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 Posted: Wed Sep 14, 2011 11:38 am?? ?Post subject: |  |
| Some people like to avoid probate for privacy reasons, since it is public record, and for efficiency.
Everything not titled to beneficiaries and is under your 'will' goes to the probate estate (jewelry, table, chairs), unless your still married. In probate a judge performs the distribution of your assets per your will, which requires an attorney, and their fees i think are set by statute and vary state by state (some states it is a % of value of estate, I think). Usually not a problem if all the beneficiaries agree to distributions. It is also very useful if your are not distributing your assets equally and your heirs challenge your 'will' or don't get along or have disagreements, probate can drag on and things can get messy. So, I would use a living trust with a pour-over will if I was making unequal distributions and/or if my children or other heirs did not get along. Also, if I wanted my assets out of the public record. I am not a lawyer, so take this with a grain of salt.... | |
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| Posted: Wed Sep 14, 2011 1:04 pm?? ?Post subject: | |
| A simple trust with a pour over will should not cost a fortune. A living trust will mostly keep you out of probate which can be very important. Because my fathers wife had a will her idiot children were able to tie my father up in their quest for money utilizing the probate courts idiot judges and lawyers.
Amazing how someone on welfare can get an attorney to work for free if he thinks there is money in the estate for him. A trust also helps if you become incapacitated where a will won't. | |
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| Posted: Wed Sep 14, 2011 1:05 pm?? ?Post subject: | | ||||
++1 | |||||
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| Posted: Wed Sep 14, 2011 1:08 pm?? ?Post subject: | | ||||
I agree. The peddlars of one-size-fits-all, expensive trusts "oversell" cost of probate. Probate does not have to cost a lot, especially if the executor will do some of thesork and bring in an attorney onlyfor the tasks needed AND pay by task and not by percentage. While there are other benefits of a trust to hold assets while living (incapacity), the thing to do, IMO, is find an attorney who is objective about the pros and cons of wills, trusts, etc. | |||||
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| Posted: Wed Sep 14, 2011 3:15 pm?? ?Post subject: | | ||
+1: a revocable living trust is something most can set up on their own and is very easy to modify: it usually doesn't require the formalities that a will might require in a given jurisdiction. After the trust is set up, you fund it with your property. Some jurisdictions may make it harder to have a car and/or house to be in a trust (could tie it up if you try to do something with it), so that's where it could get more involved. But trusts will usually specify the order of succession for the trustees if incapacitation/death occurs. Durable power of attorney can do a lot that trust can for the incapacitated but its power extinguishes when the principal's life does (unlike the trust) and they can get stale (one might have to reauthorize every so often). There can also be issues about making a 3d party honor the POA, too. As said above, have a pour over provision in the will so that the residue goes into the trust upon your death and you're set. | |||
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Source: http://www.bogleheads.org/forum/viewtopic.php?t=82410&start=0&mrr=1316020312
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