Transform Your Legacy with Ultimate Living Trust Solution

Setting Up a Living Trust

Creating a living trust involves several steps, starting with drafting the trust document. This document outlines the terms of the trust, including the trustee, beneficiaries, and how the assets will be managed and distributed. You will need to transfer ownership of your assets to the trust, which may involve retitling property deeds and updating account ownerships. It's advisable to consult with an estate planning attorney to ensure that the trust is set up correctly and complies with state laws.

The cost of setting up a living trust can vary depending on the complexity of your estate and the fees charged by legal professionals. On average, you might expect to pay between $1,000 and $3,000¹. However, this investment can lead to significant savings in probate costs and time down the line.

Living Trust vs. Will

While both a living trust and a will are tools for estate planning, they serve different purposes. A will is a legal document that outlines how your assets will be distributed after your death and allows you to name guardians for minor children. However, it must go through probate, which can be a public and lengthy process. In contrast, a living trust avoids probate and offers greater privacy and control over your assets during your lifetime and after your death. Many individuals choose to have both a will and a living trust to cover all aspects of their estate planning needs.