We Fix $495.00 Living Trusts!
The title of this report comes from an ingenious story. Once, in a small community, there was a hair salon that cut both men and women’s hair. They were all professionals with many years of experience and they charged about $20 for a haircut. Everyone was pleased with the quality of their work.
One day, a new “discount” hair cutting store opened in the same center as the first one. The new store put up a banner which read: “$5 haircuts.” The employees and customers of the professional hair salon were all worried, what will we do? Who will come to us if they can go there and save all that money?
The owner of the professional salon thought about it for awhile and the next day there was a new banner over his salon which read: “We FIX $5 Haircuts!” This story is very telling. Yes, you can find a $5 haircut but would you really want one? And even if you did, and it came out bad, eventually your hair would grow out. Right?
Now let’s get back to that $495 Living Trust. Yes, there are companies out there that will prepare a Living Trust for $495 (or a little more or less). Beware of these offers. Many times this amounts to only a set of pre-printed legal forms. In many instances, because everyone is sold the same package, the Living Trust itself may be ill-suited or even contrary to the person’s estate planning needs. Often, the person is provided with little or no personal guidance on how to execute the forms, or how to fund the Living Trust.
Most Living Trusts from these firms rarely exceed 12 pages. A longer document does not necessarily equate to a better document. However, the experience the Cobb Planning Group has in the assistance in the preparation of and the reviewing of thousands of trusts over the years, has taught us that a Living Trust which is fewer than 20 pages tends to have major, important provisions left out. This could seriously impact your future and the future of your loved ones. Also, drafting errors can cause needless taxes for your family and can even cut out certain people you want to share in your estate. Just one needed provision — that is missing from your living trust — could cost your family thousands in needless fees and expenses!
A quality Living Trust will normally run 35 to 55 pages in length.
Many “$495 trusts” are not even prepared by professional estate planning firms. They may use no attorney at all. Be forewarned: non-attorneys who prepare Living Trusts for others, may, in fact, be committing a criminal violation by practicing law without a license!
The Attorney General of the State of Colorado, in a 1996 Consumer Alert said this:
“Remember that in estate planning, one size does not fit all … Important questions in estate planning cannot always be answered the same way for all persons.”
When would you normally find out that there is a mistake in your trust? Often, when it is too late to fix it. The bottom line is this, this is everything you’ve worked your entire lifetime to create and preserve. Doesn’t it make sense to seek professional guidance to make sure it’s done right — the first time?
Call us at the number below for a schedule of our free seminars or an appointment for a free consultation.
Please review our report titled: “The 5 questions you should ask your estate planner before you buy a Living Trust.”
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