What are Trusts?
Trusts are similar to Wills except that assets are transferred to the trust during one’s lifetime instead of through the probate court process after death. If funded properly, court can be avoided in the event of death or even incapacity.
Typical reasons some clients choose Trusts over Wills include:
Avoiding probate court
Avoiding probate court in multiple states due to property located outside of Texas
Privacy (probate requires public disclosure of Will and other information)
Long-term Cost – while more expensive up front, the cost of probate for one or two estates may make a Trust more cost effective than a Will in the long run
Complicated planning scheme
Greater chance of avoiding the need for a guardianship in the event of incapacity
How much do they cost?
Typical pricing for our Trust packages can be found [here]. Revocable Living Trust pricing is fairly consistent in most cases because some of the optional add-ons for Will packages are already included in Trust packages. The cost may vary if you need estate tax planning or other specialized planning.