Estate Planning Glossary
A legal arrangement where you transfer ownership of your assets to a trust during your lifetime, controlled by you as trustee, passing to beneficiaries without probate at death.
Plain English
A living trust is a legal container you create while you're alive. You put your house, accounts, and other assets into it. You still control everything — you're the trustee. When you die, assets pass directly to your beneficiaries without going through court. No probate, no public record, no waiting.
Why it matters
If you own a home, a living trust is the most effective way to protect it from probate. A will alone sends your home through a public court process that can take over a year and cost thousands.
First Light can generate a basic revocable living trust. For complex estates, an attorney review is recommended.
Common questions
A will goes through probate court after you die — it's public and can take 9 to 18 months. A living trust passes assets directly to beneficiaries without court involvement. Most people with significant assets benefit from having both: a trust for major assets and a pour-over will to catch anything not in the trust.
A will alone does not avoid probate. If avoiding probate is important to you — especially if you own real estate — a living trust is worth considering. Assets in the trust pass without court involvement.
Online services charge $149 to $500 for a basic revocable living trust. Attorneys typically charge $1,500 to $3,000. The cost is often recovered quickly by avoiding probate fees.
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