"I want to give everything to the little ones, but want to make sure I have enough to live on."
Common knowledge says that you want to avoid probate. And common knowledge, in this instance, is right.
What is probate; how does a living trust help me deal with it?
On the face of it, probate is really not that bad. It’s simply the system we use in this country to distribute our assets after we die. The court determines who gets what and when they get it, usually based on the will.
The reason to avoid probate is that the process can be very costly to the people who you wanted to inherit and it will be very time consuming – sometimes a year or more to get it all sorted out.
Having a Trust means there’s no need for probate
If you establish a Trust (technically, a revocable trust, commonly called a Living Trust), you remain in total control of your assets: You can spend what you like, buy what you want, invest as you desire, give gifts as freely as you please.
The trust simply establishes in detail who gets what, when and how much after you die. It even allows you to specify certain contingencies and conditions, for example earmarking money for a nephew’s college fund or the care of your pet. And you name the trustee.
You lay out the game plan for disbursing your assets when you die and your trustee must follow it. While you are alive, you have complete control and continue to administer your assets with the power to easily change trustees, amend, revoke or terminate the trust at any time.
How much does it cost?
We do not work on an hourly basis. The whole billable hours concept is contrary to my personal beliefs about our mission as lawyers. So, after we consult on your situation, I’ll establish a flat fee. There will be no surprises.
By the way, I do not charge for the first consultation. Call me at 805.216.4208 to discuss your situation.
Can I do it myself?
You can. There are many books and online resources. These are not tailored to your specific situation, but can give you a good start on understanding process.