This form is a living trust form prepared for your state. It is for an individual who is either single, divorced or widowed with one or more children. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.
Houston Texas Living Trust for Individual Who is Single, Divorced or Widow or Widower with Children
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How to fill out Texas Living Trust For Individual Who Is Single, Divorced Or Widow Or Widower With Children?
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FAQ
In Texas, marriage does not invalidate a valid preexisting Will. If you make a Will before you get married, and would like your new spouse to be your beneficiary, it is important that you update your Will. Please note that spouses in Texas are afforded certain constitutional rights.
All of your estate would pass to your siblings or their descendants if you have no surviving parents. If you have no surviving parents, siblings, or descendants of siblings, then the estate will be divided into two halves. One half will pass to relatives on your mother's side.
Marital Property If you establish a trust during the marriage and place assets earned during the marriage in that trust, the courts will dissolve the trust and declare the assets community property to be divided in the divorce.
Your spouse retains their half of the community property, 1/3 of your separate personal property, a ? interest in your separate real property for their lifetime and the right to use the real property for their lifetime. Your children receive everything else, including your half interest in the community property.
The surviving spouse automatically receives all community property. Separate personal property also goes completely to the surviving spouse, while separate real property is split down the middle between the surviving spouse and the deceased's parents, siblings or siblings' descendants, in that order.
Generally speaking, each spouse has a right to half of the community property and so, this is automatically distributed to a widow after their spouse's death. Therefore, the deceased individual only has the right to control their half of the community property estate.
The Texas Courts have indicated that separate Trusts created prior to marriage, that are irrevocable spendthrift Trusts are a valid means to shelter separate property of the marriage and the income from the trusts are not subject to division during the divorce proceedings.
No Asset Protection ? A revocable living trust does not protect assets from the reach of creditors. Administrative Work is Needed ? It takes time and effort to re-title all your assets from individual ownership over to a trust. All assets that are not formally transferred to the trust will have to go through probate.
Texas appellate courts have held, ?in the context of a distribution of trust income under an irrevocable trust during the marriage, income distributions are community property only if the recipient has a present possessory right to part of the corpus, even if the recipient has chosen not to exercise that right?.?