How large must an estate be to make a living trust worthwhile?
One benefit of a living trust is that it allows assets to be transferred to beneficiaries with no court involvement. Prior to executing an estate plan, cost of completing the estate plan and expense of steps required upon disability and/or death utilizing various types of planning tools should be compared. Specific probate fees vary from state to state and from attorney to attorney. Although administration of a living trust is generally less costly than probate, a trust will not eliminate all fees of administration since, even with a trust, when a death occurs titling must be verified, values determined, expenses paid, and distributions made. The trust does eliminate all court involvement, maintains more privacy than probate, eliminates notice requirements and waivers from beneficiaries, and, in many cases, simplifies implementation of tax planning techniques. The benefit of a living trust also depends upon the personal desires and goals of each individual. In some cases, regardless of
