Basic understanding of Wills and Living Trusts.

-When you set up your trust, you simply name you and your spouse as trustees so you always have control.

-You can change or revoke your living trust any time you want.

-A Living trust does not need a tax return.

-Your living trust is a private document and does not have to be recorded or published.

-Your property has to be put into the trust to fund it.

-Some mortgage companies and banks may require that you refinance your property before putting it into your trust.

-Never assume you can avoid probate just because you have a small estate. A lot of people assume the state exemption avoids probate is only allowed for estates with a value of less than $60, 000 in personal property. Almost no estate qualifies.

-Do not rely on a will because the beneficiaries will have to deal will expensive problems, the biggest one being probate.

-Do not rely on a conservatorship or guardianship. These are court-supervised manners of handling a person's incapacity and are expensive and far too lengthy.

-Do not rely on the estate plan of the government. If you do not set up an estate plan your property will be disseminating according to the laws of the state where you are domiciled. So the laws may require your property to go to someone you do not want it to

 

Basic fees of Wills and Trusts

-Living Trust $299.95

-Memorandum of trust $200.00

-Pour over will $85.00

-Durable power of Attorney $250.00

-Health care surrogate designation $80.00

-Living Will $175.00

-Pre-need guardian designation $95.00

-Joint Living Trust $495.00

-Same Day Trust $225.00 Additional

-2 Day Trust $150.00 Additional

-4 Day Trust $75.00 Additional