Living Trust is a written agreement describing someone responsible to manage your property. It is revocable because you can change or dissolve the trust at any time at your own discretion for any reason.
Generally, a trust may involve three parties – the creator, the trustee or trustees who agree to manage your assets and the beneficiaries. A trustee will have the power to deal with your assets, sell, and exchange, invest.
Is there a difference between a living trust and a will?
A will and a living trust both contain your property information such as who gets what, when they get it, and how. A will indicates how your property will be distributed at the time of your death. It also allows you to appoint a guardian for your minor children.
While a living trust provides lifetime and after death property management. Livings trusts also are used to manage property. If a person is affected by an accident or illness, the trustee can manage the property. So, that the expense, publicity, and inconvenience of the court – supervised distribution of your estate can be avoided.
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Is there a need for an attorney to prepare a living trust?
Preparing a living trust or managing anything related to Estate Planning can be challenging and a tedious task. Therefore, it will be beneficial to take the help of a Will and Trust Attorney.
An attorney specializing in this field will draft living trusts, develop a plan to mitigate or avoid estate taxes and ensure that your savings and assets are safe after your death.
How much does it cost to set up a living trust?
The price would depend on the complexity and size of the assets and the geographic area. The fee could be as little as a few hundred dollars.
You may get in touch with Liz Durkin, a well-known Will and Trust Attorney for any help regarding Estate Planning.