Meaning of Living Trust
Starting your Estate Planning by creating a Living Trust is the best option if you want a hassle-free and inexpensive process of your assets and Property distribution.
Just Like a Last Will and Testament, Living Trusts are documents created by a person known as a “Grantor/Initial Trustee” who puts property into a Trust and enjoys the benefits of it during their lifetime. Upon the death of the person, the property is managed by another person appointed by the Grantor called a “Successor Trustee”.
The people who inherit the Trust property upon the death of the Grantor are the “Beneficiaries”.
In Living Trust, Grantor has full control over the property and can enjoy the property till he dies by naming himself/herself as the Initial Trustee. After the death of the Grantor, the administration of Trust Property is dealt by the Successor Trustee; in this way, the Successor Trustee works similar to that of an Executor of a Will.
“Should have done this before, had made it up to be really hard in my head. This was super easy!”
How Much Does It Cost to Make a Living Trust?
The cost of making a Living Trust depends upon the following:
- Complexity of the Estate
- Number of beneficiaries
- Whether you are Single or Married
- Worth of your Estate
- Whether you are using a Do-it-yourself method or an Estate Planning Attorney
- Your Tax and financial circumstances
Apart from creating a trust, there will be additional costs will also be paid. For example, drafting documents, and transferring property and assets into the trust. These additional costs may range from a few dollars to several thousand dollars.
How much does an Estate Planning Attorney charge to create a Living Trust?
Taking help from an Estate Planning Attorney can help you to create your documents for the Trust more properly and provide many other advantages if you have a complicated Trust. It is advised to visit an attorney if the worth of your assets is high.
But this method may be a bit expensive. The average charge of an Estate Planning Attorney to create a Living Trust is between $1000-$1500.
How much does it cost to create a Living Trust using the DIY method?
This method is budget-friendly and ideal for those who are having a simple financial situation and do not have a large number of assets to be held in their Trust.
But make sure that the Trust document which you are creating using the online platform is built by experienced and licensed attorneys who are offering legally valid and state-specific documents. This may cost you between $500-$700.
You may connect with an attorney online for correct guidance depending on how simple or complex your trust structure is.
Do I need a Living Trust?
Making a Living Trust as part of your Estate Planning provides a hassle-free and simple method for the distribution of assets among the loved ones of a person after death. A Living Trust also allows people to enjoy the benefit from the trust property during their lifetime.
Apart from this, there are many other benefits offered by a Living Trust. These include:
- Avoids Probate
- Protects your privacy
- Protection of Minor Children
- Ensures the Privacy of your Document
- Protects you in case of Illness or Incapacity
Read more about Living Trust and its benefits.
If you are still confused as to what will suit you best as per your needs; you can connect with an attorney on TrulyWill for support and guidance and discuss your requirements.
