Estate Planning To-Dos Creating a Trust: Pay Now or Pay Later
REVOCABLE LIVING TRUST
It’s time to clean house! As spring-cleaning season arrives, make this the year you pull together all the information you need to create an estate plan. Estate planning is the most unselfish thing you can do. Planning for a smooth transfer of your assets after your death will make life easier for your heirs when the time comes. Creating a revocable trust may be the best way to accomplish this. Unlike a will, a revocable trust eliminates the need to go through the probate process to settle your estate. Some clients insist they do not need to set up a trust because they are leaving their kids enough money to pay for probate — even though putting their house into a trust now would cost about
one-fourth as much as the likely cost of probate by the time they pass away. “Okay, that’s your choice,” I tell them, “but you’re just making your kids’ lives more difficult.” You might remember the old Fram oil filter TV ad from the 1970s, where the guy holds up an oil filter and talks about how car owners can maintain their cars now at a low cost or pay more to have their engines rebuilt later. “You can pay me now, or you can pay me later,” the guy in the ad says. My dad and I used to laugh about that because he would say the same thing to customers at his auto repair business. “Do you want to pay for a new timing belt now, or do you want to pay for a new engine later?”
You could say the same about estate planning. You can pay for a solid plan now — or you can force your kids to pay a higher cost later. Save your heirs the expense and hassle of the probate process. Call us today! We will be happy to help you create an estate plan to ensure peace of mind for both you and your heirs.
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Testimonial Our Clients Say It Best
them what they are going to do differently, and they say, “I don’t know, but I’m going to have a doughnut and think about it.” Why do people lie to themselves? If you want it, get off your a** and get to work! I set a goal for myself to read 25 books. My kids are on Goodreads and set reading goals for themselves. I don’t have time to do that, but I’m not going to let them down. I’m going to do the work. Now, I’m trying to find time during the day to read. Every 15 days, I have to read another book. I already have one done, and I’m on a pretty good trajectory. It’s the small changes you make every day that have a significant impact over time. It’s all about accountability; just commit to do something and do the work. At the end of the day, after I finish reading all those books, I will be a better person and feel better about myself because I actually accomplished something I said I would do — without procrastinating!
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–Carmen Dellutri
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