FAQs

If you don’t have an estate plan, the State will implement its own plan for your estate, known as Intestacy. Under Intestacy, your assets will be distributed according to state laws, which almost never align with how you would have chosen to divide your belongings. Additionally, an Administrator will need to be appointed through the Probate Court, and the court will also decide on guardians for your minor children. In the absence of a valid plan, all decisions regarding your estate must be approved by the probate court system, potentially leading to delays and additional stress for your loved ones.

A last will is a written document that specifies your wishes for guardianship of your minor children and the distribution of your assets upon your death. It names an executor to manage your estate during the probate process. On the other hand, a living trust holds your assets during your lifetime and can continue to manage and distribute them after your death or incapacity. A trustee is named to oversee the trust for the benefit of the beneficiaries. Living trusts offer flexibility and can provide uninterrupted management of your assets should you become incapacitated. It’s also important to note that having a living trust doesn’t eliminate the need for a will, specifically a “pour-over” will, which allows any assets not included in the trust at the time of your death to be transferred into it.

Probate can be an expensive process, with costs including executor’s fees, attorney’s fees and court costs, which can be substantial depending on the size of your estate. These fees are generally mandated by state law and are often based on the size of the estate rather than the amount of work involved. Additionally, there may be extraordinary expenses such as tax returns and life insurance. All these costs can significantly reduce the amount of your estate that is ultimately distributed to your beneficiaries. By contrast, a living trust can help minimize these expenses, as assets are transferred directly to your designated beneficiaries outside the court system based on the trust agreement you’ve established.

Yes, a Living Trust is valid in all fifty states, plus the District of Columbia. This national validity means that your estate planning arrangements are recognized and enforceable no matter where you reside or where your assets are located.

After creating a Living Trust, it’s crucial to title appropriate assets in the name of the trust. This process, known as funding the trust, involves transferring ownership of your assets to the trust. Once the trust is created and funded, it will continue to function until it is either revoked or distributed according to its terms. There are no ongoing costs or fees associated with maintaining the trust, and no separate tax returns are required during your lifetime, as the trust uses your Social Security Number for tax identification purposes. We will provide detailed instructions on how to transfer or title your assets into the name of the trust.

Developing an estate plan is a prudent and compassionate decision. Whether you choose to use TrustMasters or another service, taking this step allows you to gain control over your affairs and provides peace of mind for you and your loved ones. At TrustMasters, we offer a personalized approach, starting with a free initial consultation to understand your unique circumstances and needs.

We are not lawyers, but rather a company that utilizes a program that is designed to make the building of a basic estate plan as easy and economical as possible.​ Completing the on-line interview yourself allows you to work at your own pace, ask yourself the important questions and see the plan come together.

It also allows you to save on fees as we do not have to enter the data ourselves. Please follow the instructions below to begin and we will be in contact with you as you proceed and when necessary.

You will complete a Registration Form, and then log-in information will be sent to you by e-mail so you can proceed and so we can contact you if there are any changes in federal or state law that might affect your trust.

You will log in to the system and begin the interview, which will take you screen by screen through the context-sensitive question-and-answer process. You can save your answers and come back later to finish. At the conclusion of the interview, you will have provided all the necessary information to assemble a custom estate plan for your individual situation.

Yes. In fact, most people who create Living Trusts act as their own trustee. If you are married, you and your spouse can act as co-trustees. During your life, you will have complete control over all of the assets in your trust. In the event of your incapacity your hand-picked successor trustee assumes control over your affairs.