Revocable Living Trust Vs Will In Texas

A revocable living trust also called an inter vivos trust offers a variety of benefits as an estate planning tool.

Revocable living trust vs will in texas.

In a trust based estate plan the party often through an attorney creates a living trust. Texas does not use the uniform probate code which simplifies the probate process so it may be a good idea for you to make a living trust to avoid texas s complex probate process. Revocable living trusts are widely used in a number of states including california and florida but are not as common in texas. A revocable living trust doesn t require probate because the trust owns the assets and the trust hasn t died.

The texas revocable living trust is more commonly employed than an irrevocable living trust as a tool for managing a person s estate the reason being that a revocable living trust can be altered or revoked by the grantor at any time as their circumstances may change. In the state of texas estate plans include trust based estate plans and will based estate plans. A living trust is generally much more expensive than a will at least in the short term. I was told there is no probate in texas and therefore a living will was not necessary.

During the process of creating a living trust the grantor will transfer ownership of their property and assets into the trust. Texas has a simplified probate process for small estates under 75 000. In most cases the grantor serves as the trustee of his own revocable living trust managing the property placed within it during his lifetime. A will rather than a living trust is the estate planning vehicle.

The best choice for one person might not. For residents of texas is there an advantage to setting up a living trust versus a will. Both are regulated by state statute. However each has significant differences.

With a will you re pushing off all the expensive of probate until after you re gone says gonzales. Living trusts in texas a texas living trust is set up by the settlor the person who places the assets in trust. Title of all property is then transferred to the living trust.