May I start by saying at minimum everyone should have will. Dying without a will leaves you open for all sorts of legal mumbo jumbo in probate.
A Living Trust will provide protection of your assets from probate court and the cost associated with it. It will not help you avoid any estate taxes but will assure your wishes are carried out when you pass on.
The cost of a Living Trust is between $1200 – $2500 depending on the size and scope of your assets. Living Trusts are created by an Attorney specifically for you and your family. Just to set the record straight, I
do have a Living Trust for my family.
The benefits of a Living Trust Are:
No Probate
Easy Passage Of your assets to family or others
Protects your medical plans should you become incapacitated
Removes you as owner of any assets and makes the trust owner
A Living trust requires all of your assets to be added to the trust legally. All documents for land, real estate, cars, bank accounts etc must be transfered into the name of the trust. This is an on-going process as you purchase additional assets during your life.
After your death all assets can then be overseen by a trustee you have assigned to carry out your wishes. This trustee will distribute your assets as you had assigned them when you were alive – no probate courts.
You can assign Power Of Attorney, beneficiaries and for the most part the courts will uphold a Living Trust more often if your wishes are contested by a family member.
This basically explains a Living Trust. For more information contact an Attorney specializing in Living Trusts You can find them on the Internet or in your local phone directory.
Author: Cityclix.net Staff Writer
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