Trusts
A Revocable Living Trust allows you to control where your money goes when you are gone, and to insure the inheritance you’ve worked hard to build will be secure for your spouse, children, grandchildren, and other intended heirs. Times have changed since our parent’s generation. Trusts are now commonly used by people with modest estates of just a house, a retirement plan, two bank accounts, and an insurance policy, who wish to avoid probate or create other specific outcomes with their property (see below).
Compared to a Will, a Revocable Living Trust is often the most efficient, economical, and effective way to transfer your property at your death. The advantages of a Revocable Living Trust when compared to a Will are considerable – a trust is settled without a Court hearing, and your successor trustee simply distributes assets according to your trust instructions using the help of an attorney or other professional to transfer assets as needed. The trust process is quicker and more private than settling a Will. Trusts are often the least expensive choice, costing less to create than what your Will costs to go through probate.
Why should I have a trust?
Most people choose a Revocable Living Trust to also add one or more of the following benefits:
- Safeguard public benefits for a child with special needs
- Protect the inheritance intended for children or grandchildren in case they divorce, die, or are sued
- Provide for Charitable planning
- Protect assets if you or your spouse needs nursing home care
- Plan for care of beloved pets
- Plan for a specific division of property between a spouse and children.
- Ensure beneficiaries use their inheritance for education, a home, or a business
- Allow single parents or unmarried parents to set up trusts for their children
- Shelter the entire estate from the federal estate/death tax.
Do Trusts Need Maintenance?
Trusts usually require no maintenance during your life. While you live you do whatever you wish with the property you have transferred to the Trust, including selling, spending or giving it away. You file taxes as you always have.
What Does a Revocable Living Trust Cost?
Planning a Revocable Living Trust is more expensive than a Will because of the attorney time involved. My basic Revocable Living Trust package is $1,200 for an individual and $1,500 for a couple; this includes a basic Trust, Will, Financial Power of Attorney, and Advanced Directive. Adding any of the specialized Trusts as noted above will increase the cost – together we would determine if a Trust, and what combination of trusts, is right for you.
Please visit the Estate Planning & Administration FAQ page for more information.
Contact Information
Please contact my office to schedule a free initial consultation at (541) 686-2634, or by email at mstylos@stylos-law.com. I look forward to hearing from you.