Effortlessly safeguard your future with expert living trusts
Types of Living Trusts
There are two main types of living trusts: revocable and irrevocable. A revocable living trust allows you to retain control over your assets and make changes to the trust as needed during your lifetime. This flexibility is particularly beneficial if your financial situation or family circumstances change.
On the other hand, an irrevocable living trust transfers ownership of your assets to the trust permanently. While this means you relinquish control over the assets, it can offer significant tax advantages and protection from creditors3.
Costs and Considerations
The cost of setting up a living trust can vary widely depending on the complexity of your estate and the professional fees involved. On average, you might expect to pay between $1,000 and $3,000 for a basic revocable living trust4. While this may seem like a significant investment, the potential savings in probate costs and the peace of mind it provides can make it a worthwhile expense.
When considering a living trust, it's essential to consult with a qualified estate planning attorney who can help you navigate the legal intricacies and ensure that your trust is set up correctly. Many firms offer free initial consultations, providing an opportunity to discuss your needs and explore your options without any financial commitment.