Why Create A Living Trust?
For most people, estate planning usually begins with the creation of a Will. We can help you create a will, but there are more comprehensive options out there. A living trust provides added benefits not available with a Will.
A Will communicates how you would like your assets distributed upon death and who you want to administer your estate. However, a Will must go through the public proceeding known as probate court, which the state controls. A living trust (sometimes called an inter-vivos trust or revocable trust) avoids probate and allows you to retain control of your estate before and after your death.
How Does a Trust Work?
A living trust enables you to plan for more than the distribution of assets at the time of death. This asset management allows you to select a trustee who can take over when you are incapacitated or close to death. With a living trust, you can change your instructions along the way, retaining control throughout your lifetime.
The Key Benefits Of A Living Trust
Avoid Probate
Probate proceedings can take up to a year or longer! Until the court approves the distribution, assets are typically "frozen." It can easily cost from 3% - 7% or more of the total estate value to go through this process.
Unlike a Will, assets included in a living trust are not subject to probate. This avoids possible months or even years of delays and expensive executor and legal fees. A successor named in the living trust document (“Trustee”) can then administer your estate to transfer your assets to your loved ones when and how you want.
Plan For Disability
If a court finds that a person cannot make any or all of their important life decisions, that person can be considered incapacitated. With a living trust, the chosen successor takes charge without much delay.
If you can no longer effectively look after your estate or you become incapacitated, your named successor trustee can manage your financial affairs without the expense and delays associated with conservatorship proceedings. A Will on its own doesn’t account for this — your loved ones would have to ask the court to appoint a conservator to manage your financial affairs, which is less cost and time-effective.
Greater Privacy
In addition to the expense, probate is public. All information about a deceased person's assets, liabilities, beneficiaries, and personal representatives is a matter of public record.
If privacy is important to you or your beneficiaries, a living trust is more secure than a Will because it remains a private document. Conversely, a Will must be filed with the probate court, making it a matter of public record. This means that both the enterprising and the ill-intentioned can access your information for either commercial or nefarious purposes.
Beyond Probate
Leave A Legacy
Do you want to support charitable causes with your hard-earned money? Our team can help you consider charitable giving options that allow you to support your favorite causes and enjoy the tax benefits while maintaining control of your contributions. Our financial team can provide you with the financial guidance, and our legal team can provide you with the legal guidance necessary to save you the headaches of navigating charitable contributions on your own.
Not All Trusts Are Created Equal
Not all trusts are created equal. There are different types of trusts with varying features and benefits. Our attorneys can help you decide the right choice for your circumstances.
Why Our Trusts Are Built Better
| Features | Our Trusts | Discount Trusts |
|---|---|---|
| Avoid probate (If properly funded) | YES | MAYBE |
| No charge for emails and phone calls with an attorney | YES | NO |
| Trust funding – including out of state property | YES | NO |
| No contest / alternative dispute resolution procedures | YES | NO |
| Coordination with banks/financial institutions | YES | NO |
| Integration of business interests with an estate plan | YES | NO |
| Communication with other professionals like CPA’s | YES | NO |
| Attorney – client relationship / estate planning expertise | YES | NO |
| Notifications of changes in the law | YES | NO |
| Solutions for clients with no children / no trustees | YES | NO |
| Advanced planning advice – charitable, business, etc. | YES | NO |
| Special needs provisions | YES | NO |
| Estate tax minimization provisions* | YES | NO |
| Creditor, divorce, substance abuse protection for heirs* | YES | NO |
| Sub-trusts – heirs can manage independently* | YES | NO |
| Trust protector provisions* | YES | NO |
*Additional legal work. A separate fee may be incurred.
When It’s Time to Update Your Trust
Estate planning helps set you and your heirs up for success. We recommend examining and tweaking your estate plan at least every 3-5 years, or sooner if you know you need to make revisions have a significant change in your financial situation or when you have a significant life change, such as the birth of a child or health challenge. Investing in a living trust estate plan ensures your plan is in place, no matter what surprises life brings.
We make it easier
Expert Planning
Decades of legal trusts & estates experience; featured on ABC News, NBC News, Bloomberg Law, and FOX News.
Transparent Fees
Fixed-fee pricing for all services with absolutely no hourly rates.
Unlimited Access
As many phone calls, emails, meetings, and reviews as it takes for you to feel comfortable and confident about the plan.
Ask Us Anything
From estate planning to asset protection, Trajan attorneys are your trusts & estates experts, here to help plan for a successful financial future. Get started now with a complimentary consultation.
