Do I Need A Living Trust In Texas

A living trust in texas is advertised all the time as a must have estate planning tool but unfortunately many of these trust products are simply scams.

Do i need a living trust in texas.

If you would like to create a living trust in texas you will need to sign a written trust document before a notary public. A living trust is an estate planning option that can make things easier for your family after you ve died. 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. Most people do not actually need a living trust but there are.

But do you really need a trust. 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. The trust is not effective until you transfer ownership of assets to it. It is this quality avoidance of probate that has brought the living trust most of its recent popularity.

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. Living trusts do not protect assets from medicaid or from creditors. A trust more formally known as a revocable living trust is a legal entity set up to control your assets. 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.

Do i need a living trust in texas. The main advantage of making a living trust is to spare your family the expense and delay of probate court proceedings after your death. 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. How a living trust works a living trust is a legal arrangement that allows you to transfer control of certain assets to a trustee.

Unfortunately there are lots of advertisements out there that over sell living trusts especially to elderly people. How to create a living trust in texas.