Suze Orman doesn’t know what she’s talking about when it comes to the costs or complications of setting up a Revocable Trust.
First off, she claims attorney fees to set up a Revocable Trust are in the $2,500 dollar range. They are actually between about $800 to $1,200 for a COMPLETE SET of Estate Plans for an uncomplicated Estate. Basic “split it and forget it” plans, i.e. everything goes to spouse, then to adult children, upon the surviving spouse's death, 98.47% of ALL plans written are simple, “split it and forget it” trusts.
She also claims if you ever want to make a change it will cost you another $500 dollars, FALSE, typical amendment fees are in the $150 dollar range. By the way, just so you know, there are really only two things that anyone ever amends, #1 the successor trustee(s), #2 the beneficiary(s). Usually because they predeceased YOU!
Second, she glosses over the signing of the documents. Let me make this perfectly clear to you. PROPER EXECUTION OF THE DOCUMENTS IN FRONT OF TWO (2) DISINTERESTED WITNESSES AND A NOTARY PUBLIC IS OF THE UTMOST IMPORTANCE.
Third, she NEVER, not one time EVER, mentions that a Revocable Trust has to be funded for it to be effective. From my attorney’s mouth to your ears, “YOUR TRUST IS EFFECTIVE ONLY TO THE EXTENT THAT IT IS FULLY FUNDED.”
Do you know how to “fund” a trust? How about your home, do you know how to put that into your trust? What about stocks, bonds, mutual funds and brokerage accounts do you know what a Medallion Guarantee Stamp is and where to get one to effect the transfer into your Revocable Trust?
So go ahead, buy her, Do-It-Yourself-Kit for $250, save some bucks, then good luck finding a Notary Public, Financial Consultant or Attorney who will help you execute your documents or help you fund your trust. And if you do find a Notary Public, Financial Consultant or Attorney willing to execute your documents and help you fund your trust they are NOT going to do it for FREE!
Like it or not there are some things in this life that absolutely require a professional. Making sure your assets transfer directly to your beneficiaries AND avoid Probate Court is one of those things.
What does our flat rate Estate Planning fee include:
1) Revocable Trust;
2) Pour Over Last Will & Testament
3) Durable Power of Attorney
4) Healthcare Surrogate
5) Living Will
6) Complete Trust Funding
7) One (1) Trustee Deed
8) Fixed or Indexed Annuity, if applicable;
9) Life Insurance, if applicable.
10) Two (2) advisors for the price of one (1)
a. Florida Attorney;
b. Financial Consultant.
Now go take on the day.