Frequently Asked Questions

We streamline the trust creation process, making it up to 10 times faster. The key is filling out our questionnaire that provides us with the information needed to draft your estate plan.

Love Legacy Trust not only offers you the documents that make up a comprehensive estate plan, but once you complete responses to your intake questionnaire, an attorney will review and draft your estate plan documents. Then, your estate plan documents are sent to the email you provide us, and you will receive a written explainer on how to sign and finalize your documents - empowering you to make informed decisions with confidence and clarity.

An estate plan is a set of legal documents that provide instructions for the distribution of your assets upon your death or incapacitation.

A will, living trust, healthcare power of attorney, financial power of attorney, and HIPAA release are common documents included in most estate plans.

The documents of an Estate Plan are contracts.

Lawyers often like to use fancy legal terms (sometimes called "legalese") to make their efforts seem more important than they are. You can do your own Will if you want to - in fact, you can do all your own contracts if you want to. Don't get us wrong, lawyers can be extremely useful to navigate difficult areas of law or help explain the practical impact of your planning and contracts. An estate plan involves the testator (the person creating the plan), beneficiaries (the people receiving the assets), and fiduciaries (the managers of the assets). Trusts have their own language! A grantor creates the trust (that's you!). A trustee is in charge of running the trust (initially that is you, but then it is whoever you select), and beneficiaries - this is who receives your assets. If you are married, then it is recommended and common that upon your death, your spouse will be the beneficiary, and upon your spouse's death, your kids (if you have kids) will be your beneficiaries.

Love Legacy Trust provides you with the ability to obtain your estate plan while also saving you money and time. At Love Legacy Trust, an attorney drafts your documents after you complete the intake process. The intake process gathers the important information from you that allows us to draft your estate plan. Since the intake process is done by you online, and without the interaction with an attorney, we can make your estate plan cost a fraction of what most estate planning attorneys charge.

Nope! We give you everything you need in the online intake process to provide us with the information we need to draft your estate plan. If we have questions about your intake responses, then we will reach out to you at the email you provide us.

A living trust is a legal document that allows you to transfer ownership of your assets to a trustee during your lifetime. This trustee is responsible for managing those assets according to your wishes, even if you become incapacitated or pass away.

Key benefits of a living trust include avoiding probate that can be a lengthy and costly process. A living trust can help bypass this, ensuring your assets are distributed according to your wishes more efficiently.

In some circumstances, yes. However, a living trust does not impact your estate tax obligations. Estate tax is an additional tax on the transfer of wealth when someone passes away. This tax only applies to those transferring a significantly large estate— for 2025, your estate would have to exceed $13.9 million before estate tax would be charged. Simply creating a will or living trust does not exempt you from estate tax. Please contact us to discuss advanced planning if your total assets exceed $14 million.

Not necessarily. Many folks who create a trust fail to take the next step of retitling the applicable assets in the name of the trust. This is called “funding the trust.” Even when done properly, it’s easy to forget about it when they open a new bank account or purchase a new home or car. Those assets fall outside of the trust and must go through probate anyway.

However, Love Legacy Trust provides you with a Pour-Over Will that acts as a catch-all in the event that some of your assets have not been retitled into the name of your Living Trust.

It depends on your state. Probate fees can be pricey—like 5% of the estate. For example, in California, statutory probate fees are based on the gross value of the estate and are as follows:

4% on the first $100,000

3% on the next $100,000

2% on the next $800,000

1% on the next $9,000,000

0.5% on the next $15,000,000

BUT IT GETS WORSE because debts are often not considered as part of the fee. Here's a use case:

If your parent, a resident of California, passes away with a $2 million home (with $1,750,000 owed on the mortgage) and $250,000 in savings, then the gross amount of the estate is $2,250,000 and could be charged $35,500 in attorney fees—even though after the mortgage is factored in, the estate has a net worth of only $500,000. That means $35,500 in attorney fees would be 7.1% of your inheritance!

Traditional law firms may suggest they also act as Executor, which could result in fees being doubled—taking a whopping 14.2% of your inheritance.

There are great reasons to avoid probate, and the expense is chief among them. In the event you are experiencing a death in the family and need to go through probate, reach out to us directly to discuss your options.

Funding a trust is the process of retitling assets to be owned by the trust. For example, you might file a new deed to transfer the ownership of your home to the trust.

Traditionally, a Living Trust costs much more than a Will. We have reduced the cost for a Living Trust, so in almost every instance, a Living Trust-based plan is superior to a Will-based plan for the following reasons:

• You want to avoid probate. Some states like California and New York are more expensive to probate a will.

• You have a large net worth and want to avoid estate taxes. An irrevocable trust may be a solution for you.

• You have more complex wishes regarding beneficiaries and asset distribution.

• You have a beneficiary with special needs.

• You have property in more than one state.

  This can complicate the probate process.Your estate plan contains a significant percentage of charitable giving.

Yes you can. However, including this in your Trust or your Will means that it could be interpreted to be part of the contract you are establishing. So, to avoid confusion and potential conflicts, it is often better to omit these types of letters from in the Trust or Will itself. It is recommended to instead leave your loved ones letters.

It’s important to periodically review your estate plan, especially when you have major life events such as:

• Marriage or divorce

• Birth of a child

• Death of a beneficiary

• Moving to a new state

• Acquisition of new property/assets

• Change in health condition

• Starting a business

Honesty and open communication are key. Start these conversations early, even before they fully grasp the concept of money. As they mature, gradually explain the family's financial situation and the responsibilities that come with wealth. Emphasize the importance of using their inheritance wisely, including financial education, responsible spending, and potentially giving back to the community.

Raising grounded children requires setting clear expectations and instilling strong values regardless of your financial status. Encourage hard work, independence, and a sense of purpose beyond material possessions. Consider involving them in charitable activities to foster empathy and a broader perspective on the world.

Your Living Trust does not offer you asset protection. Asset protection strategies for you require more advanced estate planning strategies. However, we provide you with a Living Trust that creates further trusts for your children upon your and your spouse's deaths. The assets your children inherit from you through your Living Trust get put into trusts that provide asset protection for your children from things like divorces and lawsuits.

The estate plan offered on this website does not fit perfectly for everyone, and if you own a family business, it is likely wise to reach out directly to us for advanced estate planning. It is common for one child to be actively contributing to the family business, and it takes some thoughtful planning to acknowledge their efforts in your estate plan. However, transparency and open communication with all your children are crucial. Without considering multiple aspects of how these things play out in the real world, any differences in distribution may cause resentment or conflict among siblings.

Lead by example. Involve your children in charitable activities from a young age, allowing them to choose causes they care about. Discuss the impact of giving and encourage them to volunteer their time or resources. By incorporating philanthropy into your family values, you can help your children develop a sense of social responsibility and make a positive difference in the world.

Yes! We are a law firm. We take great pride in providing our clients with excellent service and advice.