Reply to Estate planning - what type of trust?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]No trusts, just wills and proper POD or beneficiaries on all eligible accounts.

Most people don't need trusts.[/quote]

+1  And [b]trusts can create problems where none would have existed if you did not have a trust. [/b] If you don't need a trust, don't get one.  It's a money maker for lawyers and not always good for the heirs.

-signed a lawyer married to a lawyer who is about to strangle her FIL's estate and trust lawyer who never returns phone calls.[/quote]

Can you elaborate on the bolded?

We had irrevocable trusts set up years ago when our kids were infants.  The way they are structured, assets can either be titled to the trust or a pour over will moves the assets in our name into the trust.  All of our financial assets (bank acct. brokerage, Insurance policies, etc.) either are jointly held, are in the name of the trust or names the trust as the primary beneficiary.  We never got around to titling the house in the name of the Trust (having read about issues with holding it in Trust) but hold it jointly (in VA).

My Trust itself names me as the Trustee, my spouse after me and two other family members succeed my spouse in sequence.  My kids are the beneficiaries and will get full control of 50% of all assets at 21.  What kind of problems could this cause?  [/quote]

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