Estate Planning
Will & Trust
Our most popular package! For only $600, the Living Trust in this package will protect your assets by minimizing the sometimes lengthy probate process. Probate is a court process that involves distributing the assets of the deceased person’s estate to his or her loved ones. Assets held in a Living Trust are not subject to probate. The Living Trust also protects your children’s inheritance by managing money for minor and young adult children until they are old enough to handle the responsibility themselves.
Package Includes
Last Will & Testament
Revocable Living Trust
Probate Avoidance and Children’s Trusts
Durable Financial Power of Attorney
Healthcare Surrogate Designation
HIPAA Authorization
Advance Directive/Living Will Pet Trust
Cloud storage
Spouse plan included
What is Revocable Trust?
A revocable trust is a document (the “trust agreement”) created by you to manage your assets during your lifetime and distribute the remaining assets after your death. The person who creates a trust is called the “grantor” or “settlor.” The person responsible for the management of the trust assets is the “trustee.” You can serve as trustee, or you may appoint another person, bank or trust company to serve as your trustee. The trust is “revocable” since you may modify or terminate the trust during your lifetime, as long as you are not incapacitated.
Your assets, such as bank accounts, real estate and investments, must be formally transferred to the trust before your death to get the maximum benefit from the trust. This process is called “funding” the trust and requires changing the ownership of the assets to the trust. Assets that are not properly transferred to the trust may be subject to probate.
Difference between Will and Trust
Will and Trust are legal instruments that ensure your assets pass to heirs according to your wishes. The main difference between wills and trusts is that wills take effect after you die, while trusts can take care of your assets while you’re still alive.
Also, trusts can help an estate avoid probate, the court process for distributing your property; wills, on the other hand, typically must go through probate. Generally, you may need a will if you're married, have kids or own property. Setting up trusts is an extra step that can make sense if you have a large or complicated estate, or if you need more control over how assets are distributed.