Re: Trusts vs Wills vs Living Wills

I no longer do trusts, so I am not biased. I think it is a big mistake to do your own estate plannnig. There are many ereas of potential problems.

JOEL SELIK Attorney at Law

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Re: Trusts vs Wills vs Living Wills

It's best to have a comprehensive estate plan in place. Normally, for most people, estate planning involves drafting pour-over wills for you and your spouse, a revocable living trust, durable powers of attorneys and advance health care directives for you and your spouse.

The will collects any assets not in your trust -- and pours it into your trust. Assets placed in your trust will pass to your named beneficiaries without probate. It may not avoid estate taxes if any will be owed.

Probate is the procedure to pass your property and assets to your kids if you left only a will, or even if you left no will. A trust will avoid probate if it is properly funded.

I'd recommend hiring an attorney to have your estate planning documents prepared. An attorney can review your assets, fund your trusts and answer any questions you may have.

Costs, in my opinion, range from $300 to $1500 for basic estate planning. My fee for the above documents including two meetings with me is $399 through June 30, 2005. It includes notary fees, but deed transfer fees are extra ($14 per property if in California).

I hope this helps.

Re: Trusts vs Wills vs Living Wills

Starting at $500.