Menu

Revocable living trust vs Will package (Will, Powers of Attorney & Advance Dir.)

Home Estate Planning Revocable living trust vs Will package (Will, Powers of Attorney & Advance Dir.)

  • Avatar Physiciancouple.com 
    Participant
    Status: Physician
    Posts: 38
    Joined: 06/29/2017

    Thanks guys. Very helpful food for thought.

    #97930 Reply
    Hank Hank 
    Moderator
    Status: Attorney
    Posts: 1273
    Joined: 03/27/2017

    This isn’t legal advice, you aren’t my client, I probably am not admitted to practice in your state, etc., etc.

    The price you’ve quoted is fair for adequate quality trust and estate work.  While there’s no simple stamp of approval, membership in The American College of Trust and Estate Counsel (https://www.actec.org) generally is a good thing.  Word of mouth and actual experience from friends and colleagues is another good way to find a good estate attorney.  (Sadly we never hear from those who have shed these mortal coils as to whether they ultimately were happy with their estate attorney.)

    I think it would be fair to both the attorney and the client if you disclosed how many accounts need to be retitled into the trust and the attorney then quoted you a fixed fee to retitle all those accounts.  Quite frankly, a pour-over will and revokable trust are only worth so much if you haven’t retitled the assets appropriately.  (You’d be surprised how often people create great estate plans but don’t follow through and title all the assets appropriately.)

    Get it done, get everything titled properly, then revisit things after five years, or when you add or remove someone from the family, or when the federal or state tax laws change in a significant way.  Don’t spend more than you need to on estate planning, but also don’t spend more than you need to on probate and state and federal taxes.

    #98114 Reply
    Avatar barelybarefoot 
    Participant
    Status: Physician
    Posts: 48
    Joined: 08/28/2017

    We’re dual MDs with kids. I did ‘boiler plate’ trust for $700 with estate lawyer in VHCOL area. Why? Because I needed something now. My oldest is in 1st grade and it had been on our to do for years. We have over 5 million in assets (2 properties). We hemmed and hawed about details and cost but ultimately after a couple of overseas trip without kids we knew we needed it ASAP. We did living trust, lawyer did paperwork to fund trust with house. We will add life insurance plans and investments accounts but not retirement accounts. It included pour over will with naming guardians, POA, adv health care directive. I figured I needed something ASAP and can change get fancy in the future. We named sister guardian and buddy executor. For now kids get money at 20, 25, 30. My package and paperwork is state specific and IDENTICAL to friends who paid $3000. But, it wasn’t necessarily because I was trying to get a deal. We needed something legal, professional ASAP and with paying $700 there was less analysis paralysis since at the very least I funded the properties (private in my state) and named the guardians. So long story to say just do it! Even if my is considered ‘half as good’ as the $3000 one I have a legal document that says what to with the property and the kids. I’ll tinker later.

    #98309 Reply
    Avatar bean1970 
    Participant
    Status: Physician
    Posts: 507
    Joined: 07/12/2017

    We’re dual MDs with kids. I did ‘boiler plate’ trust for $700 with estate lawyer in VHCOL area. Why? Because I needed something now. My oldest is in 1st grade and it had been on our to do for years. We have over 5 million in assets (2 properties). We hemmed and hawed about details and cost but ultimately after a couple of overseas trip without kids we knew we needed it ASAP. We did living trust, lawyer did paperwork to fund trust with house. We will add life insurance plans and investments accounts but not retirement accounts. It included pour over will with naming guardians, POA, adv health care directive. I figured I needed something ASAP and can change get fancy in the future. We named sister guardian and buddy executor. For now kids get money at 20, 25, 30. My package and paperwork is state specific and IDENTICAL to friends who paid $3000. But, it wasn’t necessarily because I was trying to get a deal. We needed something legal, professional ASAP and with paying $700 there was less analysis paralysis since at the very least I funded the properties (private in my state) and named the guardians. So long story to say just do it! Even if my is considered ‘half as good’ as the $3000 one I have a legal document that says what to with the property and the kids. I’ll tinker later.

    Click to expand…

    we did online trust. (Revocable trust, two pour-over wills, two POA and two health care directives for $250)  we have very uncomplicated situation (though involving a lot of money).  i used the online lawyers. At a later point in time we met with an asset protection company (who has an estate attorney on the team). He reviewed our trust and said it was actually one of the best he has seen outperforming most lawyers in the area (and I live in a metropolitan area).  he mentioned his field is up for stiff competition as the online market gets more savvy catering to the generation that does nearly everything online.    The bulk of the work is actually funding the trust and not all attorneys will do that leg work. Some of our accounts we actually had to open a new trust/estate account  with the financial institution and transfer all the assets in and then close the old accounts. Two institutions made us do this.  Our trust was already established when we purchased our current home so that was easy peasy at closing as we just had to give the title agent a copy of our trust to make it happen correctly.  We had already had a will, but had moved states so this was very economical to change the will to the current state.  People forget to change things when they move. Where I live now, my college roommate could not be our trustee because she is not a legal resident of the state I live nor a blood relative. In my former state she could.

    #98328 Reply
    Craigy Craigy 
    Participant
    Status: Spouse
    Posts: 1961
    Joined: 09/16/2016

    This isn’t legal advice, you aren’t my client, I probably am not admitted to practice in your state, etc., etc.

    The price you’ve quoted is fair for adequate quality trust and estate work.  While there’s no simple stamp of approval, membership in The American College of Trust and Estate Counsel (https://www.actec.org) generally is a good thing.  Word of mouth and actual experience from friends and colleagues is another good way to find a good estate attorney.  (Sadly we never hear from those who have shed these mortal coils as to whether they ultimately were happy with their estate attorney.)

    I think it would be fair to both the attorney and the client if you disclosed how many accounts need to be retitled into the trust and the attorney then quoted you a fixed fee to retitle all those accounts.  Quite frankly, a pour-over will and revokable trust are only worth so much if you haven’t retitled the assets appropriately.  (You’d be surprised how often people create great estate plans but don’t follow through and title all the assets appropriately.)

    Get it done, get everything titled properly, then revisit things after five years, or when you add or remove someone from the family, or when the federal or state tax laws change in a significant way.  Don’t spend more than you need to on estate planning, but also don’t spend more than you need to on probate and state and federal taxes.

    Click to expand…

    Re client happiness, the surviving spouse and kids can definitely tell you about their level of satisfaction.   😉

    An estate planner who also handles a fair bit of successions should know what needs to be in and out of a will or trust.  A lot of these everybody-needs-a-living-trust mill attorneys don’t ever handle successions so they don’t really have an understanding of (or interest in) what happens to these things after they are signed and paid for.

    Also +1 ACTEC is generally a good resource.

    LEVEL 1 WCI FORUM MEMBER.

    #98375 Reply
    Liked by jfoxcpacfp

Reply To: Revocable living trust vs Will package (Will, Powers of Attorney & Advance Dir.)

In case of a glitch or error, please save your text elsewhere, clear browser cache, close browser, open browser and refresh the page.

Notifications Mark all as read  |  Clear