Will or revocable trust ?
I am 77, live alone. My sister lives in Germany with most of my relatives. I just watched your 40 min. talk from aetna insurance. Very informative . Thank you. I am confused and overwhelmed at what to do. My net worth is about 500k.
I have done nothing at this point. Trusts cost about 5k, and a simple will is 300 dollars. Can you help me ? Thanks
Terry Says
I’m glad you enjoyed the video. Others can watch it here on my website.
And I think you also should read this recent column. https://www.terrysavage.com/alzheimers-costs-prepare/
Did you ever hear the old expression “penny wise and pound foolish”? Don’t skimp on your estate plan — especially because you seem to be alone! And your numbers are wrong. A good will should cost more than $300 — unless the lawyer wants to earn a BIG fee for taking it through probate!
A Revocable Living Trust has the advantage that when you die there are no probate fees! Your successor trustee will distribute your assets.
BUT, you must re-title all your assets — your home, money market and bank accounts, etc — in the name of your new RLT. Otherwise it is useless. Yes, the process might cost about $5,000 — but it will buy you priceless peace of mind. Find an attorney who specializes in elder estate planning at www.NAELA.org — the National Association of Elder Law Attorneys.
