Before I start, let me point out that I will be 78 years old in July. Today, I took my Will to Richmond and discussed Wills vs Living Trusts. Yes, I carried my Will with me so the Lawyer could read it. I told him that only my home and land were deeded and that I had two vehicles and one utility trailor that were titled. Everything else was Personal effects. He was super good at explaining everything and in my case, he said that a living trust eliminates some of the pain in ass rules that go along with Wills. I determined that my will or a Living trust were about the same amount of pain in the ass. One thing that he pointed out was that my Executor would have to inventory everything I own and be accountable for how its either sold or distributed to my heirs. Fortunately, I already have a pretty good inventory in my computer. I'll have to add a ton of additional items to the inventory so my Executor doesn't have to spend hours and hours listing and pricing all the odds and ends. I think the Trust has its benifits but I also like my Will. If you are getting up in age, a Will or Trust is something you should really ponder. The one thing you do not want to do is die Intestate(no Will). When we got trough with the Consultation, I asked him how much I owed him and said zero. I said, "Oh, No. Your time is worth something so I whipped out a One Ounce Silver Round and gave it to him as a present. Just before I left, I told him all about holding Prescious Metals might just save his bacon if the Market crashes and wipes out his 401 K which is tied directly to the Stock Market. I have to admit that my general thoughts on Lawyers is that they are blood sucking vampires but this guy was very engaging and really wanted to help me plan my estate. The only down side is that I had to drive 50 miles each way to Richmond and back.
