Are You Prepared?

“We’re here with Attorney Denis Clifford, an expert on estate planning, the author of several books on wills, estates, and trusts, including the best-selling Estate Planning Basics (Nolo).

QUESTION: Let’s start out: A lot of estate planning books recommend that a person planning their estate assemble a team of experts, including a lawyer, accountant, and a life insurance expert. This seems like an expensive proposition, so, tell me what your take is on that.

DENIS CLIFFORD: My take is: It’s a totally wasteful proposition for the average person; there’s no need for a “team of experts” at all. What you need is: First, some good advice and an understanding of what estate planning involves and how that applies to your situation. Many people don’t need anyone at all. With the help of a Nolo book, they can do all their estate planning themselves.

QUESTION: Two common ways to transfer property to people after your death: living trusts and wills. Just for those who don’t know the difference, perhaps you could give us a brief explanation of each.

DENIS CLIFFORD: Well, they’re both documents that transfer property when you die. The difference is a will is the traditional document that’s been used for many centuries, and you name the property or identify it some way, and name beneficiaries who receive the property. Almost all wills have to go through a process called probate, which is a court approval process, which is time-consuming and expensive, and in almost all cases, provides no benefit except to the lawyers involved.

A living trust is the alternative transfer method that does not require probate, by which you transfer all — or at least most — of your property to the same beneficiaries without the expensive courts and lawyers after you die.”

The above is from this site:
http://www.nolo.com/article.cfm/

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The following paragraphs are from this site:
http://www.legalzoom.com

None of us like to think about our own mortality, which is why so many families are caught unprepared. A living trust is an important estate planning tool that can help save the expense and delay of probate, which can last as long as three years and take up to 10% of your estate’s value. It may also help married couples avoid estate taxes.

A living trust can provide you with more privacy than a will because in most states, you don’t have to register it with the courts in probate. Another advantage of a living trust is that it allows you to hand over management of your assets to someone else if you become incapacitated. Below is our 3-step process for preparing a living trust:

1.Complete the Living Trust Questionnaire:

Fill out our easy-to-follow questionnaire, which was created by experienced attorneys. Unlike some services, LegalZoom’s Living Trusts are not generic forms, but a comprehensive revocable trust that is specifically customized to your needs and wishes. It contains advanced options to better protect you. It even gives you ways to protect your children after you are gone.

2.We Review Your Answers:

We will review the answers you provide for completeness and other common mistakes. Then, LegalZoom prepares your Living Trust, along with the documents needed to transfer your property and assets into the trust. With LegalZoom, you can relax, knowing that your document is accurately completed.

3. Final Wrap-Up:

We will then send your Living Trust documents to you via first-class mail or overnight mail, so there’s no need to download or struggle with print settings. It’s printed on quality bond paper and handsomely presented in a deluxe estate planning organizer. Then, simply follow our final wrap-up instructions to transfer your assets into the trust and make it valid.

Filling out the Questionnaire is free. There is no time limit. At the end, you may decide whether or not you wish to purchase.