As part of your estate planning<\/a>, the documents in a living trust help to distribute your estate to your heirs upon your incapacitation or death. It is called a \u201cliving\u201d trust because it is established while you are alive.<\/p>\n This written agreement is also often \u201crevocable\u201d \u2013 meaning that you can change terms and conditions of it as long as you are mentally competent.<\/p>\n A living trust documents who should receive your assets if you are unable to use them, because of illness, injury, death, or some other condition. To best protect you, your assets, and the beneficiaries, the living trust also puts in place a neutral third party. This “third party” is someone you choose to act on your behalf to make decisions about your estate if you can’t.<\/p>\n This third person \u2013 the \u201ctrustee\u201d \u2013 is the person you choose to manage your estate and your affairs if you are unable to do so. You can name any mentally competent adult to act as your estate\u2019s trustee. And, you can choose multiple trustees who have to work together to agree on actions<\/a> with assets inside the trust. A trustee can buy, sell, mortgage, or give away assets within the trust \u2013 they can fully manage the assets as if they were the owners.<\/p>\n In case of illness, injury, or mental incapacity, you may not be able to manage your own affairs. You may not be in the proper condition to maintain, sell, buy, or divvy up your properties according to their best interests, and you may not be in a position to even choose someone on your behalf to do so.<\/p>\n When you\u2019re planning your long-term estate management, a living trust is one of the best things you can do. Assure that no matter the situation you are in personally, your assets will be well-looked-after by someone you trust. A living trust can\u00a0 simplify the probate process<\/a> on your death with plans to take care o your assets under every circumstance.<\/p>\n First and foremost, consider how you are going to \u201cfund\u201d your estate. Your estate can be comprised of assets that already exist, and it doesn\u2019t need to have an ongoing cost associated with it. Once the paperwork is in place and the trustee(s) are set up, the assets that are listed do not need to be added to, unless you see a reason to do so in the future.<\/p>\n The costs for establishing a living revocable trust<\/a>\u00a0varies from state to state, depending on laws, and can also be affected by the size of the estate.<\/p>\n The national average cost for a living trust for an individual is $1,100-1,500 USD. The national average cost for a living trust for a married couple is $1,700-2,500 USD.<\/p>\n Part of the reason for this range in prices is the range of services that are available from various estate planning attorneys. Different attorneys may offer different\u00a0protection or different documentation. Make sure that when you\u2019re shopping for an attorney that you don\u2019t consider cost as the most important factor.<\/p>\n The bottom line: Attorneys set up the best living trusts<\/strong><\/p>\n![\"Choosing](\"https:\/\/dougnewbornlawfirm.com\/media\/Depositphotos_230780834_xl-2015-1024x683.jpg\")
<\/p>\nWhat does a living trust do? <\/strong><\/h2>\n
Establishes beneficiaries<\/em><\/h3>\n
Establishes trustee(s)<\/em><\/h3>\n
Why get a living trust? <\/strong><\/h2>\n
The costs of living revocable trusts<\/strong><\/h2>\n
![\"Living](\"https:\/\/dougnewbornlawfirm.com\/media\/Depositphotos_118287192_xl-2015-300x228.jpg\")
Funding the trust<\/em><\/h3>\nHiring an attorney<\/em><\/h3>\n
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