The Cost of Not Having A Will or Trust

Estate planning  – ‘legal stuff people do when their loved ones die – is not really thought about for people who are not wealthy. But this is just as important for middle/low income people as it is for the wealthy. Learn what could happen to your assets (your stuff) or your children if you pass away without a living revocable trust.

Revocable Living Trusts will even help you while you are living. Let’s say you become incapacitated – you’re unable to speak, respond or think effectively due to an accident or illness, a trust allows your executor of your estate (your ‘chosen one’ who can speak and decide for you) to take over your affairs, pay your bills and make critical decisions on your behalf.

We got ours through The Morris Law Practice in Los Angeles (www.morrisJustice.com) but you can find different ways to get it done. Hire a lawyer if you can afford it ($1000 – $3000) or, if you have a simple situation (low amount of assets and no kids) you could even go online and do it yourself (though not recommended if you do not have a legal background). Nevertheless, take the steps to protect your family in the event of you and your spouses’ passing.

Do it because it’s the responsible thing to do. Do it because you love them.

Video Resources

How Living Trusts Go Wrong – Part 1