Setting up a revocable living trust

So having a kid is a big deal. There are all these things that you have to do to take care of them. One of those things is setting up a revocable living trust. I first heard about a revocable living trust from my lesbian financial guru, Suze Orman, so I decided to read more up on it. One of the main reasons that people get trusts is to avoid probate fees when you die. Probate attorneys and judges take 4% of your 1st $100,000, 3% of your 2nd $100,000, and 2% of every $100,000 thereafter just to execute your will. Fuck that. A trust essentially bypasses probate. Probate courts can take from 6 months to 3 years to execute your will, while a trust can be executed as soon as you have the death certificate.

Another good thing with a trust is that they are much harder to contest than a will. I have two half brothers that I have no contact or relationship with and they could contest a will that I made because they are related to me. Wills are public information while trusts are done privately and confidentially. That way there won't be will-chasers sending "information" to Lil B on what to do with the money.

Trusts also allow AL and I to set terms for Lil B to receive his inheritance should anything happen to us. We have it so that he can't receive any money till age 30, has a college degree or some trade school equivalent, and has a stable job more or less depending on the economy. This is an interesting part about a trust and something you can have in place if you know how your child is with money. We also have the exploding turkey scenario about what to do with our estate if an exploding turkey kills AL, Lil B and me. AL is going to give her half to her family while I am going to give my half to Kiva.

Also included in the trust is the advance health care directive that states what we want to have happen if either of us or both should become incapacitated. And finally we have three deep lineup of who would care for Lil B if anything should happen to AL and me. So we have it so that AL's mom is first, her brother is second, and her cousins in Hawaii are third. Why no one from my family...cause they are crazy and bad at handling money.

There's a reason rich people get trusts and I highly recommend it to anyone that has kids. My attorney cost us $1525 to do the whole thing and $100 for amendments. I checked around with other estate planning attorneys and that is a very competitive price.