Core Insights - The use of living trusts has increased significantly over the past 30 years, with approximately 13% of respondents in a 2025 survey indicating they have a living trust as part of their estate plan [2]. Group 1: Benefits of Living Trusts - Living trusts allow individuals to set terms for asset management after death while retaining full control during their lifetime [2]. - They minimize costs and legal friction for heirs, avoiding the need to sell or liquidate assets while the individual is still alive [3]. Group 2: Drawbacks of Living Trusts - Establishing a living trust can be expensive, with costs ranging from $400 to $4,000 depending on location and complexity [4]. - Future amendments or changes to the trust may incur additional costs, as estate lawyers typically charge around $370 per hour [5]. - The process of transferring a home to a living trust involves considerable paperwork, including deed transfers, beneficiary registration, and trustee selection [7].