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Not sure which one is right for you? What Is the Average Cost to Prepare a Living Trust? When considering an estate plan, many people contemplate whether a trust is necessary or a will alone is suitable. The choice is often based on cost. Depending on whether an attorney is hired, a trust can be considerably more costly than a will. The key is finding a balance between cost and creating an estate plan that fits your family’s needs.
Living Trusts A living trust is a legal entity that holds title to and manages assets for an intended beneficiary. A living trust is distinguishable from other trusts in that you, as the grantor, can make changes to the trust or revoke it entirely during your lifetime. You can also act as the initial trustee of your living trust. Living trusts are most often used to avoid the probate process that comes along with passing property through a will.
Hiring an Attorney Trusts are complicated documents and estate planning attorneys can help you navigate through the legal nuances. Attorney’s fees are generally the bulk of the cost associated with creating a trust. Living Trust as Part of an Estate Plan If you decide that hiring an attorney is the way to go, you will likely get more for your money than just the living trust. Living trusts are most often used as part of a comprehensive estate plan that can include wills, powers of attorney and health care directives.
You should find out exactly what is included in the attorney’s fee prior to agreeing to any proposal. Titling Assets to the Trust In order to pass through the trust and avoid probate, assets must be retitled into the name of the trust. For instance, if you want to place your home in the trust, you must change the deed so that the trust is named as owner. Once the deed is changed, it should be recorded with the registrar of deeds, and is subject to the same fees as any real estate transaction. The Law Offices of Anne M.
Estate planning is about ensuring that your property goes to your designated beneficiaries as quickly as possible, while at the same time minimizing any estate taxes. Is a Living Trust Liable or Subject to Probate? A living trust holds assets that are managed by a trustee for intended beneficiaries. Inheritances and Family Trusts Probate can be a difficult process even with the simplest of estates and few heirs.
That process can quickly become much more difficult with larger estates, children by former spouses and heirs who are unprepared for the responsibility that comes with receiving an estate’s assets. Bank Accounts You can place your bank accounts and other assets in a living trust so they bypass probate when you die. An offer of membership in our legal plan is not an endorsement or advertisement for any individual attorney. The legal plan is available in most states. We are not a law firm or a substitute for an attorney or law firm. Not sure which one is right for you? What Is a Bank Trust Account?
Most banks offer trust accounts as an optional service. In a trust account, a trustee controls funds for the benefit of another party – an individual or a group. The bank trust account is a useful way to convey and control assets on behalf of a third-party owner. Trustees and Assets With a bank trust account, the bank serves as custodian and a trustee keeps legal control of assets in the account.