LIVING TRUSTS

In a sense, a living trust is like a basket-it serves as a container for everything you own. It allows you to serve as your own trustee and to manage your affairs while you are alive and well, but then to "pass the baton" to another trustee when you can no longer handle those duties by yourself. All of this is done privately according to your wishes and outside the "heavy hand" of the court system.

Avoiding probate is the primary reason most people decide to set up a living trust for themselves. Once the trust is formed, it is critical that your assets be placed in the living trust "basket" in a process called "funding" the living trust. Working with a qualified and seasoned trust attorney is a key step to avoiding the hassles and expenses of probate.

The Cost of a Will compared to a Living Trust. 

Creating a living trust is a bit more expensive on the front end than creating a will. For example, at Will & Trust Express, our will packages for a couple cost $1,050 whereas a living trust package for a couple costs $1,795, a difference of $745.

But the long-term savings of avoiding probate trough a properly drafted and funded living trust can be enormous. The simplest form of Florida probate, known as a Summary Administration, typically costs $1,500 in attorney fees and $400 in court costs and other expenses. Attorney fees for a conventional probate are typically in the range of 3% of the estate.

Living trusts are not for everyone, but in many cases, they are an excellent investment for you and your family members. Our attorney has decades of experience working with trusts-including five years as the head of a bank trust department-and he can help you make the right decision for your situation.