Revocable Living Trust

[mmkad4]

Hello everyone,

I'm 30, married and have two kids, so I figure I am way overdue to get a will and set up a living trust to avoid probate should something happen to my wife and/or me.

One of the major things that has kept me from getting one, though, is the cost. So, I would like to attempt to set up a revocable living trust on my own and perhaps just take it to a lawyer to review. Is there any good software out there that any of you guys have used and would recommend?

I am also curious as to what a living trust would look like for assets that my wife and I own separately. For instance, our IRAs. Do my wife and I need separate trusts to account for those assets?

Thanks for any input you can provide.

[phil5185]

to avoid probate

Sounds like you dislike the probate process?

[The J]

Estate planning beyond a very simple will is not a "do-it-yourself" endeavor. Pay an attorney.

[thyme4change]

I'm not sure how much money you have to protect, or how difficult the guardian situation will be - but I bet you can get a lawyer for $1000, maybe $1500. If you don't die - yes, the money was "wasted" - but if you do die, everyone left will thank you.

[T Skeeter]

Don't be penny wise and pound foolish. I always look at it this way. Why would you spend more to insure your car for a single year than you are willing to spend on an estate plan that protects your family and your financial resources for a lifetime? A good estate planning attorney is a consultant who will help you identify all of your estate planning objectives and coach you on different ways to meet those objectives.

Yes, you can take the do it yourself route, as an uncle of mine did. It has taken more than a year to have the courts determine if his will is valid or not. Probating his estate will probably take another couple of years. Talk about a screwed up mess! Is this the legacy you want to leave your heirs?

[thyme4change]

TSkeeter is correct - especially if your children are minors. If they are 40 - great - everyone can fight over money for a decade and whatever - but if they are 12 and you die - you don't want them to have to watch the rest of the family or friends try and work out a mess while mourning their parents. That's just mean.

[mmkad4]

Thanks for the input, everyone. I'll look into an attorney.

[coloradoea]

please don't add your IRA's to your estate. Add beneficiaries and contingent beneficiaries to those accounts so they can go directly to whoever you want. In my case it is first to my spouse and then to our kids.

[Gardening Grandma]

please don't add your IRA's to your estate. Add beneficiaries and contingent beneficiaries to those accounts so they can go directly to whoever you want. In my case it is first to my spouse and then to our kids.

I'd agree with this if the kids aren't minors. If they are minors, doing this can create another whole ball of wax. I'd consider making the spouse the primary beneficary and discussing with the estate attorney what to do about contingent beneficaries when the kids are minors.

[sesfw]

I vote a huge 'yes' on finding a good family attorney. Ask your friends and associates to suggest different lawyers and start the interview process. Go with the one you feel most comfortable with.

[moneywhisperer]

If you want to save money, just have a simple will done until you can afford the fees for an attorney to set up a revocable trust.

You need an attorney to do a revocable trust correctly for your state.

[thyme4change]

You want to look for an estate and probate attorney. Family attornies usually focus on divorce, custody issues, and things in that arena. I'm sure there are people that do both - but why spend the money for someone who is just dabbling. If you are paying them, find a real specialist.