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["Gina Norman" <gina.norman AT nortelnetworks.com>]

Title: RE: [internetworkers] Wills vs. Revokable Living Trusts

> Since we have a kid on the way, I believe it is now important
> to have a will made.  Our corporate lawyer also does estate planning, and he
> provided us with a newsletter extolling the virtues of a Revokable
> Living Trust as opposed to a will.  However, it seems quite expensive
> (the price quoted in the newsletter is "typically between $1,500 and
> $1,800 depending on the complexity of the plan" as opposed to
> "between $500 and $800" for a will).

Goodness.  This is what I did.

**note:  I am not a lawyer and I don't play one on TV.  This is just my limited experience**

I had 4 documents drawn up for $200 (total):  Will, Living Will, Power of Attorney and Healthcare Power of Attorney  I worked with a fellow named Jack Lancaster (469-8828 - he's actually a financial planner), who I liked a great deal.  He had a deal set up with a law firm in Charlotte that had these fairly pre-packaged services (therefore the price break).  You could do all the normal stuff (divide your assets by percentages, leave certain things to certain ppl etc.) but nothing really complex (like the trust fund business).  The way it worked is I met with Jack, asked him a bunch of questions, he called the Charlotte firm and they sent draft copies, I got the draft copies and made revisions as necessary, sent them back, and they sent me final copies.  One of those sets rode around with me in my car for a while (silly, I know), but ended up filed and one's in my mom's safe deposit box.

The purpose of the trust is to avoid tax stuff, if I remember correctly ... my grandmother had one set up for her children and it (in some way I don't fathom) shields some of the inheritance from taxes.  The concern over this increases as the amount of money involved increases, I believe.  (I've exhausted my limited knowledge on this one).

 
Make sure to get the Healthcare Power of Attorney -- apparently the regular POA is not enough in some hospital situations.

I don't know that being local is fundamental to being an executor... I'd assume that any family member you trust enough to handle this is pretty much going to be flying to NC immediately anyway, so that's probably not a big deal.  The biggest things with an executor are that he/she is someone you trust to respect your wishes/be fair and that he/she is someone who can handle details/logistics.  (Here's a nice article on the "job" of executor:  http://www.seacoastonline.com/news/hampton/01102003/news/7098.htm)  The sort of person that makes lists, knows where to find things and can keep a clear head is the person you want acting as an executor.  If no one you know (doesn't just have to be family) fits the bill *or* if things are extremely complex, paying a lawyer might be worth it.

And I'm sorry to hear about your Uncle.  My sympathy.

Hope this helps,

Gina