Do I Need A Living Trust In Texas

Most people do not actually need a living trust but there are.

Do i need a living trust in texas.

A living trust is an estate planning option that can make things easier for your family after you ve died. To create a trust you first set it up and then take all of your assets your house your car your property your accounts and re title them in the name of the trust. Living trusts do not protect assets from medicaid or from creditors. This guide will take you through the process of creating a living trust in texas giving you all of the information you ll need to make setting up a living trust as painless as possible.

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. It is this quality avoidance of probate that has brought the living trust most of its recent popularity. A trust more formally known as a revocable living trust is a legal entity set up to control your assets. A living trust also specifies how your property is to be disposed of at your death but since it exists before your death its validity does not need to be acknowledged by a probate proceeding.

It s gotten so bad that the texas bar put out a pamphlet titled living trust scams and the senior consumer according to the texas bar every year thousands of people pay anywhere from 500 to 5000 for trusts that are not only useless. Unfortunately there are lots of advertisements out there that over sell living trusts especially to elderly people. One of the reasons people historically felt the need to create living trusts was because having the trust meant avoiding the need to file an inventory with the court following death. How to create a living trust in texas.

But do you really need a trust. A living trust lets you dictate how your assets are handled before and after you die but whether or not you need one depends on several factors. Do i need a living trust in texas. Unlike a testamentary trust which is created through a will and doesn t come into being until you die a living trust sometimes called an inter vivo trust is created and funded while you are still alive.

The trust is not effective until you transfer ownership of assets to it. The main advantage of making a living trust is to spare your family the expense and delay of probate court proceedings after your death.