How Much Does a Living Trust Cost in Texas?

Deciding to create a living trust can be a time-saving decision, especially if you want to try to avoid the probate process. This way, if something happens, your trustee can access assets to wrap up your affairs. But how much does a living trust cost in Texas? If you are planning to open a living trust in Bexar County, Ramsey Law, PLLC can help. This article only discusses Revocable Living Trusts as Irrevocable Trusts are an entirely different type of estate planning tool.

First, What Is a Revocable Living Trust?

A revocable living trust is a legal arrangement between a “grantor” or “settlor”  (person creating the trust) and “trustee” (person in charge of the trust) where the grantor/settlor can change the terms at any time during their life. This flexibility is what distinguishes it from an irrevocable trust, where terms generally cannot be modified once the document is signed. If you are just beginning your research, you might find it helpful to read this breakdown on what a trust is to see how it fits into simple estate planning.

Those who decide to create  a living trust can benefit from flexibility, privacy, and avoiding probate. Only 46% of Americans have a will. This number goes down when considering trusts.

What do Revocable Living Trusts Cost?

The cost depends on the individual client’s situation and the firm providing the service. This Firm’s base pricing is published here: Estate Planning Fees – Ramsey Law, PLLC (subject to change). Base pricing covers a typical case, but Ramsey Law constructs estate plans based on each client’s individual needs and preferences. The Client’s assets, family dynamics, preferences, and many other factors can affect the total cost. Specific costs and fees can be discussed during a consultation with an experienced trust lawyer.

Assets that can be part of a living trust in Texas can include:

• Real estate (homes, buildings, land, mineral rights, etc.)
• Money or bank accounts
• Investments
• Life insurance
• Retirement accounts
• Personal property (vehicles, personal effects, and other physical items that are not real estate)

Most things that you can own, your trust can own.

Creating a Living Trust in Bexar County

To create a living trust in Texas, it is recommended to use an experienced estate planning attorney. These are very complicated documents and the instructions the firm provides about how to fund and manage the trust are just as important as the trust document itself. To create a trust, you will need to discuss with your attorney who you want to benefit from your trust (now and after you are gone), how the trust will be managed, who will be in charge of the trust, and other important details.

Trusts are usually not filed in the Bexar County’s Probate Court, but sometimes families do have to go to probate court when a trust is not fully funded or unexpected issues arise.

Trusts, like any estate planning, sometimes needs to be updated if circumstances or wishes change. Additionally, any assets acquired after the trust is created need to be set up properly. All assets aren’t necessarily coordinated with a person’s trust, however. These decisions should be made with the help of an estate planning attorney, financial advisor, and CPA when appropriate.

Hire a Trust Lawyer

Creating a living trust can be complex to navigate on your own, especially if you have many assets or beneficiaries. If you decide to create a living trust in Bexar County, Ramsey Law, PLLC, can help. For a consultation with Amber Ramsey,  call the office and schedule a consultation at one of the firm’s three locations in San Antonio, Stone Oak, or Castle Hills. Don’t wait, hire a trusted lawyer today!