Services
In order to enable clients to compare the cost and benefits of a revocable living trust with other estate planning options, we offer package prices on living trusts. That way, you know your total investment before you authorize completion of your estate plan.
Our package price includes the following (when applicable):
- A revocable living trust agreement which eliminates probate and the need for guardianship or conservatorship proceedings in regard to all assets transferred into the trust.
- Letters which provide all necessary information to your bank, stockbroker, insurance agent or other institutions where assets are located. These letters enable you to get assets transferred into your trust by simply filling in the blanks with pertinent information, delivering letters to appropriate institutions, and signing any forms required by them. We analyze proper titling and beneficiary designations on assets and insert instructions appropriate for your plan into the letters.
- Personalized service with the attorney and trained assistants, so that all questions are answered and help is provided, with no additional cost. This service is included with the package price for a period of 30 days after your trust is signed.
- Pourover will(s) which ensure that all property is transferred to the chosen beneficiaries, even if an asset is not transferred to the trust during lifetime.
- Durable power(s) of attorney which allow a spouse or anyone else of your choice to sign documents and handle affairs for you. This document is particularly helpful if mental or physical disability prevents a person from managing his or her own affairs.
- Living will(s) or durable power(s) of attorney for health care which give directions to physicians and family members regarding continuation of life support systems.
- When applicable, a community property agreement which classifies all property as community, in order to ensure complete forgiveness of capital gains tax upon the death of one spouse. Community property agreements which classify some assets as individual property will be subject to additional fees.
The first 30 minutes with any client regarding estate planning is free of charge.
After the initial meeting, if a living trust is appropriate for your situation and if you decide that a living trust is desirable for you, the following prices apply. By the end of the initial 30-minute meeting, the attorney will verify which package would be appropriate for your situation. We do retain the right to bill outside of package prices for highly complex estate plans. If this is the case, the client will be notified during the initial consultation, prior to making a decision as to whether to authorize work to be done.
In determining whether the benefit warrants the cost, it is important to balance the cost of estate planning versus the cost if no planning is done. Potential costs of probate, guardianship proceedings, tax, and other expenses which can be minimized or eliminated through estate planning should be weighed against the cost of estate planning.
Costs of estate planning will vary substantially from attorney to attorney. It is very important that the quote for a living trust includes consultations, supplementary documents, and help in getting assets transferred into the trust, since a trust without assets will NOT avoid probate. Beware of mail order trusts, or trusts marketed by nonattorneys. Each individual estate plan is unique and must be designed specifically for you. Paying for an estate plan without personally meeting with the attorney is like having surgery without the doctor in the room. Results can be disastrous, and nonattorneys have no insurance which covers errors made in the practice of law. Documents are worthless if they don’t fit your needs! We have reviewed plans which could create hundreds of thousands of dollars in unnecessary tax liability due to improper drafting. By the time liability arises, the ‘company’ may be long gone or uncollectible. Be selective in choosing the attorney who drafts your plan.
How long does it take to complete a living trust estate plan?
A living trust estate plan can typically be completed within a few weeks after the initial consultation. At an initial meeting you will discuss your individual situation and your goals with the attorney who then applies probate and tax law to your situation and recommends estate planning steps which will accomplish your goals. All information necessary for preparation of your plan is then given to the attorney, and a written statement of total cost for your estate plan is given to you prior to the time you decide whether you want to authorize work to be completed. If a written statement of exact cost cannot be given due to the need for more information from you, the written statement will be provided as soon as all information is received by the attorney and before work is authorized.
One to two weeks after the initial appointment, at a second appointment which is usually the final appointment necessary to complete all estate planning documents, all documents are explained, an informational videotape is viewed, documents are formally executed, and the binder which includes all information on the estate plan is covered in detail. Necessary steps to complete the transfer of assets into the trust are discussed, including use of letters to deliver to institutions where assets are located.
Questions which arise are answered during this conference, and additional questions regarding transfer of assets to the trust are included for one month after execution of documents at no charge to you. After the second meeting, you are prepared to proceed with all steps necessary to transfer assets into the trust. The estate plan is then complete.
What should I consider before the first meeting?
It is helpful if, before the meeting, you think about:
- Who should be named as the person who would handle paperwork and control your assets if you were unable to do so? (This can be an individual, such as a family member or friend, or could be an institution, such as the trust department of a bank.)
- Who are the beneficiaries who should eventually receive assets? This information would be the same as the plan of distribution which would ordinarily be put in a will.
- Determine the approximate value of your estate, including all assets such as investments, real estate, personal property, life insurance, IRAs, and pensions. The total value of assets is not required to be disclosed to anyone, but, if you choose to disclose this information to the attorney, potential probate costs, tax considerations, and other costs or concerns may be analyzed. Exact values are not necessary since valuations change over time anyway, but knowledge of approximate net worth and the types of assets will be helpful to the attorney.
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