LIVING TRUSTS HELP PRESERVE
THEY ARE NOT JUST FOR
It's a common misunderstanding that living trusts are only utilized by the wealthy.
But many people can actually benefit by creating a living trust.
You may assume that your assets are too modest, or that you have plenty of time
to make arrangements for events that are still years away. But even if you possess
a small estate, a living trust can be a valuable estate-planning tool. By laying
a foundation for the future now, you'll be doing both yourself and your family
WHAT IS PROBATE?
Probate is the legal process through which the court "proves a will".
It is the process of changing title from the old owner to the new owner, whomever
that may be, which can be costly. Most property (real estate) ends up being
sold and lost to your family forever. If title is left in the decedents name
your beneficiaries can not sale the property or take out a loan against it until
it is probated. Most beneficiaries can't afford the cost of probating the property
and most property has to be sold to cover the expenses. Like a bucket with a
hole in it, WEALTH flows out and is lost forever.
The probate process can be expensive and time consuming. The main expenses are
attorney, executor, appraisal, and court filing fees. The fees generally range
from 4% to 10% of the entire value of your estate, and depending upon the complexity
of the estate, can take an average of nine months to two years to complete.
Probate usually becomes a tremendous burden for your loved one.
KEEPING CONTROL WITH A REVOCABLE LIVING TRUST
A revocable living trust is a legal contract, which holds and manages your assets.
It includes your instructions for what you want to happen to your assets - just
like a will. But, unlike a will, a funded living trust avoids probate. It also
prevents the court from controlling your assets if you become incapacitated
or pass away.
COURT FROM CONTROLLING ASSETS AT INCAPACITY; ASSURES MAXIMUM PRIVACY; RAPID
DISTRIBUTION OF ASSETS TO BENEFICIARIES; CAN REDUCE OR ELIMINATE ESTATE TAXES;
EASY TO ESTABLISH AND MAINTAIN; REVOCABLE DURING YOUR LIFETIME; DIFFICULT TO
CONTEST; CAN PROTECT DEPENDENTS WITH SPECIAL NEEDS; PREVENTS PROBLEMS WITH JOINT
OWNERSHIP, PROVIDES FOR GUARDIANSHIP OF MINOR CHILDREN AND PROVIDES PEACE OF
The initial costs of setting up a trust are usually higher than those for writing
a will. But ultimately, your beneficiaries may save thousands when compared
to the probate cost and the risk of losing your family home. This is a major
reason communities change its composition.
HERE'S WHAT YOU WILL
RECEIVE IN YOUR REVOCABLE LIVING TRUST PORTFOLIO
Premium packet $850; Basic Packet (*) $495.
REVOCABLE LIVING TRUST
Avoids probate, Conservatorship and, in many cases, reduces estate taxes.
POUR OVER WILL (*)
Transfers assets held outside of the trust into the trust.
CERTIFICATION OF TRUST
Provides a summary copy of the trust for easy use in dealing with banks, brokers,
insurance companies, etc.
Authorizes medical personnel to remove life support systems, if you so desire,
in the event of a terminal illness or injury.
DURABLE POWER OF ATTORNEY
Authorizes your agent to place property into the trust in the event of your
absence or disability so that the trustee can manage it.
MEDICAL POWER OF ATTORNEY
Authorizes your agent to make health care decisions should you become incapacitated.
THERE ARE NUMEROUS ESTATE-PLANNING OPTIONS TO HELP MEET YOUR GOALS.
If you think Knowledge is
expensive, what is the cost of ignorance?
STOP THE WEALTH DRAIN!