Living Trust: $3,000
WHAT IS A LIVING TRUST?
A living trust is a legal document created by you (the “Grantor”) during your lifetime in order to legalize your desires regarding your assets and dependents after your death.
TYPES OF TRUSTS
There are dozens of trusts, but the two major ones are the (1) Revocable Living Trust and the (2) Irrevocable Living Trust.
With the Revocable Living Trust, probate is avoided upon the Grantor’s death thereby saving thousands and often tens of thousands of dollars and months and months of time for the family of the deceased. The Revocable Living Trust can be amended or cancelled at any time.
An Irrevocable Living Trust provides the same protections against probate that a Revocable Living Trust does, but it also provides protection against Estate Taxes and Creditors (with exceptions). However, as the name implies this trust is irrevocable (although in reality it is still revocable, but much harder to revoke or change).
LAST WILL V. TRUST
Both the Last Will & Living Trust specify how your assets are to be disposed after death, who the guardians of your children should be and who will inherit your pets. However, after an individual dies, his or her Last Will has to be “probated” before the assets can be divided as indicated in the Will. This process is costly and time consuming. It is not unheard of to spend over ten thousand dollars and six months probating a Will. This means that your family will not have immediate access to your assets after your death.
The Living Trust, unlike a Last Will, is treated as a separate legal entity. When the Trust is created, your assets are placed into the Trust. After death, probate is NOT necessary, thereby saving your family time, money and stress.
HOW MUCH DOES A TRUST COST?
We charge $3,000 for a Living Trust.
WHAT IS AN ESTATE PLANNING PACKAGE
We charge $3,995 for an Estate Planning Package, which includes the following legal documents:
DO I NEED AN ATTORNEY TO DRAFT A LIVING TRUST?
Legally, no. However, in order for a Living Trust to be legally valid, it has to follow the exact specifications of the law. Failure to follow the exact legal requirements could result in disputes and legal challenges. It could also result in the Living Trust being completely voided.
Is the relatively small amount of money you may save worth the risk of not having a valid Living Trust?