10 Guarantees If You Don’t Have A Revocable Trust

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10 Guarantees If You Don’t Have A Revocable Trust

(And Satisfaction is NOT Guaranteed)


Guarantee #1 – You’re Headed Towards Probate Court

If you don’t have a Revocable Trust, your estate is virtually guaranteed to go through the Probate Court.  It may come as a surprise but, even if you have a will, wills go through the probate process.

 

Guarantee #2 – You’ll Pay 5X More Than You Should

If you don’t have a Revocable Trust, your cost will be approximately five times as much as Trust Administration on average.  Once you realize that you’re paying 5X more than you should have, your stress level will probably be 5X more than usual!

 

Guarantee #3 – You’ll Fritter Away a Year of Your Life

If you don’t have a Revocable Trust, you’ll not only lose money, you’ll lose time.  Your Probate case will take about 12-18 months from start to finish in California – as compared to Trust Administration, which typically only takes 4-6 months in most cases.  Most people treasure their time as much as (if not more than) money; losing either will probably hurt.

 

Guarantee #4 – You’ll Experience Public Scrutiny
If you don’t have a Revocable Trust, your Probate case will be open to public inspection.  To add insult to injury, your Administrator could be subjected to solicitation by investment scam artists.

 

Guarantee #5 – You’ll Deny Your Spouse Access to Assets

If you don’t have a Revocable Trust, you will lose the ability to allow your spouse to have access to your assets while taking advantage of your Federal Estate Tax Exclusion.  As I write this in 2011, that would mean losing a $1,000,000 Estate Tax Exclusion.  Ouch.

 

Guarantee #6 – You’ll Lose Control
If you don’t have a Revocable Trust, you will lose control over your downstream beneficiaries.  Without a well managed trust, you can’t plan for your grandchildren or future generations, if a child predeceases.

 

Guarantee #7 – Your Minor Will Be At Risk of “Too Much, Too Soon”
If you don’t have a Revocable Trust, you won’t be able to prevent your minor child from inheriting your assets outright at age 18.  Without proper dispensation of funds, your hard earned assets can be frittered away overnight by a minor child who inherits too much, too soon.  Most minors are unequipped to manage large amounts of money.  A windfall without the wisdom that comes with age could ruin his or her life.  These minors are at risk of drug and alcohol abuse, buying an expensive sports car and crashing it, and developing a bad attitude.  Many “rich kids” become an unproductive member of society because they feel like they have money and don’t need to work.

 

Guarantee #8 – You’ll Loose Creditors & Predators on Your Children
If you don’t have a Revocable Trust, you will not be able to “asset protect” the money you leave your children.  A good estate planning attorney can draft continuing Trusts that can prevent creditors, predators and divorcing spouses from taking the money that was supposed to go to your children.

 

Guarantee #9 – You Won’t Be Able To Fully Protect Your Spouse
If you don’t have a Revocable Trust, you will not be able to “asset protect” the money you leave to your spouse; some of that money might be taxed.  More importantly, that money may not go to the beneficiaries whom you have chosen.

 

Guarantee #10 – Your Incapacity Can Lead To A Conservatorship
If you don’t have a Revocable Trust, and you become incapacitated, your family may need to obtain a Conservatorship over you in order to manage your assets.  Unfortunately, this is an expensive and embarrassing Court process.  A well written trust can have incapacity provisions so your capacity is determined by your doctor, or a panel of doctors, without Court interference – and a huge legal bill.

 

At Parrish Law, we can almost GUARANTEE that not having a Revocable Trust will lead to nothing but loss.  You will not be satisfied with the ultimate outcome.  Please don’t hesitate.  Call (408) 741-3500 now to create your Revocable Trust, or ensure the one you have is in tip-top shape!  You and those you love will be very glad you did.

 

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