Lazy Man and Money

  • Blog
  • Home
  • About
    • What I’m Doing Now
  • Consumer Protection
    • Is Le-vel Thrive a Scam?
    • Is Jusuru a Scam?
    • Is Beachbody’s Shakeology a Scam?
    • Is “It Works” a Scam?
    • Is Neora (Nerium) a Scam?
    • Youngevity Scam?
    • Are DoTERRA Essential Oils a Scam?
    • Is Plexus a Scam?
    • Is Jeunesse a Scam?
    • Is Kangen Water a Scam?
    • ViSalus Scam Exposed!
    • Is AdvoCare a Scam?
  • Contact
  • Archive

Wills vs. Trusts Revisited

September 26, 2012 by Lazy Man 4 Comments

For too long now, I’ve been living up to name and procrastinating in estate planning. With our first child on the way any day now, it is time to make sure that all the “t”s are crossed and the “i”s are dotted. That’s why about a month ago, I asked readers do you have a will or a trust?

I had been reading the book Living Trusts for Everyone: Why a Will is Not the Way to Avoid Probate, Protect Heirs, and Settle Estates, which makes a strong argument for a trust. It does a great job of putting the fear of probate into you as if it is the financial boogeyman that should keep you up at night. Maybe it actually is with your assets being tied up for months and the legal fees around it.

With that in mind, I went to see Janet Brewer an estate planning attorney in Palo Alto. She was kind of enough to offer a free hour consultation. What I found out was that we probably don’t need a trust. I was concerned about our real estate in multiple states. It appears that if my wife and I put them in a joint tenancy we can avoid probate. If I die first she’ll just get 100% of the assets and vice versa for me. We avoid probate unless we both die at the same time, which is statistically rare. In looking at our other financial assets (brokerage accounts, 401Ks, Roth IRAs, etc.) as long as we designate each other as beneficiaries it avoids the evil probate monster. Although when one of us dies, the other would be wise to get that trust set up.

So why not set up a trust now and just be done with it? Well, there are a couple of reasons. One is cost. Trusts are generally more expensive to set up. The bigger one for us is that we tend to move around a bit. We don’t plan to be in California forever and setting up a trust here would require a major reworking if we were to move back to New England as we hope. (In case you didn’t know, California tends to do a few things “differently” than the rest of the nation, and trusts are an example of that.) One thing she did mention is that we might be wise to set up a corporation for the properties. That’s something that I’ve looked briefly for Lazy Man and Money, but not the real estate. I’ll have to put looking into that on the to-do list.

At the end of the meeting with Janet Brewer, we all mutually agreed that her services weren’t exactly in our best interest, and we walked away without giving her any business. I love when people turn away business when it isn’t in the best interest of their clients. It gives me confidence that if there are others in Silicon Valley looking for estate planning services, her office would be a great place to start.

Email (and share) This

  • Email
  • Facebook
  • Twitter
  • Pinterest

Related

Filed Under: Estate Planning Tagged With: trust, will

SIGN UP NOW FOR MONEY TIPS AND A CHANCE TO WIN $25 MONTHLY

Comments

  1. Karl B (The Frugal Berry) says

    September 27, 2012 at 11:41 am

    I love people who are honest about their ability to help you. I try VERY hard to be that type of person myself, though I know I slip sometimes.

    Thanks for posting.

    Reply
  2. Evan says

    October 2, 2012 at 7:10 am

    I am shocked you walked from her services…why not let her do your Will and Ancillary docs?

    Reply
    • Lazy Man says

      October 2, 2012 at 7:44 am

      If I were responsible, I would have had her do at a minimum the ancillary docs. There are some complex issues even with those that I’m not comfortable discussing here. Clarity on a few things will be better resolved in a couple of months. The other thing is that my wife was literally due to give birth in the office… I didn’t feel it was fair to schedule an appointment that I probably wouldn’t be able to keep. In addition, I was refinancing two mortgages, getting life insurance, vaccination boosters for the baby.

      There are other factors at play too. While having a baby is by far one of the biggest changes imaginable, I’ve got another “Oh one more thing” Steve Jobs-like addition that has yet to be announced.

Trackbacks

  1. Celebrity Foreclosures, Underrated Jobs, Millionaire Advice and a Carnival - Wealth Artisan says:
    October 1, 2012 at 4:05 am

    […] Man @ Lazy Man and Money writes Wills Vs Trusts Revisited – I went to see Janet Brewer an estate planning attorney in Palo Alto. She was kind of enough […]

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

As Seen In…

Join and Follow

RSS Feed
RSS Feed

Follow Me on Pinterest

Search The Site

Recent Comments

  • Joe on The Cost of Summer Camp (2023 Edition)
  • Lazy Man on Odds and Ends Update
  • Joe on Odds and Ends Update
  • Lazy Man on Odds and Ends Update
  • Josh on Odds and Ends Update

Please note that we may have a financial relationship with the companies mentioned on this site. We frequently review products or services that we have been given access to for free. However, we do not accept compensation in any form in exchange for positive reviews, and the reviews found on this site represent the opinions of the author.


© Copyright 2006-2023 · Perfect Plan Publishing, Inc. · All Rights Reserved · Privacy Policy · A Narrow Bridge Media Design