Living trusts are for some people excellent estate planning tools. While a living trust does not eliminate the need for a will, it does facilitate the probate process later, and still allows for use of the assets if you become incapacitated. A Conroe Living Trust Attorney can help you determine whether a living trust is right for your needs, and help you through the process of setting it up.
What Is a Living Trust?
When you create a living trust, ownership of the assets you place in it is transferred to the trust, itself. You are able to transfer assets into it, and name yourself as the trustee for the time while you are still alive. You will stipulate a successor trustee for after you die.
Your Conroe Living Trust Attorney will tell you that one of the significant challenges for beneficiaries is having to wait for probate to close before receiving assets. The living trust eliminates this problem. You can transfer all of your assets into the trust, including real estate, cash, precious jewelry, stocks and bonds, etc.
How Much Does It Cost?
The bottom line for anyone is cost. However, the cost of setting up a living trust can vary widely, depending on a number of factors. These include:
- Whether you live in Texas or another state
- How many beneficiaries you name
- The types of assets you place in the trust, as well as the value of each
Your Conroe Living Trust Attorney will be able to give you a more definitive idea of how much it will cost in your particular case. A good rule of thumb is, the more complex the living trust is, the more expensive it likely will be.
A Living Trust Attorney Can Help with Your Living Trust
A key to effective estate planning is to have an experienced and dedicated Conroe Living Trust Attorney in your corner who can guide you to the optimal use of your assets. Call Peterson Law Group today to arrange a consultation at 979-703-7014 or 936-337-4681.