the franchise agreement. Under this agreement, the franchisee gains the license to use the franchisor’s trademarks, trade dress, business systems, operational manuals, and supply sources for offering and selling the franchisor's specified products and/or services. The franchise agreement is required to be legally included as an exhibit in the franchisor’s Franchise Disclosure Document, which must be presented to potential franchisees before any franchise offerings or sales are made. The federal trade commission publishes A Consumer's Guide to Buying a Franchise which is helpful for perspective purchasers' of franchises.
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The Wilson Legal Group are Dallas attorneys that specializes in Patents, Trademarks, Copyrights, Trade Secrets, Complex Litigation, Business/Corporate Law, Family Law and Real Estate Law. At the Wilson Legal Group, our clients are our focus. Our philosophy is simple and straight-forward: Understand our clients' needs, hopes, and interests in order to help them flourish. Our staff strives to build strong relationships with our clients in order to appreciate their best interests and help them achieve their goals.

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