If you’re thinking about creating a trust, here’s a list of frequently asked questions that may help you decide if a trust is right for you.
What is the value of a trust?
This is a question without a very definitive answer, specifically because trusts are used for such a wide assortment of purposes – the value of which is determined by its creator. That said, however, most trusts are used to provide money to those in need, or to impose money management upon those who lack such skill themselves. Trusts are also used as a legal means by which one may bypass tax regulations.
Can you change a testamentary trust?
A testamentary trust is created in the language of a person’s last will and testament, and only becomes irrevocable (i.e., it can’t be changed) when the will’s owner dies. So, if the person that wrote the will is still alive and still of sound mind, the testamentary trust can be changed.
How much does it cost to have an attorney create a trust for me?
There is no universal set cost that an attorney must charge for creating a trust for someone. The cost will vary depending on the individual skill of the attorney, the complexity of the estate (if drafting a testamentary trust), the complexity of the legal document, as well as the amount of time spent on the project by the attorney. That being said, you should ask for a fee quote from the attorney prior to him or her beginning work.
Michael Robinson, Estate Planning Attorney
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