Texas Probate and Trusts

Probate

Probate is the name given to the lawful distribution of an estate according to the term of a will. We will explain the three types of probate that apply in Texas.

Probate in Houston Texas, has the potential to be a bit more complicated than in the rest of the US as there are three different types of probate administration. The level of court supervision is what generally separates each type. Each has its own advantages and disadvantages, deciding which type will be of benefit to your particular circumstance, and are best done with the aid of experienced probate attorneys. Here is a brief outline of each type.

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Trusts

Trusts in Houston Texas, are legal arrangements between two parties, a trustee and a beneficiary. The Trustee is designated to support legal title to the property of the beneficiary, until the terms of the trust are met or the trust matures.

Trusts are either living or testamentary (on your death), a living trust is a legally binding contract that is created when you are alive, as opposed to the testamentary which is created as part or the terms and conditions of a final will.

Both these types of Trusts in Texas can either be revocable or irrevocable, meaning that they cannot be modified or revoked once they have been signed. Both these types of trusts are designed for different purposes, revocable are becoming increasingly popular as life is uncertain and a circumstance can change, irrevocable trusts are useful tools that are set up to meet specific goals, such as paying tax bills in the event of your death, the negative side of a living irrevocable trust is that they mean you lose both control and ownership of property.

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