Living Trust vs Will

Is an attorney needed?

The short answer is: no.

Anyone can create a will or living trust. Whether a will or trust holds up in a court is the important question. Because an estate plan can affect dependents, it is important something is in place that functions smoothly and not ambiguous.

Attorneys create most standard wills and living trusts from templates. Some attorneys use the same templates you find with online planning tools. So why use an attorney?

Advantages of an attorney

1. Piece of mind legal documents are prepared properly
2. Suggestions could be offered that online preparers or less-experienced document preparers will miss
3. Only attorneys can give legal advice and answer legal questions
4. Ongoing estate plan reviews (something that cannot be under-emphasized in estate planning)
5. Support for those serving in your estate plan under some capacity

If you have any worries, concerns or questions regarding taxation, guardianship or any other estate matters, consult an attorney.

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Creating a will or living trust on your own

You may decide your estate is simple enough to create your own documents to save money. Make sure you fully understand the duties of the different roles in your estate plan.

Find a reputable source that offers assistance, either locally or online. We provide links to Legalzoom and Nolo though there are many other sources to research.

For the duration of your lifetime:

Estate planning is an ongoing process of reviews and updates!

You must:

1. Maintain a list of assets so nothing is missed during estate valuation and distribution
2. Maintain a list of debts so probate runs smooth or in the case of a living trust creditors don't make claims years after the estate is distributed
3. Maintain contact information with your estate plan of all persons named in the documents

Important notes on creating your own living trust

First, find a reputable source that offers assistance. We provide links to Legalzoom and Nolo though there are many other sources to research.

For the duration of your lifetime:

Signing the living trust into effect is only the beginning.

For any assets you wish to be distributed under the living trust's terms, you must:

1. Title current assets into the living trust by visiting financial institutions, MVDs, etc. with your living trust and have deeds prepared for those properties being placed in the living trust
2. Continue to title new assets into the living trust

Your living trust will have a page transferring current and future personal property that does not have a title (art, furniture, jewelry, electronics, etc. - essentially goods from Target and Best Buy).

Some assets stay out of the living trust for tax reasons, such as IRA's and 401(k)'s. Business assets in an LLC or corporation also stay outside the trust.

For titled assets such as bank accounts, vehicles and real estate, see our guide on transferring assets.