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[quote=Anonymous]Not OP, but wanted to share what I think I understand about this. Some lawyers now recommend this for middle class too, not just the rich. The pros:

*When you die, you avoid probate. It is much easier to transfer funds, rel-estate, investments directly to the loved one even tax free up to a certain amount.
*You can put some boundaries on the money.

*Much less hassle if everyone is ethical

*Mor protection if you get sued for something.

The Cons:
*You need to truly "trust" pun intended family members. Your trustees can abuse the power and can then be sued, but what an ordeal. They are allowed to pay themselves a certain amount to be trustees, as well they should because it is work.

*Trustees pass away/become estranged/have their own health issues. It may be the trust then needs a hired trustee-which means more money going out. Sometimes the hired bank trustee can be a real stickler about how things are written so you better have a lawyer who knows what she/he is doing when it is written.[/quote]

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