Trust-based plans
A revocable living trust holds your house and accounts while you're alive and passes them on without probate. You stay the trustee, and nothing about daily life changes.
You keep living in the house, paying the bills and filing taxes the way you do now. What changes is the paperwork behind it: the deed and the account titles name the trust, so when you die or can't manage, the person you chose steps in without waiting on a court.
When a trust is worth it
- You own a home and would rather your family skip probate
- You own a camp or land in another state, which would need a second probate there
- You'd like the details of the estate kept private
- A child or grandchild should receive money over time, not all at once
The part people skip
A trust only works for what's put into it. The fee includes the new deed for one home and a letter for each bank or brokerage telling them how to retitle the account. I check the list with you at the signing so nothing is left out by accident.
Nothing about home life changes
You'll still pay the property tax, refinance if you want to and sell the house when it's time. The trust is a set of instructions that waits until someone needs it.
Fees
How a trust-based plan’s fee works
Quoted in writing before I start. Each fee includes one home moved into the trust.
One person
A trust, a will to catch anything left out, and the documents for while you're alive.
Start this planRevocable living trust
Pour-over will
New deed for one home
Financial power of attorney
Health care directive and HIPAA release
Letters to retitle accounts
One-page summary and a binder for copies
A couple
One joint trust, or two separate trusts if that suits your family better.
Start this planJoint or separate trusts
Two pour-over wills
New deed for one home
Two financial powers of attorney
Two health care directives
Letters to retitle accounts
One-page summary and a binder for copies
Recording fees are set by the county and paid when the deed is recorded. I'll tell you the amount beforehand. A deed for a second property is quoted flat, with the rest.
Before you choose a trust
Does a trust lower my taxes?
A revocable trust doesn't change income tax, and for most families estate tax isn't a concern. It saves time and keeps the estate private; it isn't a tax plan.
Can I change it later?
Yes. It's revocable: you can amend it or end it whenever you like, as long as you're able to make your own decisions.
Who should be the trustee after me?
Usually a grown child, a sibling or a close friend who's organized and gets along with the rest of the family. You can name two to act together.
Will the trust protect the house from nursing home costs?
No. A revocable trust doesn't shelter anything from Medicaid. That takes a different kind of planning, done years ahead, and I'll tell you if it's worth looking into.
Ask whether a trust is worth it for you
Some families need one and some don't. On a twenty-minute call, I'll tell you which you are.