Customer Reviews

The Living Trust : The Failproof Way to Pass Along Your Estate to Your Heirs

5 star:		(17)
4 star:		(4)
3 star:		(1)
2 star:		(2)
1 star:		(2)

 

 

A living trust must be written by a lawyer. However, if you don't know what questions to ask or what information should be included, especially splitting of assets, most lawyers will not volunteer any helpful information. The resulting trust may not work the way you planned. Once one of the original settlors dies, their portion becomes part of a bypass trust that can't be changed. The survivor must live with whatever is defined in the bypass trust. At the time of death of the first settlor, all assets are divided between at least two trusts: the survivor's trust and the bypass trust. If the original trust is not written carefully and thoughtfully, making corrections are costly and may be impossible.

This book, The Living Trust by Henry Apts III, is a revised edition published in 2003, the last update before Mr. Apts passing. An important companion book is Henry Apts "How To Settle Your Living Trust", published in 1999. Henry Apts started a company "The Estate Plan" which he franchised to various independent estate planners. Some controversy has surrounded some of these independent planners using The Estate Plan but this should not be construed as judgement against the Living Trust books.

I have used these books for the last thirteen years as trustee to two living trusts and have found the information to be fairly accurate and a good basis to begin detail research from. Definitely don't ever, ever rely solely on a lawyer to develop your trust. I am a survivor of a irrevocable trust written by a prominent trust lawyer, since retired, now trying to sort out problems he created. Three lawyers later, I believe I have found a competent lawyer who truly understands trusts even though I have had to have him correct some of his own documents - keep in mind that I'm not a lawyer, just a layman who learns by trial and error.

After reading Abts book on the Living Trust, I followed the author's recommendations, collected ALL pertinent documents and now they are in one place. If you want peace of mind regarding how to protect your assets, this book is the one to guide you through the process. It is a priceless reference source on an on-going basis. The book is straight-forward, well written, easy to understand and follow; I highly recommend it.

This book served to warn me of lawyers and the non-objective views they have. Just in time information that is clear. Please read before talking to ANY lawyer. I have seen some real dancing when I questioned advice given. I would have been completely taken by what I thought was in my best interests had I not read the book. Now to find a lawyer that can do the small parts, with out trying to provide for his/her retirement. The book tends to repeat a bit, but perhaps that is the only way to set the information in our minds. The collection of Falicy and Fact is worth the price of the book all by itself. I used it with the lawyer and she acknowledged the correct answers. Too late for her. Trust can't be regained on my nickel.

Henry Abts is the foremost authority on the workings of a Living Trust in the nation. After researching more I learned that Henry was basically the pioneer of hte living trust industry and has collected the best legal minds to help him in his handling of this important subject.
This book is the best and most easily understood reference in print today. Henry has a special and unique talent of taking a complex and difficult subject and then break it down so that it is both understandable and interesting.
After reading this book twice, I did a lot more research and everything else I learned was already addressed by Henry. He also has another book on settling the Living Trust that helped me greatly. This is my way of saying thanks to a great author and educator. You will not be disappointed in this book.
rh from California

I was interested in getting an living trust about ten years ago. After visiting three living trust seminars,I came to the conclusion that the lawyers making the presentation probably knew less about living trusts than I did, which was not much although I had taken a course in Wills, Trusts and Estates in my undergraduate years. So I came to the conclusion that I'd better get self-educated fast. I didn't want some highly educated lawyer "going to school" on my money. I searched libraries and book stores for months for "how to do it " books and finally discovered Abts book. While a bit on the "wordy" side with side stories, I found it to be what I believed to be a sound common sense approach to the subject. I signed on with Abts Estate Plan and have all my property titled in the trust. I was also delighted to learn that Abts organization sends out a "newsletter" from time to time regarding changes in trust law. I heartly recommend this book.

It is not for writing your own trust, but it was by far the best for the legal information, explanations and especially case scenarios. After reading 3-4 other books, I found this to have the clearest presentation of a complex subject; but of even greater value--it gave common (but unknown to me and not mentioned in other books) alternatives for dealing with problem personal situations like irresponsible children or family. Ex: dividing estate into three dispursements given out at five year intervals to give heirs a chance to "blow it" and then grow up. Because of this book alone, I was able to make decisions I was finally comfortable with.

This book provides a great overview on the smooth an painless trasfer of property through a vehicle known as a Living Trust. Abts has been at it quite a while, and certainly knows the ins and outs of the probate system and establishing a contract that has, time and time again, avoided it.

Reading this will give anyone a solid foundation on the basic principals and mechanisms of a Living Trust. Don't expect to be able to sit down and draw up your own contract after reading this, but do expect to be able to use the education derived from this publication to find a competent individual that can assist you in establishing a Trust.

Contrary to some of the reviews found here - an attorney is not the only person that can provide you with thorough and quality documents (you are free to create your own contract through whatever means) - the Trust Estate can be settled and distributed to the beneficiaries in a matter of weeks or months (depending on the size - I have seen it done many times) - it can be amended after the death of the first Trustor/Trustee, and it cannot be contested the same as a will - both of these depending on IF the Trust is properly worded. IT IS that simple.

Do not fall prey to the individuals that are only interested in the very lucrative and old process of probate. Read this and become informed!

After reading this book two times we contacted a representative (referred by calling the number in the book) in our area. We found her to be EXTREMELY knowledgeable as she guided us along the path to make our own decisions concerning our Trust. After gathering all our information, a rough and final draft of this humongous document was produced. It took only an hour with our "guide" and an attorney to sign the documents. We had lots of homework to do . . . and the book and our "guide" have answered all our questions. The cost of the book and fees for the representative are the best tax deductable expenses we could ask for -- attorney fees were minimal -- MUCH less than other prices we had quoted to us. We intend to pass the book on to our children.

This is an interesting book. Being a lawyer specializing in trusts, I am, contrary to public opinion, open to new ideas. Generally, this is a very well researched and written book. Is it a manual for the unlettered? Not at all. Is it a book to be used by the moneyed? Not at all. This book contains many of the fundamentals of trusts, estate taxes, and administration of estates. The technical sections are very well done!

But, I regret to say the book is flawed. For example, the author makes the assumption that the practices of one state are common to all. The average reader will be uncomfortable in the discovery that some of the title practices, public officials, and even terms to which the author alludes or even states are not in use in the reader's locale.

At the same time, the author seems to think that the form is sufficient. Not so! It is the substance of the words, not their form, that is important. I fear that many unskilled readers will prepare their own trusts, leaving out some unconsidered thoughts, only to have the trust fall apart at wrong time, namely after the grantor has died.

Finally, I am pleased that the author has had such a successful business selling...trusts. I wish that the book dealt more with trusts, since their common law inception with the Statute of Uses passed during the reign of Henry VIII, and less with the business.

This work by itself answered every question clients ever raised in my career as a Living Trust Salesperson/Paralegal. The text is easily understood and well presented.
If you are considering a career in the estate planning industry as a legitimate representative of your trade, make an investment in your clients wellbeing and purchase, don't rent (Public Library), this excellent work. Every subject you will face is addressed in this text. If it is not in this text ... it is definately a question worth the $250 an hour a certified Estate Planning Elder Law Attorney would charge.
If this was your parents estate, this is the book you would consult.
Dave