The Big Picture
True or False: Most Americans have at least a will for protection.
False a will does not prevent the probate process and over half of all Americans have neither a Will or Trust.
True or False: Probate is not a private process?
True: Probate is a matter of public record.
The primary documents and details made public include:
Does a will take effect while you are alive or only after death?
Only after death.
Traditional estate planning with an attorney was often described as expensive and time-consuming.
True
Name two life events that commonly create the need for an estate plan.
Marriage, divorce, having children, buying a home, starting a business, etc.
In Arizona, how long can a typical probate process take?
12-18 Months(sometimes longer)
Name two common problems with probate.
(T)ime
(A)ttorney Fees
(P)rivacy = None
Which document generally offers more privacy--a will or a trust?
A trust
Roughly how long does it take most people to complete an online estate plan with Trust & Will?
Actual Screentime:
Simple: 60-90 Minutes.
Intermediate: 2-3 hours
Complex: 1-2 Days
Why are new homeowners or people who just refinanced good candidates for estate planning?
Probate in Arizona:
Real estate equity > $300,000
Personal property > $200,000
When someone dies without a will or trust, who decides how their assets are distributed?
The court/state intestacy laws
True or False: A will is helpful in avoiding probate?
False: If the estate requires probate the Will is public record and the court will ultimately decide.
Can a will help manage your affairs if you become incapacitated?
No
Which is generally more affordable for a straightforward situation? A traditional attorney or a modern online platform?
costs?
Why do business owners and landlords often need more than a simple will?
To protect business interests, rental properties, and plan for succession.
Name one reason many people delay completing an estate plan.
Cost, complexity, procrastination, thinking they don't have enough assets.
What happens to the family if there is no plan naming guardians for minor children?
The court decides who raises the children.
You can also appoint guardians for pets!
What is one major advantage a trust has over a will.
1) Assets remain private
2) A living trust is active and does not begin at death.
3) It provides instructions if incapacitated.
4) More comprehensive instructions.
What does EstateOS help clients do after their plan is created?
Keep documents updated, share securely, and get ongoing guidance/alerts.
New Account, New Home; no problem.
What should parents of minor children make sure to name in their estate plan?
Guardians(and preferably a plan for how assets will care for the children)
Don't forget bout pet guardians!
True or False: Many Americans have a trust for tax exemptions in addition to avoiding Probate.
False: Federal Estate Tax exemption is about $15 Million per individual(roughly $30 if married)
What is the one way a properly funded revocable living trust helps a family after death.
It avoids probate.
Often called "control from the grave" where you can create plans for distributions of assets to beneficiaries and charities.
Why would someone choose to do a will over a trust.
A will is less comprehensive and less expensive.
Also acceptable...You should not!
What are typical costs of an attorney drafted trust?
Trust: $3000 to $5000+
Funding: $500 to $1000 for primary assets only. Often: $150 to 500 per asset.
A Trust Amendment ($300 – $850)
A Trust Restatement ($1,200 – $2,000+)