Why a Living Trust?

Introduction

A Forewarning

Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 15
Chapter 16
Chapter 17

Why a Living Trusts : Introduction

Behind closed doors, in private conversations with fellow attorneys, you will often hear estate lawyers say that probate is where the “real money is”. There is a reason for this. Living Trusts are a growing trend for the better reason that they are a far easier, much less expensive way to pass your estate. Given the public’s distaste for high legal fees it is a wonder that so many people are still robotically using Wills. A Will automatically signs you up for the probate system and high handed, expensive lawyer and government / court involvement. A Living Trust says we’ll keep it a private affair in the family and call you if we need you.

The probate industry, counted in the billions of dollars, knows they would be in real trouble (probably out of business) if any choice was given at the time of death. In a real time, side by side competition with Living Trusts, probate would lose every time. Instead the game is skewed to make sure there is no choice when the time comes and to obfuscate the exorbitant end costs and hassles of Wills.

Consider the following: The true costs and consequences of a Will do not hit home until long after you sign it and at a time you can no longer complain or change it. The very document (Will) that you sign years beforehand, obligating you to probate, makes no mention of the eventual burdening costs and processes. The lawyer you are paying to draw it up and represent your interests isn’t required to discuss it nor is it a practice for lawyers to do so. Technically, you can’t call any of this outright concealment because they will tell you it is all a matter of public record and known law. Yet, does that mean you, or “Aunt Rose”, or most any other layperson for that matter truly and fully grasps the real end costs, impact and obligation of probate when signing a Will or that you don’t want it discussed? Consider that you can’t complete a home loan without a separate document that highlights and details all of the short and long term costs and obligations. Yet lawyers, supposedly representing their client’s best interests, are allowed to draft and complete Wills without ever mentioning, discussing or disclosing the end costs and headaches of probate. As long as that is allowed to continue it is up to you to educate yourself and take steps to prevent this backend incursion on your family and hard earned dollars.

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