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Revocable Living Trusts: The Basics

In the last few decades, consumer demand has made the revocable living trust an essential tool in the estate planner's "tool box." While the well-drafted will and the power of attorney remains the cornerstones of an estate plan, the revocable living trust also has many valuable functions that makes it an attractive alternative or addition to a last will and testament.

Revocable living trusts can be amended or revoked or terminated by the settlor (the creator of the trust), whereas irrevocable trusts cannot be changed, amended or revoked by the settlor. In Texas, all trusts are revocable unless the trust document expressly states otherwise. Some of the common benefits of a revocable living trust include:

  • They avoid the publicity of probate proceedings since they are private.
  • Revocable trusts can avoid the possibility of guardianship.
  • Trust assets are not subject to probate proceedings since the assets transfer automatically to the beneficiaries upon the settlor's death.

A fully funded revocable trust with all of the settlor's assets can avoid the need for a dependent probate administration which can be lengthy and expensive. By utilizing a fully funded trust and administrating an estate through such a vehicle, it eliminates the need for a probate inventory, annual and final accountings and court-appointed appraisals.

One of the greatest advantages of a revocable living trust is that during your lifetime, you can be the trustee of the trust, thereby allowing you to manage the trust assets and benefit from them during life. You name a successor trustee and when you pass, the successor trustee steps into your shoes and manages the trust according to the directions you set forth in the trust document.

Interested in creating a revocable living trust? Contact Shepherd & Associates today!

Over 36 Years of Experience on Your Side

Why choose us? Our founding attorney, has over 36 years of estate planning experience, he formerly worked as an account executive for Merrill Lynch, as a professor at Texas Southern University, and as an Assistant Regional Counsel for the U.D. of Energy, and as an Assistant Attorney General for the State of Michigan. Lastly, he served honorably in the U.S. Army during the Vietnam War.

When placing your estate and family's legacy in the hands of a Houston estate planning lawyer, be sure to choose someone with the knowledge and experience needed to meet your long-term goals and exceed your greatest expectations!

Shepherd & Associates - Houston Estate Planning Lawyer
Located at 14090 Southwest Freeway, Suite 300
Sugar Land, TX 77478
Phone: (713) 993-7791
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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

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