Trust (Cost)

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. We spoke with a small law firm. Turns out we don't need a trust and can go the will route. Total price:

Last Will and Testament - $650
Power of Attorney (Couple) - $175
Medical Directive (Couple) - $175
Total Cost of Estate Plan - $1000

Just know that wills aren't private. I've been able to receive the wills of people that I am not related to who live in different states. I would hate the idea of people being able to see how much my children would inherit if I died. Also during the process of setting up my family trust, one of the lawyers I spoke to who thought trusts are unnecessary in Va but he seemed so untrustworthy that not having a trust concerned me even more.

But a will doesn't usually say how much is going to your children, just how the assets would be divided. The amount of the assets can't be in there because it is unknown what the value would be on death.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. We spoke with a small law firm. Turns out we don't need a trust and can go the will route. Total price:

Last Will and Testament - $650
Power of Attorney (Couple) - $175
Medical Directive (Couple) - $175
Total Cost of Estate Plan - $1000

Yeah, most people with holdings like yours (one house, basic retirement accounts) don't need a trust. People on DCUM who respond to posts like this are disproportionally richer, with more complex holdings, so you will see more responses of people who should probably have a trust. Most people don't need one.

We have a NW of est $15M and our attorney continues to assure us we don't need a trust. The attorney is estate planning specialists, well regarded so we trust her.

This board is very anti-trust. If you want to your kids to deal with probate and have creditors or spouses come after them then you do you.

This! My MIL died recently and divvying up her estate (home, car, investment accounts, etc.) was incredibly easy because she created a trust and split everything in half between her two children. No probate, etc. was a relief after years of caregiving.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. We spoke with a small law firm. Turns out we don't need a trust and can go the will route. Total price:

Last Will and Testament - $650
Power of Attorney (Couple) - $175
Medical Directive (Couple) - $175
Total Cost of Estate Plan - $1000

Yeah, most people with holdings like yours (one house, basic retirement accounts) don't need a trust. People on DCUM who respond to posts like this are disproportionally richer, with more complex holdings, so you will see more responses of people who should probably have a trust. Most people don't need one.

We have a NW of est $15M and our attorney continues to assure us we don't need a trust. The attorney is estate planning specialists, well regarded so we trust her.

This board is very anti-trust. If you want to your kids to deal with probate and have creditors or spouses come after them then you do you.

Why would someone with $15 million have creditors? And avoiding probate is very simple with things like setting up beneficiaries for your accounts. If you want a trust, go for it! As stated above, for most people with adult children and basic asset types, it's not necessary.

You do know probate costs $$. It's a percentage of your estate, depending on what state you live in around 4-7%. Does PP want to lose $750K and the time to do probate. I like to do a cost benefit analysis, including time, so for me a trust is the clear winner.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. We spoke with a small law firm. Turns out we don't need a trust and can go the will route. Total price:

Last Will and Testament - $650
Power of Attorney (Couple) - $175
Medical Directive (Couple) - $175
Total Cost of Estate Plan - $1000

Yeah, most people with holdings like yours (one house, basic retirement accounts) don't need a trust. People on DCUM who respond to posts like this are disproportionally richer, with more complex holdings, so you will see more responses of people who should probably have a trust. Most people don't need one.

We have a NW of est $15M and our attorney continues to assure us we don't need a trust. The attorney is estate planning specialists, well regarded so we trust her.

This board is very anti-trust. If you want to your kids to deal with probate and have creditors or spouses come after them then you do you.

This! My MIL died recently and divvying up her estate (home, car, investment accounts, etc.) was incredibly easy because she created a trust and split everything in half between her two children. No probate, etc. was a relief after years of caregiving.

Not contesting you, glad it worked well. But investment accounts just need beneficiaries setup. For homes you can either add the children to the deed (with survivorship rights), or do a transfer-on-death deed. You can also designate a beneficiary for a car title in most states.

The above is why a trust isn't necessary for many people. It can still be helpful and the added legal cost may be worth it for some people, not worth it for others.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. We spoke with a small law firm. Turns out we don't need a trust and can go the will route. Total price:

Last Will and Testament - $650
Power of Attorney (Couple) - $175
Medical Directive (Couple) - $175
Total Cost of Estate Plan - $1000

Yeah, most people with holdings like yours (one house, basic retirement accounts) don't need a trust. People on DCUM who respond to posts like this are disproportionally richer, with more complex holdings, so you will see more responses of people who should probably have a trust. Most people don't need one.

We have a NW of est $15M and our attorney continues to assure us we don't need a trust. The attorney is estate planning specialists, well regarded so we trust her.

This board is very anti-trust. If you want to your kids to deal with probate and have creditors or spouses come after them then you do you.

Why would someone with $15 million have creditors? And avoiding probate is very simple with things like setting up beneficiaries for your accounts. If you want a trust, go for it! As stated above, for most people with adult children and basic asset types, it's not necessary.

You do know probate costs $$. It's a percentage of your estate, depending on what state you live in around 4-7%. Does PP want to lose $750K and the time to do probate. I like to do a cost benefit analysis, including time, so for me a trust is the clear winner.

Why would investment accounts with beneficiaries designated go into probate? It's filling out an online form that takes 30 seconds. I don't know why the constant claim that the only way to avoid probate is a trust.

[Anonymous]

For most people, a trust is overkill and unnecessary. It's not free to establish or maintain, esp if you need a third-party trustee.

IME, trusts pay for themselves in a blended family situation or when one spouse wants to ensure assets go directly to children, like PP who wants to protect her kids' inheritance from Daddy's new wife.

Everyone can avoid probate if they: 1) establish Transfer on Death deeds for real estate, 2) name beneficiaries in retirement and brokerage accounts and 3) do a joint bank account with a child for day-to-day expenses - child becomes sole owner after death. If these are done, and children agree on an equitable distribution of household effects, and there are no other assets, there is no need to probate an estate.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. We spoke with a small law firm. Turns out we don't need a trust and can go the will route. Total price:

Last Will and Testament - $650
Power of Attorney (Couple) - $175
Medical Directive (Couple) - $175
Total Cost of Estate Plan - $1000

Yeah, most people with holdings like yours (one house, basic retirement accounts) don't need a trust. People on DCUM who respond to posts like this are disproportionally richer, with more complex holdings, so you will see more responses of people who should probably have a trust. Most people don't need one.

We have a NW of est $15M and our attorney continues to assure us we don't need a trust. The attorney is estate planning specialists, well regarded so we trust her.

This board is very anti-trust. If you want to your kids to deal with probate and have creditors or spouses come after them then you do you.

Why would someone with $15 million have creditors? And avoiding probate is very simple with things like setting up beneficiaries for your accounts. If you want a trust, go for it! As stated above, for most people with adult children and basic asset types, it's not necessary.

You do know probate costs $$. It's a percentage of your estate, depending on what state you live in around 4-7%. Does PP want to lose $750K and the time to do probate. I like to do a cost benefit analysis, including time, so for me a trust is the clear winner.

Why would investment accounts with beneficiaries designated go into probate? It's filling out an online form that takes 30 seconds. I don't know why the constant claim that the only way to avoid probate is a trust.

It depends if the dependents are minors. Again, this board is deeply anti-trust, so I will see myself out of here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. We spoke with a small law firm. Turns out we don't need a trust and can go the will route. Total price:

Last Will and Testament - $650
Power of Attorney (Couple) - $175
Medical Directive (Couple) - $175
Total Cost of Estate Plan - $1000

Yeah, most people with holdings like yours (one house, basic retirement accounts) don't need a trust. People on DCUM who respond to posts like this are disproportionally richer, with more complex holdings, so you will see more responses of people who should probably have a trust. Most people don't need one.

We have a NW of est $15M and our attorney continues to assure us we don't need a trust. The attorney is estate planning specialists, well regarded so we trust her.

This board is very anti-trust. If you want to your kids to deal with probate and have creditors or spouses come after them then you do you.

Why would someone with $15 million have creditors? And avoiding probate is very simple with things like setting up beneficiaries for your accounts. If you want a trust, go for it! As stated above, for most people with adult children and basic asset types, it's not necessary.

You do know probate costs $$. It's a percentage of your estate, depending on what state you live in around 4-7%. Does PP want to lose $750K and the time to do probate. I like to do a cost benefit analysis, including time, so for me a trust is the clear winner.

Why would investment accounts with beneficiaries designated go into probate? It's filling out an online form that takes 30 seconds. I don't know why the constant claim that the only way to avoid probate is a trust.

It depends if the dependents are minors. Again, this board is deeply anti-trust, so I will see myself out of here.

There are multiple posts confirming that a trust does make sense when you have minor children. That's the whole point- there are certainly situations where a trust makes sense and is worth the extra cost. But how many families do you know where both parents died before the kids were 18? Of course it happens, but it's very rare.

I think it's funny that someone could be considered "anti-trust"! I, for one, certainly believe in breaking up big companies.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. We spoke with a small law firm. Turns out we don't need a trust and can go the will route. Total price:

Last Will and Testament - $650
Power of Attorney (Couple) - $175
Medical Directive (Couple) - $175
Total Cost of Estate Plan - $1000

Yeah, most people with holdings like yours (one house, basic retirement accounts) don't need a trust. People on DCUM who respond to posts like this are disproportionally richer, with more complex holdings, so you will see more responses of people who should probably have a trust. Most people don't need one.

We have a NW of est $15M and our attorney continues to assure us we don't need a trust. The attorney is estate planning specialists, well regarded so we trust her.

This board is very anti-trust. If you want to your kids to deal with probate and have creditors or spouses come after them then you do you.

Why would someone with $15 million have creditors? And avoiding probate is very simple with things like setting up beneficiaries for your accounts. If you want a trust, go for it! As stated above, for most people with adult children and basic asset types, it's not necessary.

You do know probate costs $$. It's a percentage of your estate, depending on what state you live in around 4-7%. Does PP want to lose $750K and the time to do probate. I like to do a cost benefit analysis, including time, so for me a trust is the clear winner.

Why would investment accounts with beneficiaries designated go into probate? It's filling out an online form that takes 30 seconds. I don't know why the constant claim that the only way to avoid probate is a trust.

It depends if the dependents are minors. Again, this board is deeply anti-trust, so I will see myself out of here.

There are multiple posts confirming that a trust does make sense when you have minor children. That's the whole point- there are certainly situations where a trust makes sense and is worth the extra cost. But how many families do you know where both parents died before the kids were 18? Of course it happens, but it's very rare.

I think it's funny that someone could be considered "anti-trust"! I, for one, certainly believe in breaking up big companies.

That's not what "anti-trust" means in this conversation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. We spoke with a small law firm. Turns out we don't need a trust and can go the will route. Total price:

Last Will and Testament - $650
Power of Attorney (Couple) - $175
Medical Directive (Couple) - $175
Total Cost of Estate Plan - $1000

Yeah, most people with holdings like yours (one house, basic retirement accounts) don't need a trust. People on DCUM who respond to posts like this are disproportionally richer, with more complex holdings, so you will see more responses of people who should probably have a trust. Most people don't need one.

We have a NW of est $15M and our attorney continues to assure us we don't need a trust. The attorney is estate planning specialists, well regarded so we trust her.

This board is very anti-trust. If you want to your kids to deal with probate and have creditors or spouses come after them then you do you.

Why would someone with $15 million have creditors? And avoiding probate is very simple with things like setting up beneficiaries for your accounts. If you want a trust, go for it! As stated above, for most people with adult children and basic asset types, it's not necessary.

You do know probate costs $$. It's a percentage of your estate, depending on what state you live in around 4-7%. Does PP want to lose $750K and the time to do probate. I like to do a cost benefit analysis, including time, so for me a trust is the clear winner.

Why would investment accounts with beneficiaries designated go into probate? It's filling out an online form that takes 30 seconds. I don't know why the constant claim that the only way to avoid probate is a trust.

It depends if the dependents are minors. Again, this board is deeply anti-trust, so I will see myself out of here.

There are multiple posts confirming that a trust does make sense when you have minor children. That's the whole point- there are certainly situations where a trust makes sense and is worth the extra cost. But how many families do you know where both parents died before the kids were 18? Of course it happens, but it's very rare.

I think it's funny that someone could be considered "anti-trust"! I, for one, certainly believe in breaking up big companies.

That's not what "anti-trust" means in this conversation.

Ha ha that was the joke

[Anonymous]

Some folks, after they get some $$ in the pocket feel the need to have a “trust”. It boosts their ego and that they are “rich enough” to have a trust. Fact is, you don’t need it even if you have a boatload of $$ - like the pp with $15nw. Trusts are not a panacea, fix it all - pros and cons like everything else.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. We spoke with a small law firm. Turns out we don't need a trust and can go the will route. Total price:

Last Will and Testament - $650
Power of Attorney (Couple) - $175
Medical Directive (Couple) - $175
Total Cost of Estate Plan - $1000

Yeah, most people with holdings like yours (one house, basic retirement accounts) don't need a trust. People on DCUM who respond to posts like this are disproportionally richer, with more complex holdings, so you will see more responses of people who should probably have a trust. Most people don't need one.

We have a NW of est $15M and our attorney continues to assure us we don't need a trust. The attorney is estate planning specialists, well regarded so we trust her.

Yeah I am neither a lawyer nor a financial planner, but my basic understanding is that it's not really about amounts, per se, that make a trust necessary, it's about complexity of assets (and estate taxes in different states). If you have homes in multiple states, have ownership shares of private companies, have significant physical assets (say expensive art, jewelry), those sorts of circumstances make a trust a good idea- again, generally speaking.

Feels like some people end up with a trust because of a lawyer trying to boost their billable hours, or because they like the "idea" of a having a trust. It somehow can feel prestigious or something.

That's quite a crock of bs.

Wills are public. I can write to the county where anyone died and request a copy of their will. There are companies that buy probate filings and then harass the family. You will find people who barely knew your dearly departed coming to you saying they were promised things.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. We spoke with a small law firm. Turns out we don't need a trust and can go the will route. Total price:

Last Will and Testament - $650
Power of Attorney (Couple) - $175
Medical Directive (Couple) - $175
Total Cost of Estate Plan - $1000

Yeah, most people with holdings like yours (one house, basic retirement accounts) don't need a trust. People on DCUM who respond to posts like this are disproportionally richer, with more complex holdings, so you will see more responses of people who should probably have a trust. Most people don't need one.

We have a NW of est $15M and our attorney continues to assure us we don't need a trust. The attorney is estate planning specialists, well regarded so we trust her.

This board is very anti-trust. If you want to your kids to deal with probate and have creditors or spouses come after them then you do you.

Why would someone with $15 million have creditors? And avoiding probate is very simple with things like setting up beneficiaries for your accounts. If you want a trust, go for it! As stated above, for most people with adult children and basic asset types, it's not necessary.

You do know probate costs $$. It's a percentage of your estate, depending on what state you live in around 4-7%. Does PP want to lose $750K and the time to do probate. I like to do a cost benefit analysis, including time, so for me a trust is the clear winner.

Most of the “cost” of probate is fees that the executor can seek so if a relative in the executor you are just moving money from the estate to them.

Also the question isn’t “should there be a trust to hold money for the benefit of my minor dependents”— anyone can protect their kids that way.

The question (for purposes of this discussion) is “should I set up a trust while I am living or do I only need it once I pass”.

[Anonymous]

This is one of the only times where you can get value from an employer-provided legal plan. If I know there will be a chance that'll I have certain life changes (desire to do a will, plan to buy/sell a property), I'll enroll in my company's legal plan for that year. I did that a while ago and had an attorney prepare a simple estate plan for no cost to me. We did not do a trust, but he would have prepared that as well.

Our situation is simple, our estate will pass to our kids with a trusted family member as guardian, so more complicated estates may require more bespoke legal advice. For my purposes it worked well, ymmv.

[Anonymous]

Anonymous wrote:In our case we have 2 minor kids. Our assets include 1 home and the rest in investment accounts (401ks, IRAs, etc).

How much should one expect to pay for a trust setup? Any recommendations on lawyers?

We have a testamentary trust rather than a living trust, and I did it myself. I'm a lawyer, but not an estate lawyer. It's not complicated when you only have a house and some investment accounts. The hardest part with deciding who would take the kids and setting up a death file for them.