In this Elder Law Minute, Paige Fox explains why a living trust is beneficial for anyone with real property, not just the wealthy, and can help avoid the costly and time-consuming probate process.
Video Transcription:
Hi, my name is Paige Fox. I’m a Senior Associate Attorney here at Dent Coulson Elder Law. I understand these topics can be very complex, so I’m hoping these Elder Law Minutes bring some insight and better understanding to both potential and current clients. Thank you.
One of the most common misconceptions I hear is that people think they don’t need a living trust because they’re “not rich.” I’m here to tell you—that’s no longer the case. A living trust isn’t just for wealthy individuals. In fact, it has numerous benefits that apply to a wide range of people.
One of the most basic and important reasons to consider a living trust is that it helps you avoid probate. If you have just a will—yes, a will is an estate planning document—but by definition, it still puts your estate into probate if you have over $100,000 in assets or own real property.
So, I often tell people: if you own real estate, there’s a strong chance I’ll recommend a living trust at the very least. Why? Because if you pass away with only a will and own real property, you’re almost guaranteed to end up in probate.
And probate isn’t just inconvenient—it’s expensive and time-consuming. Legal fees and court costs alone can run anywhere from $6,000 to $8,000 or more, and the process typically takes at least six months, often longer.
So the short answer is: No, you don’t need to be rich to have a trust. In fact, if you own real property, it’s often the smarter and more cost-effective choice.
If you’re interested in creating a living trust or need help with any other estate planning, we’re more than happy to help here at Dent Coulson Elder Law. Thank you.
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Thank you for watching our Elder Law Minute. If you need help with powers of attorney or any other estate planning needs, please call Dent Coulson Elder Law.
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Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
