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.
Basic Revocable Living Trust
This package includes:
- A 1-hour initial meeting to discuss your situation and to plan the trust.
- Drafting of the Revocable Living Trust document.
- A 30-minute review of the Draft Revocable Living Trust to make sure it meets your needs.
- Execution of the Revocable Living Trus
This package does NOT include the following:
- Any type of estate tax planning or avoidance planning. We are not tax attorneys or CPAs. If you desire such planning, we will refer you to a specialist.
- Transferring any assets into the trust (we can do this, but such transfers are a separate charge - per the deed charges for a Special Warranty Deed also listed on the website);
- For real estate subject to mortgages or loans, any contact with your lender to obtain their consent to transfer an encumbered property into the trust (which can be an "event of default" under the terms of a loan agreement or deed of trust). You are responsible for determining whether your lender will allow such a transfer and accept all risks and consequences of such atransfer if you direct us to transfer an encumbered property into a trust we create.
Subject to our Terms & Conditions.