Revocable Living Trust Vs Will In Texas

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 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. Both are regulated by state statute. For residents of texas is there an advantage to setting up a living trust versus a will. Title of all property is then transferred to the living trust.

Revocable living trusts are widely used in a number of states including california and florida but are not as common in texas. A will rather than a living trust is the estate planning vehicle. With a living trust you re paying everything up front. A revocable living trust doesn t require probate because the trust owns the assets and the trust hasn t died.

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. During the process of creating a living trust the grantor will transfer ownership of their property and assets into the trust. A living trust is generally much more expensive than a will at least in the short term. It s a private contract between you as the trustmaker or grantor and the trust entity.

Texas has a simplified probate process for small estates under 75 000. Living trusts in texas a texas living trust is set up by the settlor the person who places the assets in trust. However each has significant differences. I was told there is no probate in texas and therefore a living will was not necessary.

In most cases the grantor serves as the trustee of his own revocable living trust managing the property placed within it during his lifetime. With a will you re pushing off all the expensive of probate until after you re gone says gonzales. The best choice for one person might not.