(CN) - A class action accuses LegalZoom, an online legal document preparation service, of unfair and deceptive business practices.  Among other complaints, the lead plaintiff says that LegalZoom claims to "customize" its documents, but the customization is limited to customers' names and identifying personal information.
      Webster claims that LegalZoom's website and advertising are premised on the misleading claim that "virtually anyone" can create a valid legal document through the site, and that the "customized" documents made by nonlawyers would be reviewed for "accuracy and reliability," imbuing customers with a false sense of security.

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Your will can create a trust for the benefit of your beneficiaries.  The will directs the distribution of property into the trust to be managed by a trustee named in the will.  The trust directs how the trustee is to manage the property.  Typically, the trust directs the trustee to distribute the income from the trust assets and also directs the distribution of the trust principal at a specific time (i.e. when the beneficiary turns 25 years old).

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A will is a written declaration, which directs the distribution of your property after your death.  A personal representative named in your will manages the property in your estate.  The personal representative pays any bills of the estate and distributes the property to beneficiaries designated in your will.  Using a will virtually guarantees your property will pass through probate at your death.

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Yes.  A joint trust agreement is prepared and the husband and wife transfer property into the joint trust.  The trust continues for the lifetime of both spouses, and either spouse can manage the assets while both spouses are alive.  At the time of the first death, the surviving spouse continues as the trust manager.  When both husband and wife are deceased a successor trustee distributes the assets to the beneficiaries named in the trust.

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Other benefits include:

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Yes.  A major benefit of a revocable living trust is that the property transferred into it is not subject to the probate process.  It avoids probate because the trust owns the property and the trust survives your death.  If all of your property is transferred into the revocable living trust it is possible to avoid probate altogether.  This allows the property to be distributed quickly upon your death while avoiding the costs and delays of probate.

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Yes.  Depending upon the size of your estate, certain tax planning concepts can be used to eliminate or reduce estate taxes.  These same tax-planning concepts are also available if you use a will-centered estate plan.  In either case, a husband and wife can leave their heirs as much as $3. 5 million free of federal estate taxes, based on death in 2009.  There is no estate tax in 2010.   

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Costs more in legal fees than drafting a will.  Creating a living trust is not just the drafting of the agreement but also includes the retitling and transfer of property into the trust.  Although will preparation may cost less, it is subject to probate.  Since a living trust avoids probate it avoids that expense.  Therefore, a trust is usually much less expensive than the combination cost of a will and probate.

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Should I consider a Revocable Living Trust?

1.       Do you want to avoid probate?

2.       Do you want to provide for yourself and your dependents in the event you become incapacitated?

3.  

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Once the trust agreement is drafted, property is transferred into trust. This is accomplished by changing the title or ownership records of the property to the name of the Trust.  However, if you are serving as the Trustee, you maintain full control over your assets, since the Trustee has the responsibility of holding and managing the trust assets.  This transfer of assets is called funding the trust. 

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What is a Revocable Living Trust?

The concept of the revocable living trust (usually referred to as a “revocable trust” or “living trust”) is similar to a will in that it directs the distribution of assets at the time of your death, but it does so without the involvement of probate court.  In addition a revocable trust may provide for your care and the management of your assets during

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If you die without creating a will or trust, the California Statutes direct the distribution of your estate.  According to the Statutes your entire estate is distributed to your surviving spouse unless you have children from a prior marriage.  If you have children from a prior marriage, your spouse receives half of your nonmarital property and your children, from your current marriage and previous marriage, share the remainder of your property equally.

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Why is Estate Planning Important?

Estate planning is important for many reasons. Some of the more important reasons are:

1.       It sets forth how and to whom your assets are to be distributed at your death which conforms to your wishes;

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