Contact

Alaska area Office

310 K Street, #200,
Anchorage, Alaska 99501
Office: (907) 264-6722
Cell: (907) 274-3633

Email: wdenglish7001@hotmail.com
Toll Free: 888-991-3633

William English Middlie Line ESTATE PLANNING, WILLS, AND REVOCABLE LIVING TRUSTS

Most people die without an estate plan and forego all the benefits of planning.  The effects of lack of planning can be felt by their loved ones in increased costs, frustration, dissatisfaction, and the possibility of a bitter probate litigation among the heirs. Probate litigation is very expensive, time consuming, and really should be avoided at all costs by the simple act of planning.  Planning your estate has the added benefit of coming to grips with your retirement planning.  You will need a plan for retirement also. 

One common approach to estate planning involves anticipating the likely costs of probate and estate taxes and planning to minimize these costs as well as considering the amount of time it takes to conclude a probate case.  These costs in both time and money should be compared to the costs of a popular probate avoidance tool known as a revocable living trust. 

I have used a revocable living for my relatives which is less expensive than the probate route to wind up an estate and saves a lot of time versus the inevitable delays and waiting periods of probate. 

While living, you keep effective control of your assets and you can do whatever you like with the assets that you transferred to the trust.  You are not locked into any provision because the trust is revocable.  You can sell property, give it away, or spend it.  Only upon your death does the revocable living trust become irrevocable.. 

Setting up a revocable living trust involves about the same amount of work involved in creating a will.  There is one crucial additional step you need to do after the trust is created and that is transfer legal ownership/title to all the property you listed in the document. 

Secondly, you must be aware that periodic updating of the trust is important as assets change, and beneficiaries change. 

Revocable living trusts may not be appropriate for everyone, especially if all their assets can be transferred by state law outside the probate process.  Bank accounts and car titles are examples. 

For starters a basic estate planning package that will meet most people’s planning needs which are a:

  • A Revocable Living Trust
  • A Pour-Over Will
  • A Durable Power of Attorney for health Care
  • An Alaska Heath Care Directive
  • A HIPAA Privacy Authorization Form

If you want to learn more about revocable living trusts, please call me at (907) 274-3633 and set a free consultation.