1. The first step would be to determine what kind of trust you'll need. If you're not married, you'll want to select a single trust. If you are married, you have a few options. You and your spouse can each get a single trust, or you can get a joint trust. If both of you have possessed common property like a home or vehicle, a joint trust would be ideal.
2. Next, you will want to take stock of your assets and property. In order to create a trust, it's essential to know what you own and what you want to put into the trust. You can transfer assets to a living trust, including stocks, bonds, real estate, family heirlooms, bank accounts, and vehicles. In particular, you can't move a retirement account like a 401k into a living trust. Still, you can name the trust as a beneficiary to ensure your benefits are paid into your trust after you die.
3. You will also need to choose a trustee. You can name yourself a trustee or select someone else. If you decide to list yourself, you will also need to record a successor trustee who takes over when you pass. At this point, it's wise to determine which of your heirs will get what property.
4. Create a trust document. You can complete this step by using an online service or with the help of an attorney.
5. Get the trust document signed in front of a notary. 
6. Enter the selected property into the trust. This step is called "funding the trust" and does require some paperwork, so getting a lawyer may make it easier.
   

 A living trust will not erase the need for a will. A trust can only take account of a property placed in it. If something you own is not set in a living trust, a will can further instruct how that property should be allotted. Additionally, a will does have some capabilities that a living trust does not. For instance, a will, among other thigns, can:

• Name an executor
• Establish guardianship for children
• Leave instructions for paying taxes and debts
• Name managers for children’s property

Creating a living trust does not have a significant impact on your taxes. However, it's essential to know about the estate tax and the inheritance tax when you start thinking about your estate planning. You can find relief in knowing that there is no inheritance or estate tax in Texas. Although, the federal estate tax will apply if your estate's worth is more than $11.18 million, or $22.36 million for couples, as of 2022.

A living trust could be instrumental in Texas because the state does not fully utilize the Uniform Probate Code, which streamlines the potentially time-consuming and costly probate process. Further, creating a living trust in Texas could save your family a lot of time after you’ve passed. The only exception to this is for estates valued at $50,000 or less, in which Texas offers a simplified probate process. 

You have two options to set up a living trust: doing it by yourself or hiring a lawyer to help you. The first option will require extensive planning, research, and paperwork, while the second option will require a more significant financial investment. Before creating a living trust, make sure to weigh the pros and cons for what fits your needs best. Our lawyers here at Wilson Whitaker Rynell have extensive experience in estate planning and are prepared to guide you through the process. So, if you want to ensure that your estate is adequately prepared for the day when the unthinkable happens, let us be there for you. Please contact our firm for a free consultation.