What is a revocable living trust?

A revocable living trust is a type of estate planning tool commonly used in Texas. It is a legal document that allows you to transfer assets, such as property and money, into a trust that you control. With a revocable living trust, you, as the grantor, have control over the trust assets while you are alive, and you can alter or revoke the trust at any time. The purpose of a revocable living trust is to avoid the need for probate, which is a court process for distributing your assets according to your will after death. Assets placed in a revocable living trust can pass directly to your heirs without going through probate, saving time and money. When creating a revocable living trust, you will need to choose a trustee and a beneficiary or beneficiaries. The trustee is the person responsible for managing the trust assets and making sure they are distributed according to your wishes. The beneficiary is the person(s) who will receive the trust assets when you die. Revocable living trusts are an important tool for estate planning in Texas, as they can give you greater control over your assets when you die. With a revocable living trust, you can ensure that your assets are distributed according to your wishes, without the time and expense of probate.

Related FAQs

What is the difference between a living trust and a testamentary trust?
What is an estate tax return and why should I file one?
What rights do my heirs have to my estate?
What is the difference between a will and a trust?
How can I protect my business interests after my death?
How can I minimize disagreements among family members after my death?
What happens to my assets if I die without a will?
What is an estate plan disclosure statement?
Should I name my estate as the beneficiary of my life insurance policy?
What is a letter of intent and how does it work?

What is a revocable living trust?

Related FAQs

Related Blog Posts