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You could create a will that outlines your wishes or set up a living trust as part of your ... there's a cost to probate, and according to LegalZoom, it can be 3% to 7% of the value of your estate ...
Issues to consider with a living trust If there's one drawback to putting a living trust in place, it's the cost. You should expect to spend more on a living trust than a standard will.
For many families, a living trust can streamline the process of transferring wealth after you die by eliminating probate and minimizing estate taxes. Check Out: The 50 Happiest States in America ...
Negative aspects of using a living trust as opposed to a will and probate include upfront legal expenses, the expense of trust administration, and a lack of certain safeguards. The cost of the trust may be 1% of the estate per year versus the one-time probate cost of 1 to 4% for probate, which applies whether or not there is a drafted will ...
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After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $50,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. [119]
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