... Regarding PROBATE :

What is probate?

Probate is a required court-supervised process implemented in order to settle the estate of a deceased individual. The probate court oversees the payment of the decedent’s debts and supervises the distribution of remaining assets according to their will. If there is no will, state law mandates the method of distribution of any remaining assets. Even before death, if a person is unable to handle their own affairs, the probate court may choose to appoint a conservator to handle that person's affairs for them.

I'm not wealthy. Will probate still be expensive and time-consuming?

Maybe not. If the gross value of your estate is less than $184,000, probate can be quick and easy. A good rule of thumb is that if you have a house, probate costs are based on its current market value and amounts to about 5% of that value; if the house is worth $400,000, probate costs just on the house would be about $20,000.

Even if your estate is modest, a trust may be worthwhile to avoid the delays and publicity of probate.

Can't I just give my property to my heirs before I die?

Yes, but it may not be the best strategy, for at least two reasons. First, gift taxes may be due on the value of the property.                                       There may be a way to avoid these gift taxes if the value of your estate will not exceed the unified estate tax credit limit. Second, by gifting your property to your heirs now, they may pay more in other taxes than if you leave it to them after your death.

What happens with probate if I have a Revocable Living Trust?

A Revocable Living Trust is similar to a combination contract and a Will.  When you create a Trust, you are in effect saying, "I trust my chosen Trustee to handle my estate when I'm gone - I don't need the probate court or attorneys looking over their shoulder".  As a result, your estate will not go through probate at all. Your Successor Trustee (like an Executor in a Will) can immediately distribute your assets according to your wishes.   There are no fees, no delays, and it is done in complete privacy.

What are the disadvantages of probate?

•        Expense. 

The costs of probate can be as much as 3890 of the gross value of your estate (before any debts or mortgages are paid). 

These costs are paid before your estate can be fully distributed to your heirs.

•        Time.     

Probate usually takes 12 to 24 months, depending on the backlog in the County probate court, and how quickly your attorney of record and Executor complete their duties. During part of that time, your assets may be frozen. Your family can request a living allowance while probate is in process, but the request could be denied.

•        Privacy.       

Probate proceedings are public record. Anyone can find out how much you've left, who it is going to, and even how much your business is worth.

•        Control.

The probate court oversees control of your estate.  Having outsiders control your estate (and having to pay for the privilege) can lead to frustration for your family and to disputes between the heirs.

Someone told us we don't need a Trust unless we have more than $600,000. Is that true?

This is a very common misconception. The $600,000 refers to an old Federal Estate Tax threshold, which in 2025 is currently $13.99 million.

Probate costs 5-7% of any estate (before any debts are subtracted). For an estate worth $600,000.00, probate cost totals $30,000.00 plus 2-6 k in court costs in 2025.

... Regarding LIVING TRUSTS and WILLS

How and why does a Trust work as intended?

When you declare your Trust, you transfer ownership of your significant assets from you to your Trust, with you as Trustee of your Trust. In order for the Trust to work as intended, your assets must be transferred to the Trust. Exceptions are insurance policies and qualified retirement plans, which have named beneficiaries, and are not probated. If the probatable asset transfers are not done, the Trust will not work as it should.

Do I lose control of my assets in a Living Trust?

Not if you have named yourself as Trustee. You remain m complete control. You can do anything with your assets that you could before declaring a Living Trust.

I have a Will.  Do I need a Living Trust?

Contrary to popular belief, a Will alone is not the best mechanism for your estate plan. Your Will guarantees that your estate will go through probate, because all Wills must be validated by the probate court before the directions in your Will can be                        implemented.

Furthermore, your Will provides no protection for you if you become mentally or physically incapacitated - you could be under control of the probate court even before you die.

Millions of people have Revocable Living Trusts as an alternative to Wills, because a Revocable Living Trust avoids all probate.                                 A Trust makes sure your wishes will be honored and not changed in the event of death or disability.

So then - what is a "Pour Over" Will,

and why do I need one as part of my Trust Portfolio?

Since it is basically impossible to include everything you own in your Trust by deed, account or name, a "Pour Over Will" is always included as part of a Trust Production Services Forevermore Trust Portfolio. Unlike the normal Last Will and Testament you may be used to, the Pour Over Will directs your named Executor to "Pour Over" any asset you failed to include in your Trust into your Living Trust for distribution under the terms of your Living Trust.

You may wish to think of the Pour Over Will as an extra housekeeping tool for your estate - it sweeps anything not already named under the umbrella of your Trust into the protection of your Trust Estate.

...Regarding the TERMS Used and the DOCUMENTS Themselves :

Your Trust becomes effective upon the signature and notarization of the Trust Portfolio documents.

By creating your Revocable Living Trust, you are the "Settlor(s)", "Grantor(s)", and "Trustor(s)" - they all mean the same thing; the person(s) who created the Trust and funded it.  You are also the "Trustee(s)" or manager(s) of your own estate during your lifetime(s).  During your lifetime(s), you are also the "Beneficiary(ies)" - in other words, the person(s) designated to receive the benefit from the Trust. Your Revocable Living Trust will not take effect until you execute it by signing all the necessary documents and having the signatures notarized. However, even then your Trust will remain "unfunded" until you have transferred your assets into it. After your assets are transferred to your Trust, your Trust is officially considered "funded".

Who can be the Successor Trustee(s) and Executor(s)?

Anyone you choose. Usually, the Successor Trustees and Executors are trusted family members or friends. They are responsible for carrying out your wishes. Not only can your Declaration of Trust state your specific instructions, the designees you select to carry out your desires can also transfer your assets to your loved ones immediately, without having to wait for court direction, as long as

your assets have been transferred to the Trust. It's important to remember that your selected Trustee can manage and distribute only those assets that are owned by your Trust. The Pour-Over Will language that we use at Trust Production Services provides instruction to your Executor to transfer any assets left outside the Trust into the Trust upon your demise, unless you have left specific instructions                                              stating otherwise.

What is the Power of Attorney for Assets?

When you create a Living Trust, a legal entity is established for the maintenance and care of your assets and estate. In the event that you leave the country or become incapacitated, the power of attorney allows you to designate an individual (your "Attorney-in-Fact", not to be confused with the term “attorney at law") to act on your behalf in managing your personal and financial affairs, usually on a temporary basis. As an example, a power of attorney will enable your designee to transfer for you many of the remaining assets to your Trust which, because of an incapacity, you could not transfer to your Trust yourself.

What is the Advance Health Care Directive?

An Advance Directive for Health Care allows a person of your choice (your "Agent-in-Fact") to make medical decisions in the event you are physically unable to make decisions or give consent to treatment yourself and allows your designated agent to withhold medical treatment in certain circumstances. In most cases, this document also gives your agent the authorization to withhold life support if your condition warrants such a decision according to your specific instructions.

What is the Abstract & Certification?

The Abstract & Certification is an abbreviated version of your Trust Declaration that proves you have a Trust and shows the facts of the Trust necessary to a bank or a mortgage company, but does not show the details of the

Trust that are private - such as the assets funding the Trust or the Beneficiaries or the Trust.

and The TWO MOST FREQUENTLY ASKED QUESTIONS OF ALL :

How do I choose a firm to prepare my Trust?

There are several important factors.  You should choose a firm that has an attorney to formulate the right Trust for your particular circumstances and guarantee that your Trust will work. You should require that the firm get all the funding documents ready for you. You should choose a firm that does a lot of trust work, and that is current on trust requirements. Finally, you should choose a firm that will provide ongoing service after your Trust is done.  Many fill-in-the-blank trust formats and trust mill documents are not testate and will not stand up to             scrutiny.

How much does a Trust cost?

Within limits, you will get what you pay for.  A regular law firm might charge $5,000 to $15,000.  A cut-rate document preparation firm can be as low as $700. Our company charges somewhere in between - most of our Trust Portfolios are in the $2,500.00 - $3,000.00 range for the Forevermore Living Trust Portfolio, which includes not only the Trust Declaration but also the Pour-Over Will(s), Power(s) of Attorney, Advance Health Care Directive(s), and all funding documents prepared and filed for you. Whatever price range you choose, you should be assured that your Trust will work as intended and includes ongoing service after the documents are signed.  Whatever the cost of your Trust is, it will almost certainly be less than the cost of probate.