SmartMoney, a site about financial questions, recently addressed a person’s question about creating a trust and whether an attorney was needed. We liked the answer and are passing on the information as well.
The individual asked whether a revocable living trust could be created without an attorney. The answer is “yes.” A revocable living trust isn’t typically subject to “probate,” which means there won’t be the length of time that it will take otherwise to validate a will and resolve claims against the estate before assets can be distributed.
Living trusts include a so-called successor trustee, and instructions on how to distribute assets when you die. Revocable means that those establishing the trust can dissolve or alter it.
Creating a living trust is easy to do independently, such as with Living Trust and Will. The key is to have detailed instructions and the support if you have questions when utilizing the estate planning documents. By doing it yourself, you will save significant money in the process.
If you are fortunate enough to have more than $5 million in assets—enough to incur estate taxes—you may want to consult with an attorney. Other exceptions may be if you want to establish a highly complex trust or one that requires a number of specific conditions to be met. But for the majority of Americans, the documents for establishing a living trust and will are straightforward and simple. The decisions are the ones you will need to ponder. But once these documents are in place, you will have great peace of mind in knowing that you have established the path of your choice for the future of your assets.
Give us a call today or submit your information on our website electronically to see how you can get started with establishing a revocable trust and saving money in the process.
{ 0 comments }
But while a will is utilized following a death, a living trust is a document that can be put into play while you are alive and benefit you and loved ones now. And sometimes this is where people get confused. There is a so-called “life and death” difference between the two. It is a trust that is established during your life and is revocable, meaning changes are allowed. It is not intended as a document that can never be reviewed or changed.
