No. We include testamentary trusts. Within the Will you can create a trust for a minor beneficiary as well as lifetime interest trusts for spouses. We do not support the creation of Living Trusts. In general we feel that these are complicated estate planning documents that should be created in consultation with an estate planning attorney. We would not recommend trying to prepare your own Living Trust.
The Living Trust is an estate planning document used as a strategy to reduce probate fees. Probate fees usually increase incrementally as the size of the estate grows. Creating a Living Trust moves your assets out of your estate so that the probate fees are reduced. However, probate fees vary dramatically from State to State, and in some States they are really not very much at all. Often times the administrative and legal costs of setting up a Living Trust by far outweigh the savings in probate fees.
Everybody needs a Will. We recommend that you prepare your Will, financial Power of Attorney and Living Will. Then if at a later date you feel that your estate would benefit from the creation of a Living Trust, you can do this. Your core estate planning documents would be entirely unaffected by the addition of a Living Trust. Probate fees vary by State and are often not as bad as people are led to believe by estate planning attorneys. Oftentimes the cost of setting up the Trust is greater than the saving on probate fees.
Article ID: 6, Created: 7/19/2017 at 12:52 PM, Modified: 9/14/2017 at 11:05 AM