Revocable Living Trust requirements in Texas
- Be at least 18 years old and of sound mind.
- Create a trust document that names you as the grantor (the person creating the trust) and a trustee (who manages it). Often the same person.
- Transfer ownership of your assets into the trust's name (fund the trust). This means changing titles and beneficiary designations.
- Sign the trust document in front of a notary public. While Texas does not require witnesses for a revocable living trust, notarization is strongly recommended and often required by banks and title companies.
- If you're married, decide whether you'll create individual trusts or one joint trust. Both are valid in Texas.
- Consider naming a successor trustee who will manage the trust if you become incapacitated or die.
Ready to set up your revocable living trust in Texas? Start with a free online template or consult a local estate planning attorney today.
Create your revocable living trustHow to create a Revocable Living Trust in Texas, step by step
- List your assets, including real estate, bank accounts, investments, and personal property. Decide which ones go into the trust.
- Draft the trust document. You can use an online template or hire an estate planning attorney. The document must comply with Texas law and include your name, trustee, beneficiaries, and instructions.
- Sign the document before a notary public. In Texas, this is critical for real estate transfers.
- Fund the trust. Change the title of your real estate (by recording a deed), bank accounts, and other assets to the trust's name. For accounts, you'll need to contact the financial institution.
- Update beneficiary designations on life insurance and retirement accounts if you want them to go to the trust, though it's often simpler to name beneficiaries directly.
- Store the trust document and related records safely. Inform your successor trustee where they are.
Cost considerations
Creating a revocable living trust in Texas varies. If you use an online service, expect to pay $50 to $200. Hiring an attorney will cost anywhere from $1,500 to $3,000 or more, depending on complexity. Avoid probate fees, often 3-5% of estate value, with a trust.
Before You Begin: Texas Revocable Living Trust Checklist
Creating a revocable living trust in Texas is straightforward, but you'll need to gather specific items and understand a few state-specific rules. Use this checklist to prepare.
- List all assets you plan to fund the trust with (e.g., real estate, bank accounts, investments, personal property).
- Decide on a trustee (manager) and successor trustee to manage the trust if you become incapacitated or pass away.
- Gather current property deeds, account statements, and beneficiary designations to correctly transfer ownership into the trust.
- Prepare a 'pour-over will' to catch any assets not funded into the trust at your death (recommended but not required).
- Sign the trust document in front of a notary public; Texas does not require witnesses for a trust, but a notary is essential for real estate transfers.
- Remember to actually fund the trust by retitling assets into the trust's name—unfunded trusts don't avoid probate.
- File no documents with the state; trusts are private, but you may need to record deeds with the county clerk if real estate is involved.
Common questions
What's the difference between a living trust and a will in Texas?
A will goes through probate, a court process that can take months and costs money. A revocable living trust avoids probate because the trust owns the assets. A will also becomes public record; a trust stays private.
Do I need witnesses to sign a living trust in Texas?
No. Texas law does not require witnesses for a revocable living trust. However, you need a notary public, especially when the trust includes real estate.
Can I be my own trustee?
Yes. In Texas, you can act as both the grantor and trustee. That means you keep full control over your assets while they're in the trust.
Is a living trust expensive to maintain?
No. After funding, there are no recurring fees. You must keep records and file tax returns if the trust earns income, but a basic revocable trust is usually simple.