What is a Revocable Living Trust?

Posted by smith clea on February 13th, 2020

A revocable living trust is a legal document that appoints a “trustee” to administer your property during your lifetime and outlines how to transfer your property to your beneficiaries after your death.

Most people use a trust attorney to create a revocable living trust due to the complexity of the document. You communicate your wishes to your trust lawyer and they will create the legal document based on your unique needs.

The living trust will give detailed instructions on how your money and property is to be managed and distributed in case of your death or incapacitation.

A will and trust attorney is often required for two major scenarios:

• You want to create a will, trust, or comprehensive estate plan so that you can protect your assets and ensure that they pass to your beneficiaries according to your wishes.

• You did not have a will, trust, or estate plan in place when you died. In this case, your family will need to go through the probate court process to inherit and get access to your assets. A trust attorney helps you navigate probate and resolve any legal issues so that your family can access their inheritance.

Living Trusts Are Complex Documents, But A Trust Attorney Can Help

Trusts are complex documents, but a trust lawyer can help you understand the legal nuances. Additionally, they ensure that the document is drafted properly to give you the required protection you seek. Furthermore, they can provide witness and notary services to make sure the trust is legally binding.

Evaluating Cost When Considering Which Estate Plan Is Right For You

While considering an estate plan, many people want to know if a will or trust is best for them. For some people, cost is the most important factor. At first glance, a trust  may appear to be more expensive than a will if you hire a will and trust attorney. However, long-term a will often times ends up being more expensive. This is because a will must go through probate.

The probate process can be long and it can cost you much more in legal fees than a living trust. This factor should be taken into account when deciding between a will or a trust.

The Cost Of Drafting A Living Trust

The cost of drafting a living trust varies depending on city and state. Additionally, legal fees may vary depending on the attorney and the complexity of your estate.

If you know you need an estate plan and you’re trying to determine if  a will or a trust is best for you, contact the office of a trust attorney to see if they provide initial consultations.

An initial consultation allows you to ask any questions you have about estate planning process. It also helps build a comfort level and familiarity with the attorney. Lastly, it allows the attorney to get a better understanding of your situation so they can best advise you on which estate planning tool would be right for you, along with an accurate quote.

At the end of the initial consultation, you should have a pretty good idea of what type of estate plan is best for you and all of the associated costs.

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