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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Most people don’t need a living trust.  It’s a money grab by the estate planning trade.  It’s fine to direct the establishment of a trust in the event you die with minor children, but putting all your assets in a living trust is generally an unnecessary complication in life.  Don’t let the attorney convince you that it is necessary to avoid probate because that is “such a long and expensive process.”  That is also generally not true.[/quote]

Agree 100%.  Unless you live in a state that has a nightmare judicial system (*cough* California), or  you have assets of over $24 million, you don't need a living trust.  A testamentary trust (one established by the will) is fine. [b] For minor children, you can make "the Trust for DC 1 established by the will of Parent XYZ" the beneficiary of any assets that allow the designation of beneficiaries. [/b] [/quote]

Could you explain what this means?

I have a rental property, TSP, Roth, and brokerage account that would go to my minor child. Would a testamentary trust allow me to say that my child will get X amount of money at age 40, or can use up to X amount of money for college, etc. Thanks[/quote]

Yes. The will would establish the trust upon death and it can have any restrictions that you want regarding what leeway the Trustee has to spend the $$ and when the child has full access. For those accounts that allow you to designate beneficiaries, if you just make the DC your beneficiary, then the money would go to them directly and they'd have full access when they're 18.  If you make the testamentary trust the beneficiary, then the terms of the trust will control. [/quote]

Thanks for the info![/quote]

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