what is the benefit to creating a revocable trust
Because there are advantages and disadvantages to creating a revocable trust, you will have to weigh the positives and the negatives. The advantages of a revocable trust are many. First, you avoid probate as long as you have transferred everything you own to the revocable trust. Probate is usually simple in Texas, and lawyers here do not charge the same high fees as lawyers in other states.
Upon the death of a spouse, the assets in a revocable trust can be used to fund a family trustâalso known as a âcredit shelterâ, or âBypassâ or âA / Bâ trustâup to the amount of that spouseâs federal or state estate tax exclusion.