Frequently Asked Questions

*Please note, we are not attorneys. Do not take these FAQs as legal advice.

 

Why do I need an estate plan?

A well thought out estate plan ensures that your plans for your medical care, guardianship for minor children, and management and distribution of your assets will be carried out according to your wishes and not left to the State or others to decide.

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What happens if I don’t have a plan?

The government’s estate plan is called Intestacy and your assets will be distributed under State law. These statutes almost never match how you would have divided your assets yourself. Documents to appoint an Administrator must be filed with the Probate Court and their approval must be obtained.

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The court will appoint guardians for your minor children. The probate court may appoint a conservator to make decisions about your medical care if you are unable to do so. Without a valid plan all decisions about your estate will have to be approved through the probate court system.

 

What’s the difference between having a “Will” and a “Living Trust”?

A last will is a written document that states who you wish to be the guardians for your minor children and how you would like your assets distributed at your death. The last will names an executor to facilitate the management of your assets during the probate process.

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Trusts are a legal construct that allows you to create a separate legal entity to hold your assets. A trustee is named who manages the assets for the benefit of you and your beneficiaries. Revocable living trusts are created and funded during your lifetime and you often name yourself as trustee to maintain control of the assets until your death or incapacity. A testamentary trust is created after your death by a provision in your will. Trusts are very flexible and there are many different types. The type of trust used is dependent on your specific goals and circumstances.

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A Living Trust offers protection should you become incapacitated by allowing your successor trustee to manage your assets without interruption. Please note that even with a Living Trust you should still have a will known as a “pour-over” will. These wills make sure that any assets, which may not be in your Living Trust at the time of your death, “pour-over” into the trust. Your Trust Package will include all of the necessary estate planning documents including a “pour-over will”.

 

What is the true cost of Probate?

When property passes through probate, you incur executor’s fees, attorney’s fees and court costs, all of which can be quite substantial depending on the size of your estate. These are fees generally set by state law and are usually based entirely on the size of the estate being probated rather than on the amount of time and work involved. There may also be additional extraordinary expenses of probate (i.e., tax returns, life insurance, etc.).

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All of these fees and expenses can significantly reduce the estate to be distributed to your beneficiaries.

With a living trust these fees and costs can be greatly reduced. Your assets are transferred immediately to your designated beneficiaries outside the court system and in accordance with the directions specified by you in the trust agreement. Costs of administration of a living trust are minimal and are generally based on the actual time and/or services required.

 

Is a Living Trust valid in all states?

Yes, a Living Trust is valid in all fifty states, plus the District of Columbia.

 

What do I have to do after I create a Living Trust?

You need to make sure that you title appropriate assets in the name of the trust. Once a trust is created and funded, it will continue on until it is revoked or it is distributed pursuant to its terms. There are no on-going costs or fees to establishing a Living Trust; nor are there any separate accounting or tax returns required during your lifetime. IRS Regulations provide that a revocable living trust uses the tax identification number — your Social Security Number — of the Grantor as its identification number and no separate tax returns should be filed for the trust. Instructions on how to transfer or title assets into the name of the trust will be provided.

 

What should I do if I want to use your services?

Developing an estate plan is a smart and caring act on your part. Whether you use our service or someone else’s you are taking the first step to gaining control of your affairs and your loved ones will be very grateful.

 

We are not lawyers, but rather a company that utilizes a program that is designed to make the building of a basic estate plan as easy and economical as possible.​ Completing the on-line interview yourself allows you to work at your own pace, ask yourself the important questions and see the plan come together.

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It also allows you to save on fees as we do not have to enter the data ourselves. Please follow the instructions below to begin and we will be in contact with you as you proceed and when necessary.

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• You will complete a Registration Form and then log-in information will be sent to you by e-mail so you can proceed, and so we can contact you if there are any changes in federal or state law which might affect your trust;

• You will login to the system and begin the interview process which will take you screen by screen through the context sensitive question and answer process. You can save your answers and come back at a later time to finish. At the conclusion of the interview, you will have provided all the necessary information to assemble a custom estate plan for your individual situation.

 

If I set up a Living Trust, can I be my own trustee?

Yes. In fact, most people who create Living Trusts act as their own trustee. If you are married, you and your spouse can act as co-trustees. During your life, you will have complete control over all of the assets in your trust. In the event of your incapacity your hand-picked successor trustee assumes control over your affairs.