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living trust

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  • Avatar treswolf 
    Participant
    Status: Physician
    Posts: 28
    Joined: 02/23/2017

    Has anyone used LegalZoom to setup a living trust and if so what are your thoughts? Thanks.

    LB3

    #102876 Reply
    Avatar AlexxT 
    Participant
    Status: Physician
    Posts: 897
    Joined: 01/13/2016

    There’s no point in asking people on this forum, because everyone reading this is still alive.  You would need to ask people who used legal zoom and are now dead to find out if thing worked out as they had planned.

    #102881 Reply
    Liked by jz
    Avatar jz 
    Participant
    Status: Physician
    Posts: 648
    Joined: 01/09/2016

    ditto AlexxT,   or ask the survivors, beneficiaries, and non-beneficiaries.

    #102884 Reply
    Avatar StarTrekDoc 
    Participant
    Status: Physician
    Posts: 1716
    Joined: 01/15/2017
    Earnest refinancing bonus

    queue the seance.

    #102900 Reply
    Avatar Tabaxus 
    Participant
    Status: Attorney
    Posts: 103
    Joined: 01/15/2018

    I have a hard time believing that LegalZoom is going to be sufficient for someone with enough assets to justify a living trust in the first place.  Maybe that’s just my professional bias showing, but I’ve seen “off-the-shelf” wills blow up on people, and living trusts are somewhat more complicated beasts.

    #102906 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7307
    Joined: 01/09/2016

    I guess I’ll go against popular opinion and opine that LegalZoom might be perfectly fine for a simple living trust. Be aware that a living trust is not for the purpose of asset protection, but is used for privacy and to avoid probate. You don’t need to be rich to use one, just located in a state with a complicated and/or expensive probate process and/or have a need for privacy at your death. If your current situation is not especially complex, an off-the-shelf product may be fine for now. The main consideration is that it will do you no good if you don’t fund it and this is where it can be helpful to have the advice of an attorney.

    If you go this route, I recommend you get professional advice in the future if your situation and/or net worth changes.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #102939 Reply
    Avatar AlexxT 
    Participant
    Status: Physician
    Posts: 897
    Joined: 01/13/2016
    LegalZoom might be perfectly fine for a simple living will.

    Click to expand…

    Of course, you mean living trust.  A living will is for medical care.   I know you know that, but the correction is to avoid confusion for others.

     

    OP:  To elaborate on my earlier post, I have young children, so I needed a will and trust, guardians, and trustees.  I knew what I wanted to accomplish with my will and trust, but the various routine options took hours of discussion and back and forth between me and the attorney to decide exactly what I wanted to do.  He advised against certain options, and encouraged others.   Those hours add up, which is why it cost me around $6,000.   It was worth the money.   I’m quite sure that just picking forms would not have accomplished the same thing.  My attorney often litigates disputed wills, so I feel comfortable with his expertise.  Of course, I won’t know how well it works until I die.

    My plan is not to die, so that the will won’t ever be an issue, but I’m not sure my plan will succeed.  Hence the will and trust.

    #102947 Reply
    cgossage cgossage 
    Participant
    Status: Financial Advisor, Website Sponsor, Spouse
    Posts: 485
    Joined: 09/12/2017

    I don’t think setting up a trust is a DIY sort of endeavor. You can find an attorney that will set one up for your for $1,500-$2,000. It’s money well spent.

    Clint Gossage CFA, CFP, CPA
    cmgfin.com

    #102963 Reply
    Avatar bean1970 
    Participant
    Status: Physician
    Posts: 467
    Joined: 07/12/2017

    yes.  great experience. I used their lawyers twice to answer a question I had.  A year later i went to an asset protection management firm (team of CFP, CPA, estate attorney and insurance broker all in one stop shopping) to get a consult on our asset protection. part of the consult was their lawyer reviewed our trust and wills. he said it was one of the best ones he has seen, better than most of the attorneys in town (and we live in a large metropolitan area).   He had nothing to offer us as it was unflawed.  I would say for people who move a lot and need to keep re-doing their documents across state lines this is very economical.  In the state we lived in before I could have used my college roommate for our trustee. In the state I live in now she doesn’t qualify. State lines matter. I would also say if your family situation is complicated, i would use a personal estate attorney.  ours was straightforward with one kid and if we outlive him everything to charity and the legal zoom attorneys were really good.  I do have to say that funding a trust is the biggest PIA. For two of our accounts we had to actually open new accounts (with estate planning trust registrations) and move everything into those accounts. House was no big deal as we closed after our trust was already established.

    #102979 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7307
    Joined: 01/09/2016

    LegalZoom might be perfectly fine for a simple living will.

    Click to expand…

    Of course, you mean living trust.  A living will is for medical care.   I know you know that, but the correction is to avoid confusion for others.

     

    Click to expand…

    Oops, sorry, of course I meant living trust aka revocable living trust 😳 . Thank you for catching that! I have edited my original response in case someone reads it and stops there.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #102999 Reply

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