Good day everyone,
Just a quick blog to let you know that I am up on Squidoo and tweeting at twitter.
I am hoping to have as much success there as I have had at ezine.
Robert Olson - The DIY Lawyer
In my estate planning law practice I get asked all the time if it is ok to use a sample living trust from the internet. My answer is maybe. If your total estate tax net worth value is less than the estate tax threshold amount then you can do it yourself.
To calculate your net worth estate tax value, add the value from the following assets:
- real property;
- financial assets;
- personal property; and
- death benefits on life insurance you own on your life.
The threshold amount for federal estate tax is $3,500,000.00. In addition approximately 19 estates have an estate tax threshold that ranges from $1,000,000.00 up to the federal amount. If you are below these amounts and are willing to take the time to learn what each section of the trust means then you can and should draft your own document from an internet sample living trust.
Please be aware though that many samples on the internet are just that, samples. They fit a small population. If you fit within that box, then you will probably be fine. If your situation is a little different then the sample living trust you are working from may not be the right option.
You should look for a product that gives you information and options and was created by an attorney. Look for products that teach you about the trust. Once you understand what makes up the trust document, you will be able to put it together to fit your individual facts and circumstances.
You also want a sample living trust product that gives you all of the supporting documents along with detailed information on how to fund the trust.
Going with a sample living trust can save you thousands of dollars in attorney fees but you need to take the time to understand which product is best.
If you find this helpful, there is more at DIY Lawyer. A website dedicated to helping people do their own legal work including drafting a Living Trust. They offer an e-book with a money back guarantee titled the Living Trust Annotated. This book teaches you to draft your own Living Trust for a fraction of what you would pay an attorney. With the purchase of the e-book you also receive a free half hour phone consultation with a DIY Lawyer to answer your questions about the book. You can read about it at DIY Lawyer's Living Trust Annotated.
In this article I will address the online living trust questions I get asked the most in my law practice.
Question #1 - What is a living trust?
A Living Trust is a separate entity that is created to own and manage property. The creator of the trust, the Grantor, is typically also the trustee, person in control, and the main beneficiary, in most cases with the spouse and any minor children. The primary purpose of making a living trust is that, unlike a will, property that passes through your trust does not have to go through probate after your death. This will save a great deal of time and expense for your family. During your life you, as the trustee, have complete control over the property in your trust. When you die, the person you named as "successor trustee" passes your trust property to the people you named as beneficiaries.
Question #2 - Do I need a living trust?
This is the most frequent online living trust question I get. If you own property such as a home or financial accounts in a bank, having a trust is a very good idea. It will allow you to avoid probate, which may save your family time and money. Probate is a public court process that transfers property owned by one person alone at their death. It can take more than a year and cost thousands of dollars.
Question #3 - Can I do an Online Living Trust
Yes, an online one can be a good choice if you get options and an education about the process. I recommend staying away from forms that are a one size fits all because you may not be that size. Look for products that teach you how and allow you to draft your own trust and supporting documents. In addition community education classes or online e-courses are good resources to learn more about the living trust.
Question #4 - Are there drawbacks to using a living trust?
We are big proponents of the Revocable Living Trust at our law firm. This is the same whether I am preparing the documents for clients or it is an online living trust. There are two main drawbacks however. First is the cost. If you have an attorney prepare a revocable trust for you expect to pay thousands of dollars.
The second drawback is the work you must do to fund the trust. This can be a great deal of paperwork. You will need to either transfer title of your assets or change beneficiary to the trust. In some cases such as with cash value life insurance you may do both. Drafting the trust itself is the same amount of work as drafting the Will. But with the Will you would rarely change title of your assets. If you fail to change the title or beneficiary of the asset to the trust this asset may, depending on how it is currently titled, go through the probate court process and the main reason for creating the trust, avoiding probate, is lost.
Even though I make my living
from drafting trusts for clients, I suggest that if your total estate value is
less than the federal estate tax threshold of $3.5 million and any lower
threshold imposed by your state you do it yourself. The living trust is in most
cases the best way to plan your estate and using an online living trust product
can save you thousands of dollars. We suggest that you do it yourself and let us
help you. Sign up for our free living trust
e-course to
learn how.
Hey everyone, when you have a moment, bop on over to the newly re-designed DIY Lawyer site.
What started off as a tweak became more.
Please again, if you have time, weigh in with a comment of two. Also, let me know what you think of my sales copy for the Living Trust Annotated E-Book.
I think this book is going to be a big hit.
I have finally finished the "Living Trust Annotated"ebook.
The Revocable Living Trust is truly the best way to plan your estate because it cuts down the time and cost after your death and it also provides for assistance if you become disabled during your life.
The book includes everything a client gets if they come to my office at a fraction of the price.
You can learn more at the "Living Trust Annotated" ebook
or
you can sign up for a free e-course on the Living Trust
Quick update about working with ezine I have all 10 articles published and this was the threshold for the basic level of service.
You get 10 articles and that is it. Once you have 10 articles live, then you can apply for a free upgrade to the Platinum author level. This is free but you have to write a short email as to why you should be given this upgrade.
As of yesterday, Robert Olson of DIY Lawyer is a Platinum level author at ezine.
If you have any questions about getting to this level please let me know and I will help you however I can.
One final note, ebook "Living Trust Annotated" is completed. Check back here in the coming days for more information. This book is really an incredible value. It is a do it yourself living trust kit including sample language.
If a person buys this book they will have everything, I repeat everything that I charge a client in my office over $2,000.
I am also considering for anyone who buys the book offering a half hour phone consultation to answer questions.
I am considering the following pricing
ebook - $97 -
phone question and answer session - $97 (I normally charge clients $125 for this type of call)
Let me know your thoughts on the pricing.
Sign Up Form My Free Drafting Wills E-Course
and or
I have 7 of 10 articles published and live. When you first start out you have a provisional account that allows you to publish 10 articles. When you hit 10 you are frozen from submitting any more until all 10 are reviewed and live.
The review process takes about a week. (They say that all articles will be reviewed in 7 days and they are pretty on about it.
Before you submit, read all of their requirements for self serving links etc. Since my first live article, I have been read over 202 times with a handful of people going to my website from the back links in my bio. I also have about 5 new ecourse students.
My goal is once the restrictions are off of my account is to publish an article a day over the next 100 days.
Sign Up Form My Free Drafting Wills E-Course
and or
Here are a couple of links to DIY Lawyer recently published articles over at ezine.com
Enjoy
When-Writing-Your-Own-Will---Use-These-Ideas-For-Guardians-and-Fiduciaries
and
Writing-Your-Last-Will-and-Testament---5-Tips-to-Help-You
Stay tuned because I have many more in the ezine Que being reviewed.
Sign Up Form My Free Drafting Wills E-Course
and or
We at DIY Lawyer are excited about a new E-Book our product development team is working on.
In November they launched our Last Will and Testament Annotated E-Book that delivers everything a person needs to draft their own Will.
On or around December 15th we will be offering a new E-Book The Revocable Living Trust Annotated along with a free E-Course on Living Trusts.
The E-Book will include all of the following:
- Chapters on each section required to be in a Living Trust including attorney annotations, tips and suggested language.
- Chapter on the "Pour Over Will". Yes with a Living Trust you also need a Will. Learn what goes into this Will and why you need it. You will also get a sample version.
- Certificate of Trust
- Declaration of Trust
- Power of Attorney
- Sample Funding Letters
- Secret Bonus Information that will make creating your Living Trust incredibly easy.
If you were to come to our law office to have this work done for you would pay between $2,000 - $3,000.
We haven't decided on the pricing for this E-Book yet but lets just say it will be less than 5% of what you would pay if you came to our offices. This book is so packed with information that if my clients find out about it, my law firm will be out of business.
In the meantime, don't forget to sign up for our free e-courses.
Sign Up Form My Free Drafting Wills E-Course
or
Revocable Living Trust (Revocable Trust)
The Revocable Living Trust avoids probate because when you die, you do not own any assets in your name, assuming you properly funded the trust. Funding the trust means you must change title to all personal and real property to that of the trust and change either the primary or contingent beneficiary of life insurance and retirement assets to point to the trust. Your trust owns the property for your and your family’s benefit..
Another feature of the Revocable Living Trust is it provides for property management upon incapacity. If you become disabled, your successor trustee begins managing your assets for you and your family’s benefit. There is no need for a costly and sometimes painful guardianship/conservatorship proceeding.
Upon your death your successor trustee steps into your shoes and transfers the property per the trust agreement to the individuals you list. You can also include provisions for minor children and estate tax planning.
The benefits of a Revocable Living Trust are:
- It avoids probate if properly funded;
- Less costly in long run;
- Provides for management of property during periods of incapacity; and
- Easier for family to administer upon your death.
The drawbacks are:
- It is more costly up front; and
- There is more administration up front transferring property from you to the trust. You in effect are doing the probate now so the people you leave behind do not have to.
DIY Lawyer is currently working on a Revocable Living Trust E-Course (FREE) and E-book coming out in mid to late December. These two will give you everything you need to create your Revocable Living Trust by Doing It Yourself.
Sign Up Form My Free Drafting Wills E-Course
or
Free 9 Day Incorporation E Course
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Recent Comments
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Steve Chambers said:
Congrats on the Web 2.0 thing. Hope it works out for you.Steve ChambersPersuasion Expert read more
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DIY Lawyer said:
Living WillI do have an article on a statutory power of attorney. You can check it out on my website.You... read more
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living will said:
I agree with your points.Very useful for all.Did you write article about living will,power of attorney? If is there any... read more
on Online Living Trust FAQ -
living will said:
I agree with your points.Very useful for all.Did you write article about living will,power of attorney? If is there any... read more
on Online Living Trust FAQ
Post on Law Dude.Tim read more
on I'm a 2.0'er