Agent

Are there disadvantages to living trusts?

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

In addition to the up-front cost of having an attorney prepare your living trust (usually far less than probate costs), unless you elect the do-it-yourself alternative, there are other aspects to consider: 1 – Cost and inconvenience of "funding" your living trust. Preparing the living trust document is relatively simple. You can also hire an attorney who is experienced with living trusts. Purchase Bob Bruss reports online. But a living trust without assets is worthless! Some lawyers quickly prepare living trusts, often using computer software programs, and then tell their clients, "Be sure to transfer title to your home and other assets with a deed or title into your living trust. Good bye!" Unfortunately, many trustors fail to deed their real estate assets from themselves to their living trust. Incidentally, most people name their living trust for themselves. Why? No law requires that. Instead, why not name your living trust for your address, such as "251 Park Road Living T...