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Revocable Living Trusts

DFW Revocable Living Trusts Lawyer

A revocable living trust is a trust arrangement that allows a person to transfer assets into a trust while still alive. The trust is then managed by a trustee, which can be an individual or a financial institution. The trustee then distributes the assets according to the terms of the trust agreement. This type of trust is very useful for people who are elderly, disabled, or have minor children, as it allows them to avoid probate and the costs associated with it.

It is also beneficial for people who want to avoid the public nature of probate and the potential for creditors to claim their assets. A trust can be created in any manner that the person wishes, and it can be changed or revoked at any time.

Call our Texas law firm for a revocable trust lawyer near you at (972) 560-6288 for help in Plano or Mansfield.

What Is a Living Trust in Texas? 

A living trust in Texas is a legal document that allows individuals (known as the grantor or settlor) to establish a trust relationship with a trustee and transfer ownership of their assets into the trust while they are alive. The grantor retains control over the assets during their lifetime and can make changes or revoke the trust if desired. Upon the grantor's passing, the assets held in the living trust can be distributed to the named beneficiaries without the need for probate, providing privacy and potential cost savings.

What Assets Can Be Included in a Revocable Living Trust in Texas?

The assets that can be included in a revocable living trust in Texas may vary depending on individual circumstances and preferences. 

Generally, a wide range of assets can be included in a revocable living trust, such as:

  1. Real estate properties: including residential or commercial properties.
  2. Bank accounts: including checking, savings, and money market accounts.
  3. Investment accounts: such as stocks, bonds, mutual funds, and brokerage accounts.
  4. Business interests: including ownership shares or partnerships.
  5. Intellectual property rights: such as copyrights, patents, or trademarks.
  6. Personal belongings: such as artwork, jewelry, collectibles, or vehicles.
  7. Life insurance policies: including the policy itself or the proceeds.
  8. Retirement accounts: such as IRAs or 401(k) plans.

Consulting with an attorney who specializes in estate planning can provide personalized guidance on which assets are suitable for inclusion in a revocable living trust in Texas.

Who Should Create a Revocable Living Trust in Texas?

A revocable living trust is a useful estate planning tool that can be beneficial to many people. However, it is particularly useful for people who are elderly, disabled, or have minor children. In each of these cases, it allows the person to avoid probate and the costs associated with it.

Having a revocable living trust is also beneficial if an individual owns properties in more than one state. Having a trust established eliminates the tedious, time-consuming and expensive multi-state probate process. 

It is also beneficial for people who want to avoid the public nature of probate and the potential for creditors to claim their assets. A trust can be created in any manner that the person wishes, and it can be changed or revoked at any time.

When Should a Trust Be Created in Texas?

A trust should be created whenever a person owns property that they wish to pass on to their beneficiaries after they have passed away. This includes homes, vehicles, investments, bank accounts, retirement accounts, and other assets. It is important to create this trust before a person dies, as it allows them to direct where their assets should go after they have passed away.

It is also beneficial for people who want to avoid the public nature of probate and the potential for creditors to claim their assets. A trust can be created in any manner that the person

Call our Texas law firm for a revocable trust lawyer near you at (972) 560-6288 for help in Plano or Mansfield.

Satisfied Clients Tell Their Stories

  • "Very Professional, Thorough and Good Communicators"
    Justin and his staff were very professional, thorough and good communicators. They prepared every doc they committed to, and in a timely manner. I like the lump sum fee arrangement. I would definitely recommend them.
    - Bart Hubbard
  • "We are so grateful we did this."

    We had been wanting to do and understand a trust for a long time. Once we received the meeting invite, the rest was easy. We learned about wills and trusts in an understandable way. Justin and his team are organized, thorough, friendly and helpful. They coordinated and explained each step of the process. We are so grateful we did this. The cost was invaluable. Thank you for everything. 

    - Shelly Torti
  • "Would Definitely Recommend Crain & Wooley"

    We attended a lunch seminar hosted by Shelly Joyner and her team to listen and learn more about our options with Trusts. Based on Shelly's presentation, examples, and knowledge of Trusts, we were sold on Crain & Wooley as the firm to prepare and manage our Trust.

    The Crain & Wooley process from start to finish was fast, efficient and very professional. Throughout the progression, both Shelly and Steve Crosby communicated, answered all our questions, and provided various trust documents through the portal for our review /comments.

    Would highly recommend the services of Crain & Wooley!!

    - Paul & Helen Cherry
  • "Made the Entire Process a Seamless Operation"

    Finding a law firm to assist me in creating a "Living Trust" was very confusing. After interviewing three law firms, I chose Crain & Wooley.

    They got back to me quickly after the initial consultation and made the entire process a seamless operation. 

    I highly recommend and will work with Shelly Joyner and Crain & Wiiley again in the future. 

    - Ricky Ellis
  • "I would return for other legal issues and would highly recommend this firm for legal advice."
    I am very pleased with the professional services of Crain and Wooley law firm with the trust documents formalized on my behalf.  The fees were fair and the result was done in a few weeks. Terms and legal explanations were understood. I would return for other legal issues and would highly recommend this firm for legal advice.
    - Alex Montanez
  • "I had a fantastic experience with your law firm and now I can relax!"
    I had a fantastic experience with your law firm and now I can relax because I have my affairs in order! It was a very easy process, very informative, easy to gather their information and get the awesome result of having all my documents into my trust. Very impressed with the professionalism of Shelly Joiner, Jessica and Steve. I highly recommend this law firm Crain & Wooley for all the estate planning needs. Thank you!
    - Wanda Echevarria
  • "Very Thorough In Explaining My Options"
    Shelly was very thorough in explaining my options in estate planning and reviewing the documents I did have. I appreciate the speed and ease in completing my documents and support in transitioning my home into our living trust.
    - David Smith
  • "We Felt Valued, Cared for and Appreciated"
    It was a pleasure working with Justin Crain, Shelly Joyner, Steve Crosby, and the entire staff at Crain and Wooley. From the moment we walked into their office, we felt valued, cared for and appreciated. Justin took the time to explain to us the benefits of creating a trust and patiently answered all of our questions. My wife and I particularly appreciated their educational emphasis. They provided us with videos and literature that deepened our understanding of the process and purpose of  creating a trust. We never felt any pressure during our meetings with them to purchase any legal products or services. They educated us, encouraged us to ask questions, and let us make our own decision. We did decide to create a living trust, and we are very pleased with the results.
    - William Benninghoff

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