Revocable Joint Trust for Married Couple
(Basic) (TX)

Summary

This template is a basic revocable joint trust agreement for a married couple in Texas. Use this trust to minimize or eliminate the need to probate an estate after death by allowing trust assets to pass directly to trust beneficiaries. This template contains practical guidance, drafting notes, alternate clauses, and optional clauses. This revocable trust is designed for use by joint settlors in Texas who are married, want to create a trust for themselves for life and, on the death of the first settlor, retain the assets in trust for the surviving settlor. This trust does not make use of a marital deduction formula and therefore is not designed to utilize the applicable credit amount or to reduce taxes in the estate of the second settlor. This type of trust is sometimes used by settlors whose estates are not substantial enough to be seriously affected by the estate tax. In order to maximize the benefits of a revocable trust, you should counsel your clients to transfer their assets from their names into the name of the revocable trust. Because most people do not transfer 100% of assets into a revocable trust, this template should be used with the Will for Married Individual (Pour Over to Revocable Trust) (TX). Consider also utilizing the Letter to Client (Funding Revocable Trust) (TX) and Assignment of Property to Revocable Trust (TX). For a full listing of key content related to estate plans for married or partnered people in Texas, see Estate Plan for Individual with Spouse or Partner Resource Kit (TX). The circumstances of the settlors and beneficiaries, as well as the specific intentions of the settlors, may require modifications to this template. For an in-depth discussion of revocable trusts, see Characteristics and Uses of Trusts (TX), Requirements and Restrictions on Trust Purposes and Administration (TX), and Revocation, Amendment, and Termination of Trusts (TX).