Comments on: 5 Tips on How to Make Your Own Living Trust Online

By: Moneyedup

Moneyedup — Mon, 26 Jul 2010 03:06:14 +0000

While this seems like a good idea when I read about it, I don’t know if I would want my living trust online. It is a lot of personal information and if any of it got leaked out it would cause a lot of problems.

By: Neal@Wealth Pilgrim

Neal@Wealth Pilgrim — Fri, 23 Jul 2010 02:09:27 +0000

Evan,

I agree that many attorneys don’t do the work they should when it comes to trusts. Most just give clients letters of instruction – I’ve seen plenty of these.

On who decides…..I think this is a semantic issue and the main thing is, we agree. Folks should handle this pronto. Thanks for a civilized discussion….as always.

By: Evan

Evan — Thu, 22 Jul 2010 20:54:51 +0000

I draft living trusts and help people fund them all the time; I actually literally just got back to my desk where we (the client and I) decided a living trust is a perfect fit. But there is a huge difference between using a living trust and snapping a seat belt.

Most attorneys simply do not make sure clients fund their living trust. Ask any that you know on a personal level. They’ll say, “I do the deed, and then tell them to meet up with their financial advisor.”

The Court does not decide who gets your assets, the legislature does. There is a difference. The court can’t just willy nilly (I have always wanted to use that term lol) decide to give assets to a random 3rd Cousin when there are other family members alive. Regardless that should be scary and should be a reason that anyone get a Will or Living Trust.

By: Evan

Evan — Thu, 22 Jul 2010 17:50:05 +0000

“They also help your beneficiaries avoid the expense and delay of probate normally associated with wills. If you don’t have a proper trust, the court will decide how to split up your assets. They use a process called probate.”

- Living trusts only avoid probate if all the assets are then transfered into the trust.
- The Court does not decide who gets your assets. Ever. Probate is latin meaning “to prove” – you are proving your Will is appropriate. When you don’t have a Will your estate is said to pass intestate and you go through intestacy. In instestacy it is not the Court that decides where your assets go, it is the legislature who provides the Court with how assets should pass pursuant to family dynamics.

By: Neal@Wealth Pilgrim

Neal@Wealth Pilgrim — Thu, 22 Jul 2010 17:33:21 +0000

Evan, I respectfully disagree with your comment. Living Trusts absolutely help avoid probate. Just like seat belts save lives. It stands to reason that they only work if you use them.

And the Court absolutely decides who gets what if you have no trust. They decide according to the rules you reference but THEY decide…not the deceased — that’s the point.

When you have a will, the Court decides, how to interpret that will. That’s why probate is so expensive and takes so long many times.