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Frequently Asked Questions
Estate Planning Coordinators
Do the benefits of a living trust start at my death like those of a will?
No. A Living Trust begins working for you the moment it is executed. It includes a living will and the power of attorney for financial matters – as well as for health issues.
If I become incapacitated, who has control of my trust?
Your co-trustee, which is typically your spouse, if married. The co-trustee of your designated trust will manage your financial affairs and, upon recovery, you automatically resume control.
At my death, does the Living Trust Dissolve?
Assets can stay in your trust and be managed by your successor trustee, until all the beneficiaries have been satisfied and, in some cases, the trust can be managed until your minor children (grandchildren) reach the age to inherit.
Is a ‘Living Trust’ the same as a living will?
A Living Trust is for financial matters, whereas a living will is for personal or medical matters.
When the “Assets of Trust” are disbursed for the beneficiaries, are the records of those transactions available to the public?
Unlike a will that is filed for probate at the county courthouse, the disbursements of assets are not normally filed for public view. Privacy is one of the main advantages of the Living Trust or a traditional will. However, if real estate is transferred, there will be a public record of that.
What is one of the major benefits of a Living Trust vs. a Will?
With a Living Trust, your protection and benefits start immediately, whereas with a traditional will, your protection and benefits are not available until after your death.
Pre-Paid Legal Services
May I call my attorney as often as I like?
Yes. We encourage our members to use and reuse their privileges and take full advantage of our service.
Does the pre-paid legal plan assist in matters that have started prior to my membership?
Yes. Unlike most plans, we accept pre-existing situations.
Is there a waiting period before I can use my benefits?
No. Your application takes about two minutes and you may use all your benefits immediately.
What if I need an experienced attorney to handle some technical matter?
Most attorneys practice in particular areas of law. When you call, we will recommend the attorney that can best handle your problem.
What is Probate?
Probate is the legal process that involves the valuation and the distribution of a deceased person’s estate. This process takes place even if you have a will. The probate process can take months (typically no less than six) or even years before it is settled. The costs can easily run up to several thousands of dollars. Certain proceedings can also be forced upon you if you should be ruled mentally or physically disabled and unable to manage your personal affairs, at which time, a designee of the court – not your family – may be in charge of our estate and subject your estate to considerable expenses.
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"pro•bate
- The orderly and systematic conversion of your property
into attorneys fees, court costs and death taxes"
"will
- a probate's attorney's retirement plan."
Excerpts from "If You Die Tomorrow, A Simple Guide
to Estate Planning" by Michael A. Lilly, Esq.
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