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Probate is the court facilitated legal process that takes place if you don’t have a defensible living trust in place at time of death. This process can take anywhere from 9 to 18 months and cost you up to 10% of the total value of your estate in court fees and attorney costs.
The process determines:
It is estimated that ~3 billion dollars is lost by Americans in probate fees every single year, and a majority of that goes to attorney fees. The good news is that creating a living trust can help you avoid this. Living trusts detail specific instructions for your estate which get carried out by a designated successor trustee. This allows your estate to be transferred without court intervention.
Most online trust providers only go so far as selling you a legal template and helping you fill it out. Dynasty takes you many steps further as we not only allow you to create your living trust document, but we let you remotely sign, notarize, and store your living trust with us.
Safe storage is a very important part of this process because if your trust documents are lost or damaged – you don’t have a valid trust. Dynasty takes the burden of storage away from you and ensures that the right people will be notified and provided access to your trust in the event it is needed.
Dynasty Living Trusts sit at the intersection between online stationery stores (every online provider that exists today) and a full blown law firm experience. Our process takes you much further into the trust creation process than online stationery stores because we are not just selling you templated legal documents that you then have to sign, notarize, and store. And we are also not providing any legal advice so we are not a law firm.
Dynasty Cloud enables you to remotely sign, notarize, and store your trust documents. This process is necessary for creating a defensible living trust.
The last part of the process in making your trust defensible is transferring assets into your trust. For more on that process, please see our article on transferring assets.
The answer is no for most people. You can go to any online/offline stationary store and purchase a living trust template that you then need to fill out, sign, notarize, and securely store.
The trust process is usually trivial for most people as it’s just assigning beneficiaries and transferring the titles for your assets from your individual name to your living trust.
For anyone that is seeking legal advice or has an overly complicated estate, an attorney is highly recommended.
Remote notary legislation currently exists in 46 states and many changes were accelerated during the covid-19 pandemic because of social distancing requirements. This allows Dynasty to take advantage of state specific notary laws to ensure that your living trust can be legally remotely notarized in all 50 states. The process involves online video conferencing and multiple methods for identification. We believe that remote notary is the future and are making it a core offering of our business.
A Living Trust is a financial tool that lets you plan, organize, and protect your life. It’s a personal entity that allows you to add assets and plan out your inheritance. Eliminating legal battles, cost, and time spent by your loved ones.
Think of it like a personal LLC that you put everything you own in. Except it doesn’t protect you from liability like an LLC does, it protects you from probate and conservatorship.
Probate is the complicated court process (12-18 months) where a judge decides what happens to your assets after you die, become incapacitated, or are “deemed” incapable. Creating a living trust allows your assets to completely circumvent probate and immediately transfer to your loved ones.
In addition to being able to name heirs (your beneficiaries), a Trust also allows you to assign someone to manage it (your successor trustee). Instead of going through probate, your Successor Trustee takes control of the Trust, handles your affairs, and distributes your assets according to your instructions. The person you select as Successor Trustee should be your most trusted person. Like a best friend or closest family member.
At Dynasty, we believe everyone should have a Living Trust. If you have children, assets, or plan to acquire assets in the future, you should create a Trust. That way when you buy your next home, open a bank or brokerage account, get startup shares, etc. – you can immediately title them in your trust.