Living Trust Estate Planning Tips

Revocable Living Trust Living Trust Estate Planning Tips

Living Trust Estate Planning Guide

Although estate planning might seem like an intimidating term, in reality it simply amounts to the management of your assets in preparation for emergencies, incapacitation or death. Creating a revocable living trust can be one of most effective tools when it comes to estate planning because it deals with your assets during your lifetime and is a good way to plan how you want to distribute your belongings.

With the help of DoNotPay you can now create a living trust easily, quickly and effectively. This article will help you discover everything you need to know about living trusts, including the different types, and the best way to go about creating one. 

Why Do I Need a Living Trust?

Here are some of the reasons why creating a revocable trust is a great way to help you manage your estate:

Control of Your Assets

  • Accumulating your assets probably took time and effort, so it can be equally important to know who will benefit from them.
  • Using a living trust can be a great way to organize your assets and distribute them in a fair and clear manner while you’re still around. This can also help avoid any confusion later on. 

Avoiding Probate 

  • Probate is the legal term for when a court takes charge of a person’s assets after they have passed away and makes decisions as to how these assets will be distributed. 
  • Individuals with a living trust are exempt from having their estate go through probate. 

Is a Lawyer Required to Create a Living Trust?

Creating a living trust can be slightly harder than other forms of state planning, such as writing a will for example. This is because a living trust requires you to transfer your asset into the trust itself so that it can be considered valid, and therefore there are more details to manage. 

A lawyer can help you with creating the document and managing the specifics, but the fees can be quite high. The average lawyer can charge anywhere from $250 to $350 for just an hour of their service, so we recommend skipping the heavy fees and instead relying on DoNotPay to handle the workload and the legal expertise for a much more reasonable fee. 

Understanding The Difference Between A Revocable and Irrevocable Trust

Flexibility to Make Modifications:

  • Making a trust can be a big decision, particularly considering that it is legally effective. An irrevocable trust is far more definite than a living trust, meaning that it cannot be changed or altered once the document has been signed and notarized - even if you change your mind about certain details.
  • A revocable trust is definitely a better option in terms of flexibility. 

Ownership of Property 

  • If you are creating a living trust with your business, property, or finances in mind, then a revocable living trust allows you to continue to manage these assets even after the document has been signed.
  • With an irrevocable trust, the opposite situation occurs. Once the trust is signed and notarized you lose all possession and authority over the assets you have included within the document. These all technically become owned by the trust itself, and are only transferred once the trust distributes the assets.
  • This loss of authority (and the inability to change or revoke the decision) make using a revocable living trust a better option for anyone who wants to have a say in their land, properties, vehicles, bank accounts, etc. 

Creating A Living Trust Using DoNotPay

The advantage of creating your living trust with DoNotPay is that you will avoid both the unreasonable fees from attorneys, and the time-consuming hassle of doing the work on your own. DoNotPay guarantees that your living trust will be a formal and accurate legal document, keeping your specifications and desires at the forefront of it all.

Here’s how it works: 

  1. Log-in to your DoNotPay account
  2. Click the Revocable Living Trust option
  3. Tell us where you reside
  4. Provide details about your trustees, beneficiaries, and assets. You can also allocate properties to be donated!
  5. Tell us which state you are getting the trust notarized in

DoNotPay Can Make Living Trusts for Any State

New YorkOklahomaIndiana
IllinoisMarylandSouth Carolina
Washington StateNew JerseyLouisiana
ArizonaNorth CarolinaUtah

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