A revocable trust allows you to transfer legal title to your assets into a trust owned and controlled by you until after your death. When you pass away, a trustee, whom you can designate now in your trust, has authority to distribute your assets to the beneficiaries you identify in your trust. Of course, you may terminate a revocable trust at any time while you are still living.
Why Create a Revocable Trust?
The greatest benefit of a revocable trust is that it allows your affairs to be managed without ongoing court supervision, both while you’re living and after you pass away. For example, an estate that does not have a revocable trust (even if a will exists) must pass through probate court before your beneficiaries can receive your assets. A properly created and funded trust avoids probate, which can be lengthy and costly.
The probate process can take months and cost as much as 3-8% of the total estate in court and attorney fees ($4,500 – $12,000 for an estate of $200,000), whereas setting up a simple trust typically costs just $1,000 – $3,000, and even less at Piccolo Law Offices.
A revocable trust can also help you avoid a court-appointed conservatorship. If you become incompetent, then a court would appoint someone to manage your financial affairs (a conservator). Conservatorships can be very expensive due to attorney fees and court costs. Finally, many people might prefer to keep their financial affairs private. A revocable trust is private, whereas an estate that goes through probate is a matter of public record.
Importantly, a trust must be funded to be effective. Funding a trust means transferring your property into the trust after executing it, including real estate, bank accounts, etc. Property that is not held in the trust will be subject to probate.
How Can Piccolo Law Offices Help?
I can help you draft and execute a revocable trust for a reasonable price. I will personally consult with you about what you want your trust to accomplish, and then I will draft the trust myself. I will also provide detailed instructions about how to legally execute and fund your trust. Importantly, revocable trust packages also include a Last Will and Testament, Power of Attorney, and Advance Health Care Directive.
My fees are significantly lower than the fees of other law firms because I prepare only simple estate plans and also because I have a web-based law firm which greatly minimizes overhead. For a simple estate plan, you don’t need an attorney with 30 years of experience or the resources of a big law firm. You especially don’t need the going rate for an estate package, which can cost from $1,200 – $2,500 or more. With my affordable prices, you receive a quality estate plan along with the assistance of a licensed Utah attorney every step of the way.
Contact me today to see if I can help you. If you have needs that I am not qualified to address, then I will be happy to refer you to another attorney who is more equipped to handle your needs.