A revocable trust in Texas is a type of trust that can be amended or revoked by the grantor, also known as the trust creator, at any time during their lifetime. This means that the grantor has the ability to change the terms of the trust or even dissolve the trust completely. The grantor is also typically the trustee, which means they have control over the trust assets during their lifetime.
A revocable trust is often used as an estate planning tool to avoid probate, which is the legal process of transferring a deceased person’s assets to their heirs. By placing assets in a revocable trust, they can be transferred to the beneficiaries without going through probate, which can be time-consuming and costly. It also allows for more privacy and can be useful for protecting assets from creditors.
It is worth noting that a revocable trust becomes irrevocable upon the grantor’s death or incapacity, and the trustee will manage the trust according to the instructions in the trust agreement.