What is a revocable living trust?

A revocable living trust is an estate planning tool commonly used in Texas to help individuals control how their assets are managed and distributed after they die. A revocable trust is created during the lifetime of the person creating the trust, called the grantor or settlor. The grantor puts assets and money into the trust and names trustees to manage and distribute the assets according to the instructions in the trust document. The trust document typically names the grantor’s chosen beneficiaries, their appointed guardians, and any special instructions regarding the distribution of the assets. The grantor can also include instructions for the distribution of assets if the grantor becomes ill or incapacitated. All assets in the trust are revocable, meaning they can be changed or revoked at any time while the grantor is alive. Revocable living trusts are advantageous because they provide more protection and privacy than a will does while bypassing probate. Moreover, assets in a trust can pass directly to the beneficiaries without the requirement of court supervision. This avoids the costs and lengthy delays associated with the probate process. Revocable living trusts are popular because they offer many advantages to those wishing to stay in control of how their assets are managed and distributed upon their passing. Consult a qualified estate planning attorney for more information about the advantages and disadvantages of using a revocable living trust in Texas.

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What is a revocable living trust?

What is a revocable living trust?

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