FAQ Friday: Process for Trust Planning with Adult Children
On Friday, July 22nd, at 11am EST, Mr. Berger describes our process for Trust Planning for a couple with adult children.
The married couple is usually 55 or older thought we have had many clients younger than this average. The first step is to make an appointment by either calling in, making an appointment through the website or via email.
We will then send forms via email and they are completed via secure link. Otherwise if preferred, we do have paper forms that can be sent out. We will also send a meeting fee which is credited to you if you retain our firm within 7 days of the meeting.
You can attend the meeting in-person or via zoom, though in-person is preferred. During that meeting is to discuss the complexity of trust planning.
The joint revocable living trust is the “business class” with everything going to the survivor’s trust upon the first death. “First class” planning would be a revocable living trust while still living or separate trusts if assets are normally kept separate. Upon the first death is a family or survivor’s trust. “Private jet” service includes everything in “first class” along with a 3 year agreement with potential restatement and several additional details.
During that first meeting we would discuss which level is best for your family. We will give you a fixed fee and also have you sign our engagement agreement. We can also sign it electronically as long as both spouses have separate emails.
If trusts are involved, we will discuss real estate and whether title insurance or a title search is needed. The trust would be an additional insured.
We will deduct the meeting fee and then half of the fixed fee will be due prior to moving forward with the remainder at signing.
The next appointment is your trust design meeting to discuss all the details, persons to act and beneficiaries. After that is your review and signing. Between those two meetings we would send your documents to you via secure link so that we can make any changes or adjustments prior to the review.
Once signing is complete, we’ll send your Will off to the Register of Wills office and your receipt (which takes up to 4 weeks to receive) will go in your estate planning book. We will have a quick meeting afterward to discuss remaining funding and give you your book of estate planning documents.
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Bring your questions about estate planning and administration to our weekly Facebook Live with Mr. Berger on Fridays at 11am EST. Leave your email if you’d like to receive a notification of our response.