Does a Revocable Trust Avoid Probate?
If you are curious about trusts and trusts that avoid probate, our estate planning lawyers at the Cordoba Law Firm, PLLC can help. Call us today to learn more.
While there are many tools and options for creating a robust estate plan, one option is a trust. A trust can be used to leave assets to beneficiaries, and avoids the probate process. Here is what you should know about revocable living trusts and whether a revocable living trust avoids probate.
What is a Revocable Trust?
A trust refers to a final tool in which one party, the trustee, holds assets for beneficiaries with the permission of the grantor, or trustor. The grantor places assets in the trust, and the trustee, who is a fiduciary, has a responsibility to distribute the assets to beneficiaries per the instructions of the trust.
A revocable trust is a type of trust. As its name would imply, a revocable trust is one in which the provisions of the trust can be altered or canceled based on the wishes of the grantor. In other words, the person who sets up the trust can change the provisions of the trust, can remove assets from the trust or put more assets in the trust, and can even terminate the trust.
What is Probate?
Probate is the court-facilitated process that occurs after a person dies in order to transfer assets to their heirs. The administrator or executor of the deceased person’s estate is responsible for presenting the estate to the court, inventorying assets, paying creditors, and then distributing remaining assets to beneficiaries per the terms of the decedent’s will or intestate succession.
Does a Revocable Trust Avoid Probate?
Just like other types of trusts, one benefit of revocable trusts is that they avoid probate. This means that if you have assets held in a trust at the time that you die, the administrator of the estate will not have to bring the assets held in your revocable trust into the probate process.
Other Benefits of a Revocable Living Trust
The flexibility that a revocable living trust provides can be highly beneficial. A downside to a revocable living trust is that it is typically more expensive to establish than a simple will and the client often has to confer with an attorney once the revocable trust is established.Talk to an Experienced Lake Jackson Estate Planning Lawyer Today
If you are thinking about creating an estate plan, whether establishing a trust is right for you depends on many factors. Depending on your circumstances, a revocable living trust may be appropriate. To learn more about a revocable living trust, the probate process, and everything else you should know about an estate plan.
At the office of the Cordoba Law Firm, PLLC, our estate planning lawyers in Lake Jackson and Pearland are here to help. We are passionate about working with our clients to establish estate plans that work. Reach out to us for individual, unique solutions that make sense for you.