Legal Question in Wills and Trusts in Texas
Over 10 years ago I had my will drawn along with an A-B Trust. I have never named the Trust as beneficiary of my life insurance policies and my estate will not surpass the limits. My named beneficiary on my policies is my spouse. If I should die, how will the Trust work since I have never assigned any properties to it? I would like at this point to just disregard the Trust since I don't feel that I have need of it. What do I need to do, if anything?
2 Answers from Attorneys
as you describe..nothing needs be done..trust is not funded..but it could have been helpful..
While the A-B provisions may not be useful as you don't currently need the tax planning, my suggestion would be to keep your trust in place and use it for its many other advantages. For example, you could transfer "estate" assets into the trust to keep them from going into probate. It also appoints a successor trustee to manage your assets if you become incapacitated. You might want to visit with a good estate planning attorney who can better assist you with properly funding the trust. It is a useful tool for many purposes besides just tax planning for larger estates.
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