A Parent’s Guide To Wills and Trusts: Review | I've Paid For This Twice Already... http://www.paidtwice.com/2008/06/20/a-parents-guide-to-wills-and-trusts-review/#comment-32691 Veteran Military Wife at Life Lessons of a Military Wife Sat, 21 Jun 2008 06:45:52 +0000 http://www.paidtwice.com/2008/06/20/a-parents-guide-to-wills-and-trusts-review/#comment-32691 One thing to keep in mind with a trust...it may affect the insurance to your home. We lived in our home, then moved but kept the home to rent out. Your insurance may end up being TWICE as much. We ended up taking the home out of the trust to capture the lower insurance rate. In all the books and literature I read, no one addressed this....only with vehicle ownership (and not putting vehicles in a trust because you can't get insurance). You can save loads of money by doing the legwork yourself with a trust...such as with a company like "We the People"..they do the legal paperwork (reviewed by lawyers) and you put your own assets into the trust. Every bank and mutual fund we have did the paperwork differently, so it was a bit of a hassle, but in the end, it was worth it saving all that money we would've paid a lawyer to do that. One thing to keep in mind with a trust…it may affect the insurance to your home. We lived in our home, then moved but kept the home to rent out. Your insurance may end up being TWICE as much. We ended up taking the home out of the trust to capture the lower insurance rate. In all the books and literature I read, no one addressed this….only with vehicle ownership (and not putting vehicles in a trust because you can’t get insurance).

You can save loads of money by doing the legwork yourself with a trust…such as with a company like “We the People”..they do the legal paperwork (reviewed by lawyers) and you put your own assets into the trust. Every bank and mutual fund we have did the paperwork differently, so it was a bit of a hassle, but in the end, it was worth it saving all that money we would’ve paid a lawyer to do that.

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