Frequently Asked Questions

Question 1

What’s the difference between a last will & testament and living trust?

Accepted Answer

A last will is quicker and easier to set up, but it needs to go through the court probate process after your death. Probate court can be time consuming and expensive, depending on your state. 
A living trust allows your loved ones to avoid the potential hassle of probate court. But trusts require you to change the title to most of your assets, which means more paperwork and ongoing maintenance.

Question 2

What is probate?

Accepted Answer

Probate is the legal process through which the court oversees how an estate and assets will be distributed. While there are many benefits to having oversight of the process by the probate court, it can be time consuming and expensive depending on your state. 
If you create a last will, your assets will be distributed to your named beneficiaries as part of the probate process. If you create a trust, your assets will be distributed to your beneficiaries without going through the probate process.  
In many states, probate may not be required if the estate is of minimal value.

Question 3

Can I transfer property into and out of the trust while I'm alive?

Accepted Answer

Yes. If you have an individual living trust, you can transfer assets and property, including real estate, whenever you like. Likely, you’ll be your own trustee while you’re still alive. After your death, it will transfer to your successor trustee, appointed by you. Joint trusts require your co-trustor's consent for co-owned property.

Question 4

What is a revocable trust?

Accepted Answer

A revocable living trust can be changed by the person(s) that created the trust. You can change a revocable living trust by amending it or revoking it. An irrevocable living trust, on the other hand, cannot be amended or revoked.

Question 5

Do I still need a will if I have a living trust?

Accepted Answer

Yes, you should have a last will for property that may not have been transferred to your trust. Our living trust includes a pour-over will to help ensure that all of your assets are distributed to your beneficiaries. The will lets you name guardians for your minor children.

Question 6

Will a living trust remain legal if I move to another state?

Accepted Answer

Yes, a living trust is valid in all 50 states, no matter where it's created and signed. You should consider talking to a living trust attorney licensed in the new state to make sure it’s up to date. If you buy real estate or acquire assets in your new state, be sure to transfer it into your living trust.One way to make changes to a last will, without revoking it entirely, is to make a codicil, which is an amendment to a last will. A codicil to a last will must be signed and witnessed in the same way as the original last will. If you ever want to amend your last will, you need to follow the same signing requirements each time or else your last will may not reflect your current wishes and could be more subject to dispute.

Question 7

Do I need a lawyer to prepare my living trust?

Accepted Answer

No, it’s not legally required for a living trust attorney to prepare your trust. That said, every person has different needs and you may want to ask an attorney for help, especially if your estate is large or complicated or you have a child with special needs. Some of our living trust packages include attorney advice—unlimited 30-minute calls on new legal matters.

Avoid probate court with a living trust