So FreeBird, I take it you're saying I should consult an Estate Attorney. Sounds like good advice given that this is uncharted water for me.
I think the the Revocable Living Trust is what I'm after from what I can tell from my online research.
Thanks...Nano
The Recipe (or...here's what I did):
Keep educating yourself online to the max before hiring an estate attorney. this will save you a lot of money later. you will be combining a lot of DIY upfront and using an estate attorney to make sure your end products are legally bulletproof.
If you do not have a Will of any kind, do a simple one until the Trust is finished. it must be witnessed and your signature verified. your bank has notary publics who can help here to guarantee that it is truly your signature on that Will.
NOLO puts out some really great books about estate planning. Buy them.
Download some good generic forms from your state's Bar Association, fill them ALL out electronically with your desires. Revisit in a few weeks, make changes, and put them on a CD. keep your spouse 100% fully involved.
Do a detailed net worth statement and place copies of all records - retirement stuff, debts like mortgages & loans, a copy of your current paychecks, savings/checking and investment accounts and insurance policy numbers in a folder.
Find or order a certified copy of your house deed - you need an original.
Ask around town and friends for an estate attorney specialist. visit their website. make a list of questions for the initial consultation. initial 30 minute consultation is usually free. use it well.
Ask for and get everything, especially the all-in-one FEE and list of ALL deliverable legal documents like trust, pour over will, HCP, funeral wishes, final arrangements, living will, house deed transfer fees and documents, etc in writing.
Request an all-in-one fixed fee contract, not an hourly basis as needed (translated money pit).
Sign nothing that day. Review the proposed contract for legal services and deliverables, add anything not covered, then renegotiate.
Sign only when you are fully satisfied.
BTW, i am a FIREd engineer. i ran big money contracts for 18 yrs for Uncle Sam. My attorney never had a chance.
but he told me several times he really enjoyed doing business with me because i was so organized.
I also served as an Alternate Executor and Executor. that's why i know all the lingo and the process.