[vash]

Originally Posted by Tidybuoy

I did mine about 1 year ago and it cost $1,800

The main purpose is to make it easier when your are gone by keeping the state out of your business. You write a will and you can divide everything equally to your airs or you can specifically designate things to specific people.

You basically fill out a legnthy questionair that the lawyer will give you. Then they draw up everything and send a sample document for you to review. They create a health document that allows you to make decisions (i.e., life support), while you are still healthy and can make these decisions.

It is then finalized and certain assets are tranferred into the trust (you're home, autos, artwork, bank accounts, etc..). My lawyer recommended not to transfer the 401k because that has it's own laws that govern 401k.

You are in total control of the trust while you are alive as you are the trustee. But, you assign this duty to someone after you are gone. It can be shared or a single individual. You can also assign a backup. In my case, I selected a friend who is non-family. I was co-trustee with a family member of an ederly friend and it was not a pleasant experience. Family members came out of the woodwork to stake their claims. I did not enjoy this duty.

That's it in a nutshell.

Thanks bud.