The Difference Between A Living Trust Vs. A Will
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Choosing a cut-rate $99 Will cost 10X more in the long run. Don't make the same mistake many others have.
You see these ads all the time for “Get Your Will Done…Just $99!” Why would a lawyer bother doing a will for you that only costs $99?
Here’s the scoop: Choosing one of these online or brick-and-mortar low-ball services will cost you far more than 9,900 pennies in the long run. Typical problems with this approach are that they are often in a hurry. Hence, they get the language wrong because you are answering questions you don’t understand (especially when using the online approach). Still, the answers can lock you into disastrous scenarios you never wanted.
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They also get the signing wrong, which is problematic because courts don’t care what you mean; they only know that if you were serious, you would get the signing right, witnessed, and notarized. But back to the first question. The $99 attorney knows they will get expensive probate work when you pass and will bill you heavily for it then. This rate is statutory in some states, and you are locked in; it could be eight percent starting off. If you have a hundred thousand dollar estate, it could be an eight thousand dollar fee to the personal rep and the lawyer.
A far better approach is to go with a correctly established Living Trust. Doing this right might be slightly more expensive upfront, but it will save you ten times that amount on a typical estate. It will probably save you more than that if you actually use the Living Trust.
It will cover everything from financial decisions if you're incapacitated, health care decisions (who will advocate for you if you're not able to make decisions), who will make life-ending decisions (that you put in writing to make sure they are enforced as your wish), who will have access to your medical information, etc. Then, there are other items like the gift schedule—the specific items you want to go to someone. So there's just a lot to get right, and the $99 will is a terrible choice—despite the low entry cost.
To learn about better options than a cut-rate $99 Will, schedule a complimentary 45-minute Strategy Session with a helpful, seasoned Anderson Advisor. You’ll get sage insights about attractive alternatives for your legacy planning and receive a free blueprint to chart your path.