Living Trust Insert Value Choice For Free

A living trust is an important part of your estate plan. Most people can create a living trust without an attorney using software or an online service.

An estate plan that includes a trust costs $1,000 to $3,000, versus $300 or less for a simple will. What a living-trust promoter may not tell you: You don't need a trust to protect assets from probate. You can arrange for most of your valuable assets to go to your heirs outside of probate.

Living trusts keep your assets out of probate court if you pass away, because the trust technically owns everything. The person you name as the trustee takes over your assets and acts according to the wishes you laid out in the trust. However, not all of your assets can or should go into a living trust.

Trusts and Bank Accounts You might have a checking account, savings account and a certificate of deposit. You can put any or all of these into a living trust. However, this isn't necessary to avoid probate. Instead, you can name a payable-on-death beneficiary for bank accounts.

If you create a trust that takes effect while you are alive - known as a living trust or inter vivos trust - it will cost at least $1,000 to set up and establish.

This should include the titles and deeds to real property, bank account information, investment accounts, stock certificates, life insurance policies, and other assets you will be using to fund the trust.

A living trust becomes valid only after the grantor funds the trust by transferring assets into it. The specific process for moving assets into the trust depends on the type of property involvedchanging title for real estate or assigning ownership rights of intellectual property, for instance.