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A living trust is designed to allow for the easy transfer of the trust creator or settlor's assets while bypassing the often complex and expensive legal process of probate. Living trust agreements designate a trustee who holds legal possession of assets and property that flow into the trust.

The living trust does not pay income tax on income that is distributed to the trust beneficiaries during the tax year. The beneficiaries pay income tax on the income they receive from the trust. If the living trust does not distribute all of its income, it must pay income tax on the undistributed income.

A trust can remain open for up to 21 years after the death of anyone living at the time the trust is created, but most trusts end when the trustor dies and the assets are distributed immediately.

Living Trust Like a will, a trust will require you to transfer property after death to loved ones.Unlike a will, a living trust passes property outside of probate court. There are no court or attorney fees after the trust is established. Your property can be passed immediately and directly to your named beneficiaries.

A living trust primarily helps individuals maintain greater control over their assets and have their wishes carried after they die. A living trust can help save the expense and delay of probate, which can last as long as three years and take up to 10-to-15% of an individual's estate's value.

Although there is no hard and fast rule on how often you should update your trust, conducting an annual review of the trust and asset schedule is recommended. In most situations, updates are typically needed every 3-5 years. Circumstances change. There will always be changes in the law especially the tax laws.

We also reserve the right to modify our fees at any time. Typical pricing is as follows: $300 to Amend Nomination of Successor Trustees & Executors. $400 minimum to Amend Gift, Inheritance & Beneficiary Provisions.