Dave Ramsey says: Everyone needs a will

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  • MAYHEM MIKE Salt Lake City, UT
    Aug. 8, 2014 5:40 a.m.

    @ Aggie5: Some lawyers(and I'm one) assert that a trust is more difficult to set up than a will (and should, therefore, cost the client more). They point out that for the trust to be effective they must retitle your assets in the name of the trust (to avoid probate and make assets subject to the terms of the trust). In contrast, they imply that using a will is easier and doesn't require retitling of assets. That is false. For assets to be subject to the terms of a will, they must be retitled either in the client's sole name or, in the case of life insurance, payable to the client's "estate." In fact, I consider it malpractice for an attorney to draft either document and not assist the client in retitling assets. As far as preparing either document, it is no more difficult to draft a trust than a will and just as easy for a laser printer to print either one. I suggest you "shop" for an estate planning attorney who will prepare your estate plan for less than $1000. Higher fees are justified only because a lawyer has too high an office overhead.

  • Aggie5 Kuna, ID
    Aug. 7, 2014 10:27 a.m.

    how much does it cost to set up a trust? i assume i need to work with an attorney?

  • SharpHooks Lake Sammamish, WA
    Aug. 5, 2014 3:04 p.m.

    Consider a trust instead of a will.

    A will will ALWAYS be dissected in probate court.
    A trust is FAR easier on those left to deal with it.

    Leaving a will is essentially saying "This document will not be honored until a judge decides it will."

  • AlanSutton Salt Lake City, UT
    Aug. 5, 2014 10:09 a.m.

    Nice article, but I think he is wrong about one thing: he writes, "If you die without a will in place, your family has to go through the court and jump through all sorts of hoops to settle the estate. The process can take several months."

    That's true even if you have a will. It's called the probate process. The property of someone who dies with a will must be probated just like the property of those who die without a will. The difference is that, with a will, you decide who gets your property; without a will, the laws of "intestate succession" determine who gets your property when you die.

  • morpunkt Glendora, CA
    Aug. 5, 2014 7:13 a.m.

    As my father always used to say, "where there is a will, there is relatives."