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The Living Trust KitAvoid ProbateDon't Let Them Steal Your Children's Inheritance! |
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The Living Trust KitAvoid ProbateDon't Let Them Steal Your Children's Inheritance! |
Precisely to help you avoid or reduce the costs and the nightmarish problems of probate, we've put together a LIVING TRUST KIT . The Kit is designed for a lay person to transfer his principal assets to a Living Trust, name himself as trustee, designate beneficiaries who'll inherit the estate - without the rigors of probate -upon his death.
The Kit contains step-by-step instructions, filled out samples, and all the necessary forms you'll need to establish your Living Trust.
By creating a simple Living Trust document, you'd have freed yourself of the legalized larceny of probate. Simple as that.
Essence of Living Trust: Simplicity, Flexibility and Control
Living Trust is set up by you while you're alive. You name yourself as "trustee" and you maintain full control over your assets just as before. You can do whatever you wish to do with them - manage them, sell them, or give them away. The trust does not become effective till you die or become incapacitated.
The person you would designate as beneficiary of the trust (your husband or wife or children) is called "successor trustee." Upon your death, the successor trustee takes over the estate immediately without going through probate and terminates the trust. It's that simple.
Your trust would be a Revocable Living Trust. You can abolish the trust or alter its terms or change the beneficiaries at any time you wish. It provides you with the maximum amount of flexibility.
More Benefits of Living Trust |
| Let me point out two more benefits of Living Trusts. First, disgruntled heirs find trusts extremely difficult to contest. When an estate goes to probate, the court freezes its assets for several months and asks anyone to come forward and contest the Will if they please. Someone contesting a Will doesn't even need to hire a lawyer. But to contest a trust, a disgruntled heir needs to hire a lawyer and file a civil suit. In the meantime, the trustee is free to distribute the assets to the beneficiaries immediately. Your estate isn't tied up in lengthy litigation. |
| A Living Trust offers another important benefit. A growing number of older Americans are putting their assets into Living Trusts because they want to avoid being placed under a court-appointed guardian if they become unable to manage their affairs. With a Living Trust you can specify in advance whom you want to manage your affairs if you ever become incompetent. |
How Effective Is the Living Trust? |
| Let's take a simple example of a savings account. Upon your death, the bank would very likely block the account while the Will is being probated. It will not allow any withdrawal from the account without a court order. |
| However, with a Living Trust, your beneficiary walks into the bank with the trust instrument and the death certificate - and walks out with the money. No two-to-five year delay. No ten percent in expenses. And no publicity. |
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Use of a Living Trust is valid in all fifty states. Normally, you would set up the trust in your present state of residence or domicile. However. if you find it more advantageous to have the trust interpreted under the laws of a different state, the Kit allows you to designate your preference.
THE LIVING TRUST KIT contains everything you'll need to establish your Living Trust: Ready-to-use forms, step-by-step instructions, actual examples and explanations of various terms. It shows you how to prepare the trust document, how to implement the trust by transferring title to the property to the trust, and eventually, how your beneficiary can distribute the trust assets to himself or herself and dissolve the trust. All in one handy Kit.
What Do Attorneys Charge to Set Up a Living Trust?
People with high-powered attorneys and financial advisors have always used Living Trusts to escape probate. Attorneys often charge hundreds, even thousands, of dollars to set up a Living Trust. Legal Fees of $700 to $1,800 to set up a simple trust are not uncommon. All too often, an attorney has his secretary type a few standard forms (similar to the ones you'll find in the Kit) and he then turns around and charges you a whopping fee. Read this comment I received: "I have been a legal secretary and know first hand how much lawyers charge for the secretary to do the work."
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