The current trend in Estate Planning in many states is to use Revocable Living Trusts (RLT) or “Inter Vivos” Trust, as a central part of an estate plan.

Some of the benefits of creating a RLT is, when properly funded, the assets within a RLT can completely avoid probate. Probate is a court-supervised process of administering (finalizing) someone’s estate. Probate is necessary whether there is a will, or no will (You can find out more about the different types of probate here ).

Although Probate in Texas can be relatively less complicated than other states, it still carries the risk of becoming expensive, time consuming, or burdensome for those we leave behind.. Property left through a living trust can pass to beneficiaries without probate by a processes called Trust Administration.

While a lot of information about RLTs can be found online, most people still find that they have many unanswered questions about the subject, either because the nuances are unclear, or because most estates need a personalized plan and cookie cut answers are not fit to solve a personalized need. The same is true for most of our clients. For this reason, we at GP Schoemakers, PLLC, make sure that all questions are answered during our Estate and Legacy Preservation Meeting™. During this meeting, we will sit down with our clients and go over what RLTs are, how they can be used most effectively, who should or shouldn’t use them. If you are looking to find out more, we love to speak to you during your own Estate and Legacy Preservation Meeting™ to see how your personal goals, needs and desires can be reflected in a customized estate plan that will actually work when you need us, so contact us today!

We not only can provide you with information regarding RLTs, but also regarding other Trusts like Education Trusts, Testamentary Trusts, Revocable Living Trusts, Spendthrift Trust provisions, Crummey Trusts, and, Irrevocable Life Insurance Trusts. Each of these trusts has different uses and benefits, and understanding the many aspects of these trusts is essential when considering a trust-based estate plan.

Contact the Law Offices of GP Schoemakers, PLLC today to arrange a consultation with our honest, compassionate and well-informed Estate Planning Lawyer in Clear Lake, Texas.

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