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The main advantage of a living trust is the avoidance of probate. Probate is the court proceeding in which your property is transferred to your heirs. Attorneys charge about 10% of the GROSS value of the estate to administer the probate and the probate process takes between 9 months to 2 years (absent litigation or contested claims) to complete.
NOTE: All Wills must be probated.
A living trust avoids probate because probate only affects those assets that you own at the time of your death, however, assets placed in a living trust are not owned by you and, therefore, are not subject to the probate process. The trust is a written declaration and contract where you (and your spouse) state you (as "grantor") are transferring your probate assets into the name of the living trust for your sole benefit during your lifetime (lifetime "beneficiary"). You (and your spouse) will be the "trustee(s)" of your living trust which means that during your lifetime, you will have complete control over the living trust's assets. You (and your spouse) will name a "successor trustee" (which is akin to an executor of a last will and testament) who will carry out your wishes as outlined in your trust at the time of your death (or upon the death of the surviving spouse). Your heirs receive benefit of the estate only after the death of the second spouse. Because the trust is REVOCABLE, you will have the power to change, amend or revoke your living trust at any time during your lifetime.
Pour-Over Will
This instrument is necessary when a living trust is created and is used as a safety net for those assets that have not been titled in the name of the living trust. It provides that any assets not held in trust and, therefore may be subject to probate, will be placed ("poured-over") into the living trust after the probate is completed. Generally, a Pour-Over Will makes sure that the living trust provisions will apply to your non-probate assets as well.
WHILE THE PROVISIONS OF THE LIVING TRUST AND POUR-OVER WILL ARE CARRIED OUT AT THE TIME OF YOUR DEATH, THE FOLLOWING ANCILLARY DOCUMENTS ARE ONLY UTILIZED DURING YOUR LIFETIME DURING A STATE OF INCAPASITY:
Durable Power of Attorney
A durable power of attorney takes affect upon the incapacity of the person signing it (the "principal"). The principal appoints an agent to make decisions regarding the property of the principal during the time of incapacity. The durable power of attorney is similar to the general power of attorney except that it only takes effect upon the incapacity of the principal. It is extremely useful in case of an accident or a long, debilitating illness, since absent a durable power of attorney, an application to the probate court for appointment of a conservator must be made.
Power of Attorney for Health Care
A medical power of attorney takes affect upon the incapacity of the person signing it (the "principal"). The principal designates an agent to carry out health care decisions for the principal as outlined in the medical power of attorney and/or any existing Living Will Directive. This power of attorney involves only health care decisions and does not affect decisions regarding the principal's property and/or assets. Generally, an agent may make health care decisions on the principal's behalf only if the principal's attending physician certifies in writing that the principal is incompetent. Absent a medical power of attorney, an application to the probate court for appointment of a guardian must be made.
Living Will Directive
The Living Will Directive is used to make decisions now about your medical care if you are ever in a terminal condition, a persistent vegetative state or an irreversible coma. The Living Will clearly states what choices you would make for yourself if you were able to communicate your wishes. It is your written directions to your health care agent (if you have one) your family, your physician, and any other person who might be in a position to make medical care decisions for you.
The Living Will takes the responsibility for making medical decisions off your loved ones' shoulders by clearly stating your wishes regarding your end-of-life decisions.
Once a customer fills out an online questionnaire, the A.C.E. system places the data into an appropriate legal document. The staff confirms that the information is correct and accurate. The document(s) will then be filed with a government entity or returned to you if there are any inconsistencies.
Each questionnaire has specific "help" information accompanying it, so it is easy to follow and understand. The "help" content will appear throughout the process. If you have questions that are not addressed by the "help" content, you can also check our Frequently Asked Questions (FAQ) sheet or our legal library for more information. If you have any further questions, please call us at (866) 434-3706.
Some of the information we request on our questionnaires requires further inquiry or research. The system saves any changes made to your questionnaires. Therefore, you can log out of the system and log back in any time you wish without losing your information.
Once you submit an order, a legal document preparer will review your information and contact you by e-mail if he or she has any questions. Your information will be placed into the appropriate legal documents. Your paperwork will then be mailed to you and/or submitted to the appropriate governmental agency (depending on which service you are using).
There are numerous reasons why a court may reject a document. If the court rejects your documents due to a mistake LegalACE has made, we will correct the mistake at no additional charge and reimburse you $25, to be applied to a future document order within the next three years.
We can recreate your documents for up to 3 years after you purchase our service. However, each time we do this, we charge 25% of the original price, plus shipping costs.
Generally, we retain customer information for 3 years. Legal Ace provides certain services on an ongoing basis. For those customers, we retain customer information indefinitely during the term of the service and then for 3 years after they stop using the service. The retention of customer data allows us to provide you with a more complete service. Legal Ace will not use the data you submit in questionnaires for marketing or research purposes, and we will not sell that information to third parties.
Generally, we do not require you to give us a social security number or date of birth. Although those pieces of information are often required for the completion of your documents, you can choose to write them in by hand once you get your paperwork. Remember, whenever you are sending data through the A.C.E. System, it is being encrypted, so it is protected. Also keep in mind that the information we collect through our questionnaires is used only for the purpose of completing your documents and/or completing any service you have requested. Your information is not sold to third parties or used for marketing research.
Although we are staffed by legal professionals, LegalACE is not a law firm, and consequently, we cannot provide you with legal advice or represent you in court. We are licensed specifically to prepare legal documents for the public. In certain limited circumstances, Legal Ace may retain independent counsel to perform legal work on your behalf. In those instances, you will receive the name of the attorney who performed work for you.
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