This package is for the creation of a Basic Revocable Living Trust for a single person in Texas. In this case, we use the term "basic" on purpose. This is not a product for complex or high-value estates.
A Revocable Living Trust, also known as a living trust, is a legal document that allows individuals in Texas to transfer their property and assets into a trust during their lifetime. Essentially, we will create a legal entity that will "hold" your property. This trust can be used as an alternative to a will and is commonly used as an estate planning document. A Revocable Living Trust allows individuals to transfer their assets to the trust, and when they die, those assets held in the trust are transferred to their chosen beneficiaries without the need to probate a will or file for probate, which can save time and money for their loved ones. One of the key benefits of a living trust over a will is that it provides privacy to the beneficiaries and can help avoid the delays and costs associated with probate.
However, a living trust may also have substantially higher upfront costs and require more ongoing maintenance than a traditional will. For instance, after forming the Trust, you must transfer your property into the trust. And, even if you have a Trust, you will need a backup will (called a "pour-over will") that, at the time of your death, transfers any property you forgot to transfer into the trust prior to death.
We do not routinely recommend Revocable Living Trust as our client's primary estate planning document, but there are some circumstances in which they are appropriate.
It's important to note that this Basic Revocable Living Trust is not designed for high-net-worth individuals or for Federal Estate Tax Planning avoidance. If you answer "No" to either question to the right (confirming that you are not seeking tax advice or your estate does not exceed $5 million dollars), we will NOT be able to provide you the service, and your fee will be refunded, less any credit card processing fees and a $50.00 convenience fee - so please make sure you meet these requirements.
If you have questions about whether our Basic Revocable Living Trust is right for you, please submit an email and we will try our best to respond.
