LegalZoom Living Trust Review

Introduction:

LegalZoom Living Trust Review: Estate planning is an important aspect of life that is often overlooked until it’s too late. One way to ensure your assets are distributed according to your wishes is by creating a living trust. A living trust is a legal document that allows you to transfer your assets into a trust, which is managed by a trustee, for the benefit of your beneficiaries. While hiring a lawyer to create a living trust can be expensive, online legal service providers like LegalZoom have made the process more affordable and accessible. In this blog post, we’ll review LegalZoom’s living trust service to help you determine if it’s worth the investment. We’ll cover the basics of living trusts, explain the process of using LegalZoom for a living trust, and discuss the pros and cons of their service. We’ll also share customer reviews to give you a better sense of what to expect if you decide to use LegalZoom. Whether you’re starting your estate planning journey or looking for a more cost-effective solution, this review will help you make an informed decision.

What is a Living Trust?

A living trust is a legal document that enables you to transfer your assets into a trust during your lifetime. The trust is managed by a trustee, who is responsible for distributing the assets to your beneficiaries after you pass away. Unlike a will, a living trust can help you avoid the probate process, which can be time-consuming and expensive. Additionally, a living trust allows you to maintain control over your assets while you’re alive and enables you to make changes to the trust as your circumstances change.

There are two main types of living trusts: revocable and irrevocable. A revocable living trust can be changed or revoked at any time during your lifetime, while an irrevocable living trust cannot be changed or revoked once it’s created. Most people opt for a revocable living trust because of the flexibility it provides.

Creating a living trust involves transferring ownership of your assets to the trust, which means you’ll need to retitle your assets and update beneficiary designations. While it may seem daunting, creating a living trust can provide peace of mind and help ensure your assets are distributed according to your wishes.

LegalZoom Living Trust Services

LegalZoom is an online legal services provider that offers living trust services at an affordable price. To create a living trust through LegalZoom, you’ll need to provide information about your assets, beneficiaries, and trustee. Once you’ve completed the questionnaire, LegalZoom will generate a living trust document tailored to your specific needs.

LegalZoom’s living trust service includes several features, such as a pour-over will, which is a document that transfers any assets that aren’t included in the living trust into the trust upon your death. The service also includes a power of attorney for healthcare and finances, which designates someone to make healthcare and financial decisions on your behalf if you become incapacitated. Additionally, LegalZoom offers lifetime customer support for their living trust service, which can be helpful if you have questions or need to make changes to the trust.

The cost of LegalZoom’s living trust service varies depending on the complexity of your estate and the level of service you choose. The basic package starts at $249, while the most comprehensive package costs $699. LegalZoom also offers a 30-day satisfaction guarantee, which means you can get a full refund if you’re not satisfied with their service.

While using LegalZoom for a living trust can be more affordable than hiring a lawyer, it’s important to keep in mind that their service is not a substitute for legal advice. LegalZoom’s living trust service is designed for people with simple estates and straightforward wishes. If you have a more complex estate or need personalized legal advice, it may be worth consulting with an attorney.

Pros and Cons of Using LegalZoom for a Living Trust

Like any legal service provider, LegalZoom’s living trust service has its advantages and disadvantages. Here are some of the pros and cons to consider before deciding whether to use LegalZoom for your living trust:

Pros:

1. Affordability: LegalZoom’s living trust service is more affordable than hiring a lawyer to create a living trust. Their basic package starts at $249, which can be significant cost savings for those on a budget.
2. Ease of Use: LegalZoom’s living trust service is designed to be user-friendly, with a simple questionnaire that guides you through the process of creating a living trust. You don’t need any legal knowledge or experience to use their service.
3. Speed: LegalZoom’s living trust service is typically faster than hiring a lawyer, with turnaround times ranging from 7 to 15 business days, depending on the level of service you choose.
4. Satisfaction Guarantee: LegalZoom offers a 30-day satisfaction guarantee, which means you can get a full refund if you’re not satisfied with their living trust service.

Cons:

1. Limited Customization: LegalZoom’s living trust service is a one-size-fits-all solution, which means there are limited options for customization. If you have unique circumstances or specific wishes, you may need to consult with an attorney to create a living trust that meets your needs.
2. No Legal Advice: LegalZoom’s living trust service is not a substitute for legal advice. If you have complex estate planning needs or legal questions, you may need to hire an attorney to provide personalized advice.
3. Lack of Personalization: LegalZoom’s living trust service is designed to be a streamlined, mass-produced solution. This means that you won’t have the same level of personalized attention or service that you would get from working with an attorney.

LegalZoom’s living trust service can be a cost-effective and convenient solution for those with simple estate planning needs. However, if you have a more complex estate or need personalized legal advice, it may be worth consulting with an attorney.

Conclusion:

Creating a living trust is an important step in protecting your assets and ensuring that they are distributed according to your wishes. LegalZoom’s living trust service can be a convenient and affordable option for those with simple estate planning needs. Their service includes several features, such as a pour-over will and a power of attorney, which can provide additional peace of mind.

However, it’s important to keep in mind that LegalZoom’s living trust service is not a substitute for legal advice. If you have more complex estate or legal questions, it may be worth consulting with an attorney to ensure that your living trust meets your specific needs.

LegalZoom’s living trust service can be a valuable tool for those who want a simple and cost-effective solution for creating a living trust. As with any legal service provider, it’s important to weigh the pros and cons and make an informed decision based on your specific circumstances.

Also Read: A Comprehensive LegalZoom Review

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