Setting Up a Living Trust

Lailah Mo
Oct 15
2 min read

You've got assets and you want to make sure your family avoids probate, right? The solution is to set up a living trust.

Setting up a living trust

It's a simple process, but it requires you having some idea of how you want to distribute your assets, who your trust executor will be, and your health care directive.

Here Are Some Benefits to Creating a Living Trust

Privacy (probate is public)
Avoid costly legal fees
Greater control over how and when your assets are distributed
Avoid probate court
Maximize tax savings
Plan for incapacitation
Asset protection for heirs
Specify advance medical treatment
Peace of mind
Comforting your loved ones that they are following your wishes

Living Trust Lawyer

It's often assumed that you need a living trust lawyer to create your living trust, but it's not necessary. A living trust preparer can do that for you, but in certain cases you may want to discuss more complicated issues with an attorney.

Cost to Do a Living Trust

The cost of creating a living trust depends on different factors. Usually going through an attorney will be the most expensive. Sometimes they will charge whether you're married or single and how may properties you'll be including in the trust.

Estate Planning and Trusts

Setting up your trust is the first part. You want to make sure you fund your trust like ensuring you update the deed on your property. You'll want to decide whether you want your financial assets to be funded in your trust. If you go that route, you'll want to make sure you get a Payable on Death (POD) and Transfer on Death (TOD).