For most individuals and families, a living trust forms the cornerstone of their estate plan. But why? What is a living trust? Why do you need a living trust? And what is the process of creating a living trust? 

One thing a living trust is not is just a document you download from the internet. Each living trust should be personalized for your exact situation. The worst possible scenario is thinking you have a valid legal document, until your heirs and beneficiaries find out the hard way that you don’t. Do you own a business? Do you have minor children or a loved one with special needs? Are you going through a divorce?  All of these are questions for a lawyer to consider, and a living trust may not be appropriate for you at all. 

Contact us today for more information. 

What is a Living Trust

A living trust is a special document that allows you to skip what is known as probate.   

Why do you want to avoid probate? Mainly because it is expensive, costing anywhere from 4% to 8% of the value of your estate. It is long, taking upwards of two years in many cases. It is public, and there is no way around that. And it can be messy, with your relatives fighting over who gets what if your wishes are unknown. 

A living trust, on the other hand, is like a well-crafted playbook for your financial life. It outlines the roles and actions of each asset, ensuring that everything follows your script and plays out according to your plan, whether you're actively directing the scene during your life or letting it unfold in the background after your death. Also known as a “revocable” living trust, you have full control during your life to modify it as you wish, adding or removing assets and beneficiaries as you see fit.

After your death, everything in your living trust passes without probate. Your “successor trustee,” who you appoint, takes over your affairs and distributes your assets without the involvement of a judge, court dates, court fees, or lost time and money. 

But Isn’t a Will Enough? 

A common misconception is that your last will & testament is enough to move your accounts, properties and assets smoothly. That is not true. With just a valid will, you will need to go to probate, and the judge will decide to distribute your assets according to your wishes after accounting for debts, taxes and other fees. And if you don’t have even a will, you have effectively created a crisis for your family. Your estate will still go to probate, but instead of your will determining the distribution of your assets, a set of rules known as “intestate succession” determines the priority of who gets what. Estranged relationship with a parent or spouse? With intestate succession, they could receive your property.

What is the Process of Creating a Living Trust? 

At the Mansoor Law Firm, we understand that creating a living trust is a deeply personal endeavor and an essential component of a comprehensive estate plan. Our commitment is to craft a living trust that is uniquely tailored to your individual needs and circumstances.

Our meticulous process begins with a thorough intake to understand your family dynamics, assets, and aspirations for your legacy. From there, we guide you through every step to ensure your living trust is not only legally sound but also perfectly aligned with your goals. Everything can be done virtually, including signing and notarization of your documents.

We also offer free ongoing reviews of your estate plan to ensure it remains current as your life evolves. Life changes—such as new family members, shifts in financial status, or changes in your wishes—can impact your estate plan, and we are here to help you adapt to those changes seamlessly.

Avoiding probate, protecting your assets, and ensuring your wishes are honored can bring immense peace of mind.

Are you ready to begin?

Contact us today to discover how a personalized living trust can benefit you and your loved ones. Let us help you create and maintain a plan that secures your legacy with clarity and confidence. We are here for you every step of the way.