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Category Archive - Trusts

Why Does A Trust Cost More Than A Will?

There are a lot more documents that are associated with a trust. The trust takes alot more time for an attorney to prepare. It’s more of a comprehensive approach of taking care of all your matters. Making a will is one document, and it’s very quick and usually not very time consuming.

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What Is A “Living Trust”?

A living trust is sometimes called a “Revocable Living Trust”, but it’s a document which you would create through an attorney’s office. You transfer your assets into this living trust. And, the effect of having a proper living trust is that your heirs don’t usually have to go through court after you pass away.

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What Are The Differences Between A Will & A Living Trust?

A Will is a single document that says who you want to be your executor and how you want your assets divided. The Will must usually go through probate. A trust, on the other hand, is different. If properly set up, then the assets of your estate don’t usually have to go through probate.

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Do I Need A Trust Or Is A Will Good Enough?

A lot of people really don’t need a Trust. I know that’s contrary to some of the material that you may have read. The benefit of a Trust is to avoid probate. Well, oftentimes, there’s going to be no probate if someone has only a Will. It really depends on the assets of the estate. If the assets are all jointly titled with someone that actually survives, then, chances are, there is no probate. But, the problem is if both of those people pass away, say in a car wreck, you need to probate the estate in that situation.

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Do I Need A Will Even Though I Have A Trust?

Yes, you should have a will that works with your trust. The objective is to have all of your assets transferred into the trust before you pass away. But, if any of those assets don’t get transferred into the trust, then the will, which is what we call a pour-over will, would collect those assets, and pour those assets over into the trust. The trust specifies who gets what and how your assets are to be divided.

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How Do I Make A Trust?

The best way to do it is to go to an attorney that’s experienced in estate planning and in the preparation of trusts. In theory, you could do it yourself, you could get the documents online, you could buy a kit, but I find that to be a very, very poor idea. As often as not, somebody that does it themself makes a mess and ends up costing more in attorney’s fees to fix the mess, than if they’d just paid an attorney in the first place.

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Can I Make Changes To My Trust?

Absolutely, you can change your trust as many times as you want, while you’re living, as long as you’re mentally competent. It’s very simple to amend the trust.

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