Is a living trust expensive? 
Not when compared to the costs and loss of 
control that come with probate at death and 
court interference at incapacity. How much you 
pay for your living trust will depend primarily on your goals and what you want to accomplish. 
Be sure to ask for an estimate in advance. 
BENEFITS OF A LIVING TRUST 
•	Avoids probate at death 
•	Avoids multiple probates if you own assets in 
more than one state 
•	Prevents court control of assets at incapacity 
•	Brings all your assets together under one plan 
•	Provides maximum privacy 
•	Quicker distribution of assets to beneficiaries 
•	Assets can remain in trust until beneficiaries 
reach the age(s) you want them to inherit 
•	Can reduce or eliminate estate taxes 
•	Inexpensive, easy to set up and maintain 
•	Can be changed or cancelled at any time until 
your incapacity or death 
•	Difficult to contest 
•	Prevents court from controlling finances when 
minor children inherit 
•	Can protect dependents with special needs 
•	Prevents unintentional disinheriting 
and other problems of joint ownership 
•	Professional asset management if you use 
a corporate trustee 
•	Peace of mind 
Think about this for just a minute. Who knows 
better than you what you own and where all the 
paperwork is located? And if there is a prob- 
lem with a title, wouldn't it be better for you to 
straighten it out now than for your family (and 
attorneys) to try to resolve it without your help? 
One of the benefits of a living trust is that it 
organizes all of your assets under one plan, 
with one set of instructions. What could be 
easier for you and your family? 
Do I still need a will? 
Yes. Your living trust plan should include a 
pour-over will, which acts as a kind of safety net. 
When you die, the pour-over will "catches" any 
forgotten asset and sends it into your trust. The 
asset may still have to go through probate first, 
but it can then be distributed as part of your 
overall plan. Also, if you have minor children, 
a guardian will need to be named in the will. 
If you are your own trustee, you will pay no management fees. Successor trustees are en- 
titled to receive a reasonable fee for their services when they step in for you, although fam- 
ily members rarely accept one. If you name a corporate trustee as your trustee or successor 
trustee, they will start charging a fee only when they start to act. 
Should I have an attorney prepare my living trust? 
Yes, preferably one who specializes in living trusts. An experienced attorney can provide valuable 
guidance and assistance, and assure everything is done properly. 
How long does it take to get a living trust? 
It should only take a few weeks to prepare the documents after you make the basic decisions. 
Then you'll need to change titles and beneficiary designations. 
Do I have to go back to my attorney to change my living trust? 
Only if you change something in the actual document-your trustee(s), successor trustees, ben- 
eficiaries, etc. A major event in your family (marriage, divorce, birth, death, incapacity) should 
prompt you to think about your trust and make appropriate changes. These need to be made by 
your attorney, but they are usually inexpensive to make. You do not need to change the document 
when you buy or sell assets; just title the new ones in the name of your trust. 
Does a living trust protect my assets from creditors? 
Not while you are living. That's because this is a revocable living trust, so you can put assets in 
or take them out at any time. But after you die, it becomes an irrevocable trust, which can pro- 
tect the assets from your beneficiaries' creditors. If you are concerned about protecting your 
assets from creditors or potential lawsuits now, be sure to ask your attorney about some options. 
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