Revocable Living Trust Vs Will In Texas

With a living trust you re paying everything up front.

Revocable living trust vs will in texas. However each has significant differences. I was told there is no probate in texas and therefore a living will was not necessary. In the state of texas estate plans include trust based estate plans and will based estate plans. Title of all property is then transferred to the living trust.

A will rather than a living trust is the estate planning vehicle. In a trust based estate plan the party often through an attorney creates a living trust. Living trusts in texas a texas living trust is set up by the settlor the person who places the assets in trust. Both are regulated by state statute.

During the process of creating a living trust the grantor will transfer ownership of their property and assets into the trust. A revocable living trust doesn t require probate because the trust owns the assets and the trust hasn t died. It s a private contract between you as the trustmaker or grantor and the trust entity. In most cases the grantor serves as the trustee of his own revocable living trust managing the property placed within it during his lifetime.

The alternative is to have a revocable living trust own most of your assets and have the terms of the trust agreement determine how assets are distributed. For residents of texas is there an advantage to setting up a living trust versus a will. The best choice for one person might not. 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.

A revocable living trust also called an inter vivos trust offers a variety of benefits as an estate planning tool. Revocable living trusts are widely used in a number of states including california and florida but are not as common in texas. A living trust is generally much more expensive than a will at least in the short term.