Unfortunately, the law around estate planning can be complex and technical in a way that makes it difficult to sort through. Fortunately, though, the law provides for a diverse array of options for those undergoing the estate planning process. Many of our clients come to us, for example, asking us to help them create a thoughtfully written will. It is important to note that wills are not the only option for those looking to make long-term plans. Another tool, the trust, comes in the form of a revocable living trust, which can be beneficial for those looking to both use their assets now and securely transfer them after their death.
What is a Revocable Living Trust?
When done correctly, creating a trust allows individuals to forgo the probate process and pass assets directly to their beneficiaries after they die. If the trust is revocable, the individual maintains the right to suspend the trust at any time, taking back the assets that are hers or his in order to use them in the short-term future.
As we have discussed elsewhere in our blog, the probate process can be long, drawn out, and public. Creating a trust, however, allows for a secure and private transfer of assets upon the designator’s death. By forming a trust, designating a trustee, and naming beneficiaries, individuals can make sure their assets will pass on seamlessly to those they care about.
Advantages and Disadvantages of the Revocable Living Trust
If you form a revocable living trust, you will likely get the benefits of forgoing the Texas probate process as well as maintaining a high degree of control over your assets while you are alive. Upon your death, the money in a revocable living trust automatically becomes irrevocable, and the trustee is obligated to distribute the funds according to your wishes. The distribution process can happen much quicker this way since the money does not have to go through the court probate process.
One disadvantage to this kind of trust is that if you are ever sued, the money in your revocable living trust will technically be up for grabs. The assets in this particular trust are not protected from lawsuits, creditors, or money judgments, since the trust is revocable and, in that way, the trust is under your control while you are alive.
To work out the particulars of a revocable living trust, experienced estate planning attorneys are not only helpful but necessary. If this estate planning tool is of interest to you, speak with a lawyer so that you can begin to work out the details and make sure no stone is left unturned.
Are You Looking for an Estate Planning Attorney in Texas?
At McCulloch & Miller, PLLC, we offer services in elder law, probate, and estate planning for the greater Houston area. Our clients trust us with their most important issues because they know that when it comes to their lives and their loved ones’ lives, there is no team that is better equipped to turn plans into reality. For a consultation with a member of our team, give us a call today at 713-955-7281. You can also use our online form to tell us about your legal needs.