|
CONSUMER INFORMATION GUIDE |
|
If you are in the market for a Living
Trust, you are looking for a unique type of product requiring a unique
type of knowledge. It is especially important that a Living Trust be
of good quality because a poor quality Living Trust can be worse than
none at all. When the trustor (creator) of a Living Trust dies, the
Trust (or their portion of the Trust if a married couple) becomes “irrevocable.”
If the Trust is a “bad” one, it becomes irrevocably bad.
Creating Trusts is too important to be done as a sideline or as a do-it-yourself
project to save the expense of paying an expert. Yet many people do
exactly these things, not realizing the new problems they are creating.
|
|
1. What is the Trust provider really trying to sell? Do they specialize in Living Trusts? Recent nationwide publicity regarding Living Trusts has resulted in a surge of new, inexperienced companies and individuals offering this document. Others use Living Trusts as a “door-opener” to gain trust and access to a client’s assets or to sell other products. Henry’s Abts’ company, The Estate Plan, has created well over 50,000 Living Trust and provides them throughout the United States. The Estate Plan’s staff has one full-time job - creating Living Trusts. W.R. Marlowe has one full-time job - providing the Estate Plan’s documents to his clients and educating financial professionals about estate planning. It's about the relationship AND the documents. Either without the other puts your family in a compromised situation. 2. How many Living Trusts have been settled by the provider? Document creation should not be presumed to indicate expertise in estate settlement. Henry Abts literally wrote the book on settlement (“How to Settle Your Living Trust”) The Estate Plan’s advisors are specialists in estate settlement. W.R. Marlowe has been personally trained in settlement by Henry Abts. 3. Can you see a sample of their documents? If the Trust provider specializes in Living Trusts, they will have a sample set of documents. Ask to see it. A single person’s Trust should consist of at least 35 pages. A married couple’s Trust should consist of at least 50 pages. This is exclusive of other documents provided. Obviously, the number of pages does not guarantee quality, but a lack of sufficient wording can leave serious gaps in the effectiveness of the document. A married couple will receive 6 pounds of material from The Estate Plan. Our intention is to provide every possible provision to cover every conceivable contingency that can happen to your family for the next 50 years or more. W.R. Marlowe will show you “John Doe” samples of each document. 4. Who does the technical work of creating the documents? Sadly, some companies charge hundreds of dollars and only provide forms for the client to fill out. Others sell computer programs and leave it to the purchaser to create their own documents. Still others use such a program while not understanding the important nuances involved, or have their clerk use it to create the documents. All Estate Plan documents are created by The Estate Plan’s staff and reviewed by local attorneys to assure compliance with all applicable state and federal laws. W.R. Marlowe will spend as much time as necessary with you to assure that your documents precisely address your needs. 5. What do you actually get for the quoted price? Many people are mislead by the marketing phrases “everything included” or “complete trust documents.” Persons establishing Living Trusts typically have the desire to truly “get their affairs in order.” A Living Trust is part of that process but not all of it. The Estate Plan Living Trust package always includes, for each client, a General Durable Power of Attorney, a personal data page, a Trust Certification form, Trust Abstracts, an Advance Health Care Directive (containing the Durable Power of Attorney for Health Care, Living Will and organ donation), a Pour-Over Will, property transfer letters and Guardianship forms for minor or incompetent dependents. We provide two complete sets of original documents for your security as well as our exclusive Estate Plan Binder to organize your documents, financial records and instructions to your family. W.R. Marlowe provides complete Advisory services to guide you through the creation of your documents, as well as Notary and execution services. 6. What about the cost of settlements and consultations? Many Trust providers charge enormous fees for estate settlement. Be sure to ask about this. They may also charge for each telephone call or conversation. W.R. Marlowe has minimal charges for settlement assistance and never charges for telephone consultations. We are available 365 days a year to assist you. 7. Does the price include notification of I.R.S. rulings or law changes that affect you? This service has been said to be as important as the Living Trust itself. If this service is not provided, how will you know when you need to make amendments or update your documents? Many small Trust providers cannot provide a system as comprehensive as The Estate Plan’s vast, nationwide system of financial professionals to assure that their clients’ documents are truly “state of the art.” As a nationwide company with 900 representatives and 450 affiliated attorneys, The Estate Plan is in a unique position to provide this vital service. 8. Will your provider “be there” for you? If your provider is an individual, what happens to you at their death? If your provider is an individual, a box or on the internet, can they continue to service you if you move to another state? You need to know that your Trust provider will be there for you, wherever and whenever you may need them. The Estate Plan is a nationwide corporation and is more likely to be available to you than any other Trust provider in America. When you move, we will be there. Remember - a Living Trust is the most important document
you will ever create. Quality, peace of mind, and confidence in the
preparer must be your primary concerns. When you have these, then compare
prices. W.R. Marlowe strongly recommends that you become knowledgeable
about Living Trusts and their applicability to your situation before
spending any money. Please consider the following:
1) Obtain a copy of The
Living Trust by Henry W. Abts, III. This best-selling book by the
founder and Chairman of The Estate Plan is written for the lay person
and is easy to read and understand. It is a complete explanation of
all aspects of Estate Planning and is available at your local bookstore
or library and at internet book sites.
|
