Questions?
 | |
 | |
| 
Texas Living Trust
Last Modified: August 2010
General Information:
The Texas living trust is a revocable trust designed to avoid probate and provide long-term property management. A revocable living trust can be terminated or changed at any time during the grantor's lifetime. The Texas living trust allows the grantor to appoint himself or herself as trustee and exercise complete control over trust assets. In the eyes of the IRS, a revocable living trust is transparent, allowing the grantor, as trustee, to buy, sell, trade, mortgage, liquidate, gift or otherwise treat trust property as personal property while having no impact on personal income taxes. Instantly download and customize your TX living trust below.
A living trust is established when the grantor prepares and executes a declaration of trust. The declaration of trust sets forth the terms and conditions of the living trust. To control trust assets the grantor appoints himself or herself as trustee.
After creating the living trust, the grantor transfers personal assets into it, which is referred to as funding the trust. To transfer real estate into the living trust, a real property deed naming the living trust as grantee is executed and recorded. Bank accounts, retirement accounts and life insurance policies can be transferred as well. The grantor, as trustee of the living trust, then manages trust assets for his or her personal benefit as well as the benefit of the beneficiaries. Though the living trust is also managed for the benefit of beneficiaries, a trust beneficiary receives nothing until after the grantor’s death. Upon the grantor’s death, the successor trustee becomes acting trustee and passes Texas living trust property to the beneficiaries without need of probate.
A common misconception is that a living trust replaces a last will and testament. In fact, a special type of last will, referred to as a Pour-over Will, is a companion to the living trust. Assets not transferred to the living trust are subject to probate upon the grantor's death. Because a Pour-over Will is used to transfer or "pour" all of the grantor's remaining property into the living trust upon his or her death, a Pour-over Will is usually executed simultaneously with a living trust.
Download and customize the Texas living trust form or a complete Texas estate planning toolbox including TX revocable living trust, TX pour-over will, TX deed to transfer real estate to the trust, amendment to trust, TX living will, TX health care power of attorney (health care proxy), TX durable power of attorney (general poa), trust revocation forms and instructions. [Living Trust Estate Toolbox]
Complete all documents on your computer screen. A completed example and instructions are included with each download. Leave assets to any beneficiary, including minor children. [Living Trust FAQ]
"INSTANT" DOWNLOAD OPTIONS:
 |
 |
 |
 |
|
