When we talk about a living trust, we mean a trust which is created now, as opposed to one contained in your will which comes into existence when your will is probated. We also mean a revocable living trust which can be terminated at any time by the maker of the trust. There are several reasons when a revocable living trust should be considered:
Real Estate in Multiple States: If you have a living trust which owns all of your assets, including out-of-state-real estate, there will be no need for probate in Texas or any other state.
Mobility: If you are likely to be leaving Texas in the foreseeable future, a trust may be a better investment than a will.
Management of Assets: A living trust allows you to pre-settle your estate and allows the trustee to manage your financial affairs if you become incapacitated and are suffering from a debilitating illness.
AUSTIN REAL ESTATE ATTORNEYS
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