The common misconception about trusts is that they’re only for wealthy people. Estate planning and creating a trust can be beneficial for anyone with assets or property, and essential for anyone with assets totaling $150,000 or more.
It is highly encouraged to get help from an experienced estate planner with an elder-law attorney when drafting a living trust. Each state has its own requirements for making trusts valid, so if you aren’t sure about your state’s laws, it’s best to seek professional and experienced assistance. The price range for creating a living trust in the desert is approximately $3,000 to $8,000.
Living trusts are a way to avoid probate and ensure that your assets will be distributed according to your wishes after you die. Probate is the legal process by which a court-appointed executor or administrator gathers your assets, pays your debts, and distributes your property to your beneficiaries.
The probate process can also cause your beneficiaries a significant amount of time, anywhere from 6 to 30 months. Finally, a Living Trust saves a significant amount of money when compared to going through the probate process which costs a minimum of 3% of the total value of your estate and sometimes more. For example, if your estate was precisely $150,000, at 3% it would cost your heirs a minimum of $4,500 to get out of probate. This is approximately 2.5 times more expensive than a trust created with my company, PEACEofMINDRetirementPlanning.
Even though a living trust typically costs more to set up than a will, it can save your loved one’s time, money, and stress in the long run. By putting your assets into a living trust, you can designate a trustee to manage the property and distribute it according to your wishes upon your death. This can be a good option if you have a large estate or if you want to give someone specific instructions about how you would like your assets to be used. Also, keep in mind, if your assets total more than $150,000, a will is a straight line to guaranteed probate. Living trusts can also be useful if you become incapacitated and are unable to make decisions about your property. If you are considering setting up a living trust, it is important to consult with an experienced estate planner and an elder-law attorney to ensure that it is done correctly. A Revocable Living Trust lets you determine how your assets will be distributed after death. It also saves your beneficiaries significant time not having to go through probate which can last 6 to 30 months, and makes the process easier for your beneficiaries. Finally, a Living Trust saves you significant money when compared to going through the probate process which costs a minimum of 3% of the total value of your estate.
In addition, a living trust can provide significant peace of mind, knowing that your assets will be taken care of according to your wishes. As you weigh the costs and benefits of creating a living trust, be sure to consult with an experienced elder-law attorney to get the most accurate information for your situation.
Important legal definitions for you:
- PROBATE Means of proving a will
- INTESTATE: A person dies without a will
- WILL: Your golden invitation to the probate court
If a person dies without a will, then the State of California has written a will for them. It is called the “probate code”. It typically distributes along blood-lines. This could be an outcome you do not want. Try to remember that a Living Trust is a minimum investment while probate is a major expense. YOU are the one to choose!
PEACEofMINDRetirementPlanning, will assist you in creating a LivingTrust using an elder-law attorney for only $1,795.
Call us today at PEACEofMINDRetirementPlanning 888-887-2581to set up your Living Trust.