How Long Does it Take to Set Up a Trust in Texas? A Guide

As an estate planning attorney in Texas, I often get questions about trusts. My client Lesley and I had been emailing for a year about setting up a trust, but life had kept her too busy to proceed. One day, she emailed to say she’d call me that afternoon.

“Hey, Chris,” Lesley said. “I needed to hear your voice to make this feel more real. Sometimes emails feel like ticking off a to-do item without actually moving forward.”

“I understand Lesley,” I replied. “Talking on the phone isn’t quite like a face-to-face meeting but more can come of it than an email exchange. What’s making you call?”

“Chris, it’s not that I haven’t been serious about setting up the trust. I mean we spoke about it right after my divorce was finalized over a year ago,” she said. “ Actually, I just couldn’t bring myself to get back involved in another long legal process. I just felt it would be so much work and take too long and well, well that’s it.”

Lesley’s situation was familiar. Many of my clients intend to set up a trust but delay it because they believe the process will be too time-consuming. I reassured her right away it didn’t have to be that way. 

Lesley, I understand how overwhelming things can be after a divorce, and dealing with more legal matters feels daunting. But setting up a trust in Texas doesn’t have to take much time. If we work diligently and there are no major complications, we can have everything done in about three weeks.

Understanding Trust Timelines

Lesley sounded surprised. “Really? I thought it would take months.”

“It can take longer if you’re dealing with a complicated estate, but as long as nothing significant has changed for you since the divorce, the process will remain fairly straightforward,” I explained.“Please let me share with you some more about trusts in general and elaborate on the factors that will impact how long it will take to set up your trust.”

Just like Lesley, people often ask, “How long does it take to set up a trust?” This seemingly straightforward question actually has a somewhat nuanced answer. Creating a trust, specifically a revocable living trust, isn’t like filling out a simple form. It’s a process that can take anywhere from a few weeks to several months depending on your individual circumstances.

While it’s always best to get your estate plan in place sooner rather than later, sometimes it takes something significant in your life to compel you to get started. Maybe you recently went through a major life change, like a divorce, the birth of a child, or you are simply starting to think more seriously about your legacy.

This comprehensive guide will break down all you need to know about the various factors affecting how long it takes to create a trust. This guide focuses on revocable living trusts as opposed to other kinds of trusts, such as a Texas living trust.

Factors that Affect the Trust Set Up Timeline

Several factors can speed up or slow down how long it takes to get a living revocable trust up and running. These can include the complexity of your assets, the type of trust you’re creating, and more factors specific to your individual circumstances. Keep reading to learn more about the factors affecting trust timelines.

   

Complexity of Your Assets and Financial Situation

Imagine trying to organize and catalog every single item you own, from your house and cars to that dusty box of Beanie Babies in the attic. Now, add in bank accounts, investment accounts, and any business interests you might have. You can see how the complexity of your assets and finances plays a major role in how long it will take to set up your trust. A simple estate with minimal assets will likely take less time to transfer into a trust than a more extensive and diverse portfolio.

For instance, if you have a checking account, savings account, and a car—assets you can easily retitle—the process will likely be quicker than if you own real estate. This is because transferring assets like real estate, especially if it involves multiple properties or complex ownership structures, often requires additional paperwork, legal reviews, and possibly even court filings. Delays due to the involvement of multiple parties in asset transfers are possible as well.

The Type of Trust You’re Creating

• Revocable living trusts are one of the most common types of trusts because they offer flexibility. You maintain control over your assets while you’re alive and can change the terms of the trust agreement whenever. Once you pass, your chosen successor trustee will take over. Since people typically consider this a simpler trust compared to an irrevocable trust, they generally set it up faster, often completing the process in a few weeks for standard situations, including handling trust administration tasks. You may also find some people refer to this type of trust as a “living trust.”
• An irrevocable trust usually has different purposes than living trusts, often providing asset protection and minimizing estate taxes for high-net-worth individuals. You relinquish control over assets placed within this kind of trust, meaning it cannot be easily modified or revoked once it is finalized. Due to the legal complexities, drafting and finalizing these types of trusts can sometimes take months rather than weeks, though each circumstance is unique.
• Other Specialized Trusts – Beyond the two most common examples above, a world of other specialized trusts exist. Some popular examples include charitable trusts and spendthrift trusts, which all serve different people with a wide range of special circumstances. Just keep in mind how long it takes to set up a trust in this arena is highly specific to your individual needs, the details involved, and the appropriate legal guidance you seek from an estate planning attorney. 

Choosing Professionals and Gathering Information

Do you even need an estate planning attorney? Most experts agree the peace of mind from professional guidance is well worth it. It could even end up saving you time and money in the long run. Plus, experienced professionals know how long it takes to set up a trust for your specific goals, meaning they can provide the best support and knowledge.

 

Just as you carefully choose the right mechanic to fix your car, you must select the right attorney to help with estate planning.

But finding a good fit with a Texas estate planning attorney and gathering all the required financial documents does add time to the overall process. To make the process smoother and faster, create a list of questions for potential estate planning attorneys before your initial meeting. Prepare by bringing any documentation, account information, and asset details requested to help things move more efficiently. Doing your homework this can streamline the process of establishing a Texas living trust and make more efficient use of your attorney’s time and yours.

Drafting and Reviewing the Trust Documents

Have you ever tried to build furniture from those picture-only instructions, only to realize you’ve missed a crucial step? And then felt that feeling of having to take it all apart and start over? That illustrates the point of why the drafting and reviewing stages of a trust document are crucial. These legal documents are not one-size-fits-all forms but instead should be tailored to your exact needs, assets, and wishes.

It requires the expertise of a professional to draft them correctly according to current laws, ensuring you avoid any future headaches down the line. Once the first draft is done, it is vital to carefully review each clause to confirm that every detail aligns with your wishes. This step helps solidify a more iron-clad and legally-sound document that clearly communicates your wishes for your estate after you pass.

Funding the Trust

Funding the trust is a lot like moving your belongings into a new, more secure home. It doesn’t happen overnight, does it? Moving all those precious possessions – your money, real estate, investments, and other trust assets – from your name to the trust’s name is another vital stage.

This may involve tasks like updating beneficiary designations on life insurance policies, changing the title on real estate properties, or working directly with financial institutions to ensure the proper transfer of assets into the trust fund. Similar to the drafting and review process, taking the time to make sure every “i” is dotted and every “t” is crossed helps protect your assets. Plus, a proactively-funded trust makes sure your final wishes for those assets will be followed exactly how you intend. You can also use a trust for wealth management purposes, helping you manage and preserve your wealth over time.

How Long Does It Take to Set Up a Trust? Navigating the Process Effectively

There’s a famous saying, “failing to plan is planning to fail.” Having some idea about how long it takes to set up a trust as you start the estate planning process better equips you for a smoother, faster, and hopefully less-stressful journey.

A survey indicates that 67% of Americans do not have a proper estate plan in place. Be proactive in getting your estate plan done in order to protect yourself and those you love. You may not be able to predict the future, but you can certainly create a well-organized plan for it with estate planning and a trust. An experienced estate planning lawyer can help make the process less daunting, as they can provide you with the personalized advice and guidance you need each step of the way.

   

Conclusion

So, how long does it take to set up a trust? While the process can be lengthy, investing the time to create a solid estate plan, including a living revocable trust, is worthwhile to provide for those you love. Work with experienced professionals, prepare thoroughly, and clearly communicate your wishes to streamline the process and gain greater peace of mind about your financial legacy. Your financial advisor can be a great resource for connecting with experienced estate planning attorneys to help with the process.

Will Lesley Stop Stalling and Set Up her Trust?

“Chris, you make it seem so doable. I’m a little scared about my own death, but I’m out of excuses,” Lesley said.

“That fear is common, especially after a divorce. But I assure you, setting up a trust will be less aggravating and take less time,” I replied. “I’ll break it down step-by-step to make it easier for you.”

“Please Chris, make it as painless as possible,” she requested.

“The first step is discussing your goals for the trust—who you want to leave your assets to, who will manage it, and any specific instructions for your beneficiaries. Once we have that, I can start drafting the trust document,” I explained.

“I want my kids to manage whatever I leave them over time and ensure their future spouses can’t take it if they get divorced,” Lesley said.

“Lesley, we can build that into the trust. I’ll also alert you about some other specifics we’ll need to account for,” I said. “Do you have any time to come to my office tomorrow?”

“How about 9 a.m.?” she suggested.

“Perfect. I’ll gather the information I need to start working on the trust. With your cooperation, and even if we have a couple of complications like moving your house into the trust, we should have this done in about a month.”

“That sounds great. I’m ready to move forward,” she said.

“I’m glad you’re eager, but let’s not rush. We need to be thorough and get it right,” I cautioned. “Setting up a trust properly is crucial, even if it seems like it will take a while. Your peace of mind is worth the effort.”

Schedule a Consultation with our Dallas Firm to Learn about How Long it will Take to Set Up a Trust

Thinking about how long it could take to set up a trust can be stressful and challenging, but you do not have to face it alone. Our team of experienced Dallas family attorneys is ready to provide you with the guidance, support, and legal advocacy you need during these challenging times.

Whether you are trying to determine if it’s worth putting in the time to set up a trust, or any other estate planning matters, we are here to help you every step of the way. We welcome you to schedule a consultation to discuss your situation and estate planning objectives. We can answer your legal questions and discuss how we can help you move forward. Call our law office at (888) 584-9614  or contact us online to schedule your consultation.

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