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A living trust is similar to a will except that a living trust is not subject to probate proceedings and generally do not involve the court at all. Living trusts are also more in depth, cost quite a bit more than a will to be prepared and may require more upkeep than a standard will. If you are unsure of whether you need a living trust as opposed to a will, you may want to consider a few things.
Most property can be transferred through deeds or transfer on death documents to avoid probate proceedings. If your main concern is just to avoid probate when you die, you may want to stick with a standard will document.
If however, you want to designate alternate beneficiaries in case your primary beneficiary dies, you may want to consider a living trust. Other considerations to make when deciding between a will and a trust are as follows:
How much money is involved? Large estates as well as wealthy estates may wish to prepare a living trust to avoid probate proceedings. Probate can cost quite a bit of money, and avoiding it allows more of the estate to be distributed to the heirs.
How old are you? Living trusts are especially beneficial for those that aren’t expecting to live longer than 10 or more years. If by some chance, you should die at a young age, a will is usually sufficient in carrying out your wishes. The cost of probate in the next 40 years is difficult to estimate and may not be worth the extra money a trust document would cost you right now.
What Is Your Relationship Status? Married people generally do not have to worry as much about probate as most of the assets will be transferred to the surviving spouse upon death. Even if you do have to go through probate, it is usually a shorter and less expensive process for surviving spouses.
Do You Own a Business? If you own large assets such as a business, you may want a trust agreement to avoid a complicated probate proceeding that would tie these assets up for a longer period of time.
When choosing between a living trust and a will it is best to weigh the costs of a cheaper will or avoiding probate in the future. If you are unsure about estate planning, contact an attorney to help you decide.
What else can I help you with?
My mom died last year. We never had a funeral service. Wasn't the trustee supposed to handle the funeral?
You need to review the trust to determine what the trustee was supposed to do.You need to review the trust to determine what the trustee was supposed to do.You need to review the trust to determine what the trustee was supposed to do.You need to review the trust to determine what the trustee was supposed to do.
Is a beneficiary required to accept any form of payment the trustee mandates from an trust?
You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.
How does the executor in a living trust remove a family member from property?
A trust doesn't have an executor. A trustee manages a trust according to the provisions set forth in the instrument that created the trust- the Declaration of Trust. You need to review that declaration to determine what the trustee can do and how.
Is it illegal for your brother who was made trustee in mothers living trust to file a quick claim deed?
Your brother's powers as trustee are set forth in the trust document. You need to revew the trust to determine what he can and cannot do.
What does the Revocable Living Trust provide?
A revocable living trust is very similar to a living will. The owner of money or property can determine what happens to their estate after their death.
What happens if the beneficiary of a california living trust dies before the estate is settled?
There is a disconnect here. A living trust is not related to an estate. The wording of the trust and perhaps the will associated with the individual will determine what the expectations are.
Can the surviving Trustor change the Co-Trustees of the decedent Trustor's trust?
The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.
How do you close out a living trust?
You need to review the terms of the trust to see how it can be terminated.
Do I need a living trust?
If you are already writing a living will so you don't have to worry about your estate in the future it is a good idea to write a living trust as well. For more information about living trust http://www.legalzoom.com/living-trusts/living-trusts-overview.html and scroll down to where it talks about living trust.
Living Trust Revocation?
Get StartedThe Living Trust Revocation is a document used to revoke a living trust or joint living trust. The Revocation can be used to either dismantle the entire plan of using a revocable living trust or to revoke the "old" living trust in preparation for preparing and signing a "new" living trust. However, if a new living trust will be created, and if it will have the same number of grantors as the revoked living trust, consider amending and restating the existing living trust instead of revoking it. If the living trust is merely restated and not revoked/replaced, the assets already transferred to the living trust will remain in the living trust, avoiding the need to transfer each of them. (See this program's Living Trust or Joint Living Trust documents and select the option to "Amend" the Trust.)
What happens when two beneficiaries will not consent to an early termination on a trust?
You need to review the trust to determine how it can be terminated. If you don't find your answer there, or if that answer is not helpful, then you need to bring the matter to court and seek a court order that terminates the trust.You need to review the trust to determine how it can be terminated. If you don't find your answer there, or if that answer is not helpful, then you need to bring the matter to court and seek a court order that terminates the trust.You need to review the trust to determine how it can be terminated. If you don't find your answer there, or if that answer is not helpful, then you need to bring the matter to court and seek a court order that terminates the trust.You need to review the trust to determine how it can be terminated. If you don't find your answer there, or if that answer is not helpful, then you need to bring the matter to court and seek a court order that terminates the trust.
Can a beneficiary of a trust be bought out and if so does a buy out agreement need to be recorded?
You need to review the provisions of the trust to determine if the trust allows a "beneficiary buy-out".
