DFW Revocable Living Trusts Lawyer

A revocable living trust is a trust arrangement that allows a person to transfer assets into a trust while still alive. The trust is then managed by a trustee, which can be an individual or a financial institution. The trustee then distributes the assets according to the terms of the trust agreement. This type of trust is very useful for people who are elderly, disabled, or have minor children, as it allows them to avoid probate and the costs associated with it.

It is also beneficial for people who want to avoid the public nature of probate and the potential for creditors to claim their assets. A trust can be created in any manner that the person wishes, and it can be changed or revoked at any time.

Call our Texas law firm for a revocable trust lawyer near you at (972) 560-6288 for help in Plano or Mansfield.

Understanding Living Trusts in Texas: A Primer

A living trust in Texas is a legal document that allows individuals (known as the grantor or settlor) to establish a trust relationship with a trustee and transfer ownership of their assets into the trust while they are alive. The grantor retains control over the assets during their lifetime and can make changes or revoke the trust if desired. Upon the grantor's passing, the assets held in the living trust can be distributed to the named beneficiaries without the need for probate, providing privacy and potential cost savings.

What to Include in Your Texas Revocable Living Trust

The assets that can be included in a revocable living trust in Texas may vary depending on individual circumstances and preferences. 

Generally, a wide range of assets can be included in a revocable living trust, such as:

1. Real estate properties: including residential or commercial properties.
2. Bank accounts: including checking, savings, and money market accounts.
3. Investment accounts: such as stocks, bonds, mutual funds, and brokerage accounts.
4. Business interests: including ownership shares or partnerships.
5. Intellectual property rights: such as copyrights, patents, or trademarks.
6. Personal belongings: such as artwork, jewelry, collectibles, or vehicles.
7. Life insurance policies: including the policy itself or the proceeds.
8. Retirement accounts: such as IRAs or 401(k) plans.

Consulting with an attorney who specializes in estate planning can provide personalized guidance on which assets are suitable for inclusion in a revocable living trust in Texas.

Who Should Create a Revocable Living Trust in Texas?

A revocable living trust is a useful estate planning tool that can be beneficial to many people. However, it is particularly useful for people who are elderly, disabled, or have minor children. In each of these cases, it allows the person to avoid probate and the costs associated with it.

Having a revocable living trust is also beneficial if an individual owns properties in more than one state. Having a trust established eliminates the tedious, time-consuming and expensive multi-state probate process. 

It is also beneficial for people who want to avoid the public nature of probate and the potential for creditors to claim their assets. A trust can be created in any manner that the person wishes, and it can be changed or revoked at any time.

FAQ: Revocable Living Trusts

1. What is a revocable living trust?

A revocable living trust is a legal arrangement that allows you to transfer assets into a trust while you're still alive. You retain control over the trust and can make changes or revoke it as needed. Upon your passing, the trust assets are distributed according to your instructions, avoiding probate and associated costs.

2. What are the benefits of a revocable living trust?

A revocable living trust offers several advantages, including:

• Avoidance of Probate: Assets in the trust are distributed directly to beneficiaries without going through probate, which can save time and costs.
• Privacy: Unlike probate, which is a public process, a living trust maintains privacy regarding your assets and their distribution.
• Flexibility: You can alter or revoke the trust at any time while you're alive.
• Asset Protection: Helps prevent creditors from claiming assets and simplifies the management of your estate.

3. What assets can be included in a revocable living trust?

A variety of assets can be placed into a revocable living trust, including:

• Real Estate: Residential and commercial properties.
• Bank Accounts: Checking, savings, and money market accounts.
• Investment Accounts: Stocks, bonds, mutual funds, and brokerage accounts.
• Business Interests: Ownership shares or partnerships.
• Intellectual Property: Copyrights, patents, or trademarks.
• Personal Belongings: Artwork, jewelry, collectibles, and vehicles.
• Life Insurance Policies: Policies or proceeds.
• Retirement Accounts: IRAs or 401(k) plans.

4. Who should consider creating a revocable living trust?

A revocable living trust is beneficial for various individuals, including:

• Elderly or Disabled Individuals: Helps manage and distribute assets without probate.
• Parents with Minor Children: Ensures a smooth transition of assets and care arrangements.
• Owners of Out-of-State Properties: Avoids multi-state probate processes.
• Those Seeking Privacy: Prevents the public nature of probate and protects against creditors.

5. When should I create a revocable living trust?

Ideally, a revocable living trust should be established as soon as you have assets you wish to pass on to your beneficiaries after your death. This includes real estate, investments, bank accounts, and other valuable assets. Creating the trust in advance allows you to control and direct the distribution of your assets according to your wishes.

Strategic Timing for Creating Your Texas Trust

A trust should be created whenever a person owns property that they wish to pass on to their beneficiaries after they have passed away. This includes homes, vehicles, investments, bank accounts, retirement accounts, and other assets. It is important to create this trust before a person dies, as it allows them to direct where their assets should go after they have passed away.

It is also beneficial for people who want to avoid the public nature of probate and the potential for creditors to claim their assets. A trust can be created in any manner that the person

Connect With Us for personalized trust solutions in Plano or Mansfield at (972) 560-6288.