Living Trust Vs Will In Texas

A trust more formally known as a revocable living trust is a legal entity set up to control your assets.

Living trust vs will in texas.

A will rather than a living trust is the estate planning vehicle. In a trust based estate plan the party often through an attorney creates a living trust. Probate is a court process that reviews verifies and enforces a will. Therefore a common alternative to a last will and testament is a living trust.

An overview you can t take it with you when you go while this familiar statement is true you can and should do your best to control your assets from beyond the grave. However each has significant differences. In texas state laws govern the requirements for both a will and a living trust. 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.

This can take many months and since texas has not enacted the uniform probate code the process is complex. For residents of texas is there an advantage to setting up a living trust versus a will. Accordingly probate can effectively drain some of the assets of the estate leaving less available for the beneficiaries. A living trust texas is beneficial because trust assets do not go through probate.

Revocable living trusts are widely used in a number of states including california and florida but are not as common in texas. Title of all property is then transferred to the living trust. Both are regulated by state statute. I was told there is no probate in texas and therefore a living will was not necessary.