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| Joined: 06 Aug 2013 |
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,[link widoczny dla zalogowanych]
Many think that a Living Trust is just a form that can be pulled off a bookshelf or printed on a computer. Or that a Living Trust done online using the internet, or prepared by a non-attorney paralegal, or by an inexperienced attorney or a bargain-priced attorney is the same as one custom - drafted by an experienced and skilled attorney. The shocking reality is,[link widoczny dla zalogowanych], all Living Trusts are NOT created equal!
True,[link widoczny dla zalogowanych], all Living Trusts may be similar. You can buy a car that's either a Yugo or a Cadillac - - both have four wheels and an engine - - but which one would you rather have you and your family drive? (Well, according to Consumer Reports,[link widoczny dla zalogowanych], you don't want to be caught in a Yugo because it could be a real death trap!) The problem is…when will you know whether your Living Trust is a Yugo or a Cadillac?
When "you go" and it's a little too late! Or worse yet,[link widoczny dla zalogowanych], when you're ill or disabled and you're relying on it to take care of you while you're still living - but unable to make any changes. You see, you have to be careful about who you have prepare your Living Trust.
First of all, it should be done by a Law Firm, because if it isn't, you're probably asking for trouble right away! (In fact,[link widoczny dla zalogowanych], in many states, it is illegal for anyone other than an attorney or his or her firm to prepare a Living Trust!)
Be aware of…
1. Internet sites or other non-attorneys. Keep in mind the critical importance of your estate plan, to protect your lifetime's assets. If you need critical surgery, would you want the nurse - - or worse yet, the orderly - - to do it?
2. If you do appropriately seek a law firm to prepare your Trust,[link widoczny dla zalogowanych], they should be experienced in drawing up trusts and do this every day for a living,[link widoczny dla zalogowanych], not dabble in it on the side. Some law firms only produce a few Living Trusts in an entire year. I certainly would not want to get heart surgery done by a doctor who has only performed a handful of operations,[link widoczny dla zalogowanych], or worse yet, have the surgery done by a general practitioner!
Consider this…most law schools don't even teach students about Living Trusts or how to draft them,[link widoczny dla zalogowanych]! A law firm that does not have a lot of experience drawing up Living Trusts may be learning how to do it with you as the guinea pig!
3,[link widoczny dla zalogowanych]. Look at the credentials and experience of the law firm. How many years of experience do they have in estate planning? How many Trusts have they drafted?
Here's another warning: Watch out for those "bargain" priced attorney drafted Living Trusts! You may have noticed certain advertisements that offer Living Trusts at cut rates. This may sound great, but please, don't be pennywise and pound foolish when it comes to protecting your entire lifetime's assets! We have found these "bargain" trusts often cause more problems than if you had no Living Trust at all!
There are many more additional technical difficulties that a poorly drafted Living Trust may cause. You should consult with an experienced estate planning attorney in your area to make certain that your particular needs and concerns are taken care of.
Disclaimer: The content is made available by the lawyer or law firm publisher for educational purposes as well as to provide general information and a general understanding of the law,[link widoczny dla zalogowanych]. IT IS NOT PROVIDED AS SPECIFIC LEGAL ADVICE TO THE READER. By using the information provided in the content the reader understands that there is no attorney client relationship created between the reader and the attorney. The content should not be used as a substitute for competent legal advice from a licensed professional attorney in the state of the reader.
To found out more about Revocable Living Trusts in Charlotte, North Carolina you can READ MORE HERE!
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