Although many attorneys charge several thousand dollars for a package of living trust documents, we at Marin Law Center can provide the whole package for under $1,000. This includes meeting with you, drafting outstanding Living Trust documents, revising them to your satisfaction, and having them executed in our offices. (The fee varies, depending on whether the Living Trust package is for a single person or a couple, and on how many real estate properties and other major assets are involved.) Unlike numerous other firms, we include in our fees the preparation of new deeds for your property(ies) in the name of the Trust; recording these new deeds; and providing instructional letters to change the names of your bank accounts and other accounts to the name of the new trust.
A will has been described as "just a fancy letter to a judge suggesting how you'd like to have your property distributed after you're gone." However, that judge still has to approve your request, which involves a surprisingly large amount of paperwork on the part of your executor and the attorney, as well as attorney fees. A Living Trust avoids all of that. Your assets all become owned by your trust, with you, as the trustee, in complete financial control until you're gone (or incapacitated), at which time a "successor trustee" takes over and distributes the assets as you have set forth in the trust, all without the involvement of the courts, judges, or in most cases, attorneys.
The process starts with an initial consultation with an attorney here. This usually takes a half hour to an hour and is charged for separately. In that consultation, the attorney answers all your questions and fills out a questionnaire, gathering the basic information for your trust and the other documents. After the initial drafts of the documents are prepared, there are usually several subsequent drafts which go back and forth in the following weeks, because rarely have people made up their minds on all the details when they first come in. Ultimately, all the blanks are filled in and you feel the final result truly represents your wishes.
The other documents in the package, besides the trust itself, include a "pour-over" will for each person (which "pours over" into the trust every asset not already listed in the name of the trust or on the attached schedule of assets, but which does not need to be probated), and two Durable Powers of Attorney: one each for finances and for health care (this latter document is also known as a Living Will, or an Advance Directive for Medical Care). These appoint people of your choosing (known as "attorneys in fact") to make decisions for you in case you become incompetent, such as when you are in a coma, or become senile).
It is true that all these documents are rather more complicated than a simple will, but you are buying peace of mind in the knowledge that your affairs are truly in order. Your loved ones will not have to suffer through the time and expense of probate (or conservatorship, in the case of incompetency). Who wouldn't want that better night's sleep, and the savings of tens of thousands of dollars as a result? You can start by calling Marin Law Center at 472-4400 for an appointment.