The estate planning process in Texas offers a variety of tools for those looking to avoid probate. One such tool that we encounter often in our practice is the revocable living trust. On today’s blog, we cover the basics of the revocable living trust as well as a couple of signs that might indicate a revocable living trust might be right for you.
The Revocable Living Trust
A revocable living trust is a trust that you make 1) during your lifetime and is 2) revocable (meaning you can revoke, amend, or change it at any point during your lifetime). This trust is a vehicle you use to hold title to other assets. For example, your house or your brokerage account might be contained in a revocable living trust. This trust helps you control what happens to your assets when you pass, and it helps your loved ones avoid probate when administering your estate plan down the line.
Who Should Consider a Revocable Living Trust?
To start, anyone that wants to avoid probate should use a trust. There are two more specific circumstances, though, that might indicate a revocable living trust is right for you:
- Those with assets owned outside of the state of residence (for example, those with vacation homes) might look at trusts because when those people pass away, their loved ones will have to conduct probate in at least two states. The reality of multiple probate proceedings can complicate the execution of an estate plan.
- Those that own a company or LLC might also consider a revocable living trust. The trust ensures a smooth transition from your ownership to your passing. Keeping the company in a revocable living trust helps make sure there is no gap in the company’s daily operations – i.e., that all employees get paid, and that the business continues to run smoothly in your absence.
While these two circumstances certainly serve as indicators that a revocable living trust could be right for you, there are many more situations that could be at play. For advice based on your own circumstances, we recommend you speak with a Houston estate planning attorney that can talk you through your options and help you figure out what might be right for you.
Call a Houston Estate Planning Attorney Today
For help navigating all things estate planning and probate, give our firm a call at McCulloch & Miller. We have a team of experienced Houston estate planning attorneys that know how to offer sound solutions to complex legal problems. We are proud to offer our client community peace of mind as they think through difficult issues, and we are proud to offer the highest quality of legal services in the Houston area.
If you would like to set up a consultation with one of our Houston estate planning attorneys at McCulloch & Miller, give us a call today at 713-936-9073. You can also fill out our online form to tell us about yourself and have a member of our team contact you as soon as possible to discuss next steps.