Living Trust Review

Clients Rate Lawyers on our Platform 4.9/5 Stars
based on 2,801 reviews

Jump to Section

Need help with a Living Trust?

CREATE A FREE PROJECT POSTING
Post Project Now

What Is a Living Trust Review?

A living trust is a legal document that assigns an individual’s asset to a trustee who oversees the trust for an eventual beneficiary.

The trustee is responsible for managing all the finances in the trust during the individual’s lifetime and assuring that the beneficiaries receive their bequeathed assets.

A living trust is not a living will, so it does not have to clear through courts after a person’s death. The living trust can also be a beneficiary itself, receiving income from employer-sponsored retirement plans and 401k contributions. These assets can then be given to living beneficiaries after the trustor, or grantor, passes away.

Here is an article about living trusts and how they work.

When Should You Review a Living Trust?

Conducting a living trust review every 3 to 5 years or after any significant life milestones impacting the beneficiaries is advisable. Generally speaking, reviewing your entire estate every few years is a good idea, ensuring your documents align with your current wishes.

You might also want to review your living trust when your assets change and make modifications. Life events also play a large role in living trusts. You might want to review your living trust after:

  • A child is born or adopted into the family
  • A beneficiary passes away
  • A beneficiary marries or divorces
  • You decide you want to add or disinherit a beneficiary
  • You acquire new property that you want to add to your trust
  • You’ve moved to a new state with different inheritance laws
  • You or a beneficiary have changed your legal names
  • You have a revocable living trust and want to change it

Here is an article with more details on choosing a will or revocable trust for your beneficiaries.

Pros and Cons of a Living Trust

In addition to understanding how a living trust functions, one must understand the pros and cons of having one and how they may affect you and your beneficiaries.

The Pros of a Living Trust:

  1. No Need for Probate.

There is a probate period before your assets are distributed when someone passes away. However, a living trust allows your assets to be distributed immediately after death.

Because your assets are held in trust and not by your estate, it cancels out the probate period. Probate can take up to two years, often due to family members contesting the will. During this time, assets are inaccessible.

With a trustee, you will not have to worry about your beneficiaries receiving their assets. This can bring immeasurable peace of mind for an individual with children, elderly parents, or loved ones with disabilities.

  1. Your Trustee Can Assume Responsibility.

Your trustee can assume responsibility. Whomever you designate as a trustee can also step in and handle your assets if you cannot do so. For instance, if you are involved in an accident and cannot handle your assets, your trustee can take over responsibility without having to gain court permission.

  1. Control Over Property Distribution.

Like a will, a living trust determines what will happen to your assets in the event of your death. You can create trusts under your living trust that are implemented according to your wishes.

An example of this would be you creating a trust for a minor, which would become accessible once said minor becomes a legal adult.

  1. Maintain Privacy

The probate process is open, meaning anyone can access the public record. When you have a living trust, you can maintain the privacy of yourself and your family. Your financial assets and property will not be searchable by the general public.

The Cons of a Living Trust:

Although there are many advantages to having a living trust, there are several cons.

  1. Title Transfer

Setting up a trust is not difficult; however, you must ensure that any assets you include are properly transferred to the trust. Some assets, like jewelry or furniture, do not require a title transfer. This can be done by creating a document that outlines ownership rights.

Other assets, like real estate, must be completed with a transfer of title.

  1. Cost.

Title transfers require additional paperwork, which also needs paying filing fees to register the documents legally.

If you have multiple title transfers, you may want to work with an experienced estate planning attorney who can take care of the filing. However, attorney fees are separate from filing fees, so you must account for those.

Here is an article with more details on the difference between a will and trust and which one might be right for your family.

What Assets Should Be Included in a Living Trust?

Any assets you would like to bequeath someone through a will should also be in your living trust. This can include:

  • Property titles
  • Financial accounts
  • Sums of money deposited into the trust

You can make contributions to the trust, as well as make the trust a beneficiary for your estate. For example, money from a life insurance policy can go to a trust.

Here is an article with more details on what assets can go into a revocable living trust.

Meet some lawyers on our platform

Christopher M.

12 projects on CC
View Profile

Gregory F.

2 projects on CC
View Profile

Anand A.

11 projects on CC
View Profile

Daehoon P.

76 projects on CC
View Profile

Is a Living Trust Better Than a Will?

Some individuals prefer trusts because they are easier to transfer than wills. In addition, the management of family trusts tends to be more flexible and easier than maintaining a will.

The settlement process for wills also takes much longer than a living trust. Additionally,

assets transferred through a living trust may also have fewer costs and tax obligations than assets inherited through a will.

Here is an article about the pros and cons of trusts vs. wills.

What Type of Lawyer Can Review a Living Trust?

A trusts lawyer can review your living trust and any last will and testament you have as part of your estate. A trusts lawyer creates trusts on someone else’s behalf, and they can handle all of the documentation.

Whether you want to leave money or belongings to a loved one, working with a trusts lawyer is the easiest way to ensure that your assets go where you want them after you pass on.

Another reason to work with a trusts lawyer is lower estate taxes. Through careful planning, you may be able to limit your beneficiaries’ tax responsibility. But, ultimately, it will depend on the assets you include and how your plan is structured.

Here is an article about trusts lawyers and what they can do for you.

How Much Does It Cost to Review a Living Trust?

ContractCounsels average cost to review a revocable living trust is $1,500 to $2,500 across all 50 states. You may pay a fixed rate for a lawyer’s services, or you might pay per hour. Hourly pay for a trusts lawyer ranges from $250 to $350 per hour.

Here is an article with more information about living trust review costs and the average price of a trusts lawyer.

Post a project in ContractsCounsel’s marketplace to receive flat fee bids from lawyers for your project. All lawyers have been vetted by our team and peer-reviewed by our customers for you to explore before hiring.

How ContractsCounsel Works
Hiring a lawyer on ContractsCounsel is easy, transparent and affordable.
1. Post a Free Project
Complete our 4-step process to provide info on what you need done.
2. Get Bids to Review
Receive flat-fee bids from lawyers in our marketplace to compare.
3. Start Your Project
Securely pay to start working with the lawyer you select.

Meet some of our Lawyers

Sean S. on ContractsCounsel
View Sean
Member Since:
June 21, 2021

Sean S.

Attorney
Free Consultation
Get Free Proposal
New Orleans, LA
7 Yrs Experience
Licensed in LA
Tulane Law School

I am an attorney with six years of experience drafting and negotiating a wide variety of business contracts, in industries including technology and software, finance, professional services, hospitality, and non-profits.

Joshua C. on ContractsCounsel
View Joshua
Member Since:
June 28, 2021

Joshua C.

Attorney/Owner
Free Consultation
Get Free Proposal
Ashland, MA
6 Yrs Experience
Licensed in CA, MA
UCLA School of Law

Attorney Joshua K. S. Cali is a respected business, estate planning, and real estate attorney based in Ashland serving Middlesex County and other nearby areas. Joshua graduated summa cum laude from Bentley University in Waltham, MA, and from UCLA School of Law in Los Angeles. Before starting his own firm, Joshua practiced estate planning for high net worth clients at a boutique law firm in San Diego, CA.

Michael K. on ContractsCounsel
View Michael
Member Since:
June 28, 2021

Michael K.

Associate Counsel
Free Consultation
Get Free Proposal
Miami, FL
4 Yrs Experience
Licensed in FL
St. Thomas University School of Law

A business-oriented, proactive, and problem-solving corporate lawyer with in-house counsel experience, ensuring the legality of commercial transactions and contracts. Michael is adept in reviewing, drafting, negotiating, and generally overseeing policies, procedures, handbooks, corporate documents, and more importantly, contracts. He has a proven track record of helping lead domestic and international companies by ensuring they are functioning in complete compliance with local and international rules and regulations.

Erin F. on ContractsCounsel
View Erin
Member Since:
June 28, 2021

Erin F.

Attorney
Free Consultation
Get Free Proposal
Costa Mesa, CA
15 Yrs Experience
Licensed in NJ, NY, PA
Rutgers University School of Law (JD)

Businesses, Contracts, Operating Agreements, Corporate, Real Estate, Start-Ups, Cannabis

Drew B. on ContractsCounsel
View Drew
Member Since:
June 30, 2021

Drew B.

Managing Member
Free Consultation
Get Free Proposal
Cleveland, Ohio
24 Yrs Experience
Licensed in MO, OH
Saint Louis University

Drew is an entrepreneurial business attorney with over twenty years of corporate, compliance and litigation experience. Drew currently has his own firm where he focuses on providing outsourced general counsel and compliance services (including mergers & acquisitions, collections, capital raising, real estate, business litigation, commercial contracts and employment matters). Drew has deep experience counseling clients in healthcare, medical device, pharmaceuticals, information technology, manufacturing, and services.

Daniel R. on ContractsCounsel
View Daniel
Member Since:
July 1, 2021

Daniel R.

Managing Attorney
Free Consultation
Get Free Proposal
Chicago
9 Yrs Experience
Licensed in IL
Gonzaga School of Law

Daniel is an experienced corporate attorney and works closely with corporations, privately held companies, high-net worth individuals, family offices, start-ups and entrepreneurs. Daniel graduated from the Gonzaga University School of Law and is licensed to practice law in Illinois.

Roman V. on ContractsCounsel
View Roman
Member Since:
July 9, 2021

Roman V.

Trademark Attorney
Free Consultation
Get Free Proposal
Milwaukee, WI
8 Yrs Experience
Licensed in MD
Marquette University Law School

I'm an experienced trademark attorney and enjoy helping clients protect and grow their brand names through trademark registration and enforcement. I've worked with a wide variety of clients in different industries, including e-commerce, software as a service (SaaS), and consumer goods, to register trademarks for product names, logos, and slogans, both in the US and abroad.

Adam L. on ContractsCounsel
View Adam
Member Since:
July 6, 2021

Adam L.

Legal Counsel
Free Consultation
Get Free Proposal
London
13 Yrs Experience
Licensed in NY
University of London - Masters

12 Year PQE Lawyer with wide experience in sports, media and tech.

Justin A. on ContractsCounsel
View Justin
Member Since:
July 7, 2021

Justin A.

Partner
Free Consultation
Get Free Proposal
Seattle, WA
5 Yrs Experience
Licensed in NY, WA
The University of Chicago Law School

I am an entrepreneurial lawyer in the Seattle area dedicated to helping clients build and plan for the future. I earned my law degree from the University of Chicago and worked in a top global law firm. But I found advising real people on legal issues far more rewarding. Reach out to discuss how we can work together!

Max M. on ContractsCounsel
View Max
Member Since:
July 12, 2021

Max M.

Business Attorney
Free Consultation
Get Free Proposal
Baltimore, Maryland
15 Yrs Experience
Licensed in MD
Georgetown University Law Center

Results oriented business attorney focusing on the health care sector. Formerly worked in Biglaw doing large multi-million dollar mergers and acquisitions, financing, and outside corporate counsel. I brought my skillset to the small firm market, provide the highest level of professionalism and sophistication to smaller and startup companies.

Jaroslaw P. on ContractsCounsel
View Jaroslaw
Member Since:
July 20, 2021

Jaroslaw P.

Associate
Free Consultation
Get Free Proposal
Warsaw, Poland
15 Yrs Experience
Licensed in AK
Wroclaw University - Law

Attorney - I graduated in Law from the University of Wroclaw and in Economics from the Scottish University of Aberdeen; My legal interests include, in particular: contracts, intellectual property, and corporate law, as well as transactional / regulatory advisory along with related risk management (M&A); The industries with which I have worked most often are: IT, real estate and construction, professional sport, industrial chemistry and medicine, oil & gas, energy, and financial services; I possess many years of experiences working with international entities for which I have prepared and negotiated contracts, as well as (due diligence) reports, analyses, litigation documents, and presentations; Apart from law firms, I have also worked for investment banks and big 4 - thanks to that I also gained financial, technological, and consulting experiences; I shall be described by: accuracy, openness, honesty, concreteness, a broad approach to the problem, and ... a lack of bad manners, along with a good sense of humour :)

Find the best lawyer for your project

Browse Lawyers Now

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call