Do I Need a Living Trust?

Do I Need a Living Trust?

Assets placed in a revocable living trust go directly to your heirs when you die, bypassing the sometimes lengthy and costly process of probate. living-trustsThat can make a living trust a valuable estate planning tool if, for example, you plan to disinherit one of your children or leave unequal amounts to your heirs. If your estate goes through probate, heirs can go to court to contest the terms of your will. If you own a vacation home or other property in another state, a living trust can let you avoid having to go through probate in two states. You normally name yourself trustee and retain the authority to manage property in the trust. You must also name a successor trustee to handle the distribution of assets after you die. The cost to set up a living trust varies depending on your location, but it typically ranges from $1,000 to $1,500 for an individual or $1,200 to $2,500 for a married couple.

Fox Peterson has a number of qualified estate attorneys we can refer to.