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Reply to "Family trust, where do I start?"
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[quote=Anonymous]You can do a search, as this issue has been discussed endlessly here. The bottom line is that, unless you live in a state where probate is a hassle (e.g., California), or have other special circumstances (property in multiple states, etc), or you have an estate in excess of $10 million or so ($20 million for a couple), you don’t need a trust. Lawyers love to set them up because they cost $$ and it’s an easy sell people love to say they have a trust because if makes them sound rich. If you have minor children, you can provide for a testamentary trust for them in your will. Yes, you can avoid probate IF you have titled everything correctly (and many people do not), but you’ll also hear many stories of trustees abusing their position. Probate has protections built in that are generally for the protection of heirs, and it’s not necessarily a bad thing. [/quote]
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