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Is it a Mistake to Set Up a Revocable Living
Trust?
by Phil Craig
© Phil Craig, All Rights Reserved
http://www.LivingTrustSecrets.com
Some of you may be under the mistaken impression that I am an
advocate for a revocable living trust in all situations.
This is not true.
I believe that using a revocable living trust
should be decided on a case by case basis, considering the facts
and circumstances of the specific case.
For example, let's talk about my mother-in-law. This is a true story.
Back when I was in active practice, my mother-in-law didn't want
to ask me to work on her estate plan. She didn't want to bother me.
So, she went to one of the free estate planning and living trust
seminars we often see advertised in the paper.
She got caught up by the sales pitch in the seminar (I think there
was a discount if you signed up before the seminar was over) and
paid for a revocable living trust, pour-over will, and health care
and financial powers of attorney.
To her credit, she began to have misgivings after she received her
set of "documents" so she asked me to look them over. I did. They
were trash. I told her to contact the company and ask for an immediate
refund. I told her to tell them I was an attorney and would take
appropriate action if her money wasn't returned. They gave her money
back.
I then told her to go to the legal affairs office at the military base
(she is retired military) and have them draw up a simple will along
with the durable general powers of attorney for health care and
financial
decision making.
Given her relative young age (early 60s), estate, and family situation,
I saw no need or benefit to a revocable living trust in her situation.
A simple will was all she needed.
And it may be all you need.
So before you get wrapped up in the complexity and cost of a revocable
living trust, seek out the advice of a competent, unbiased professional
to determine what estate planning documents are appropriate in your
situation.
Good luck and until next time,
Phil Craig
P.S. Did you
know you can search this site or the web for more Living Trust, Wills,
Estate Planning and Probate answers?
Click here!
Phil Craig is a licensed attorney and entreprenuer.
He started practicing law at age 25 in 1979.
He does not take on any more clients, but is
advisor to some of the biggest names in the internet
world. He shares his knowledge gained over the
last 25 years at his Living Trust Secrets newsletter site:
click here=========>http://www.LivingTrustSecrets.com
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