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Benefits of a Revocable Trust
A Revocable Trust is a legal document in which you transfer your property to another party (the Trustee) who holds and manages it for the benefit of yet another party (the Beneficiary). A revocable trust becomes effective the moment it is signed. Consider the following analogy. A revocable trust can be compared to a backpack. In it, you place all of your assets.
The Estate Planning Documents Every Adult in Texas Needs
When people think about estate planning, they generally think only about a will.
Although a will is an important part of an estate plan, it only takes effect after you die. Other documents are needed to carry out your wishes and manage your assets in the event you are temporarily or permanently disabled.
Transfer of Death Deed
One of the new estate planning tools in Texas for year 2016 and future years is the Transfer on Death Deed. This Deed should be part of everyone’s estate plan who own a residence and/or other real estate in Texas. This Deed, which is filed for record in the county where the real estate is located, allows the owner(s) of the Texas real estate to transfer that real property in Texas outside of the probate process.