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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We have an old, outdated will.

We are in process of setting up a trust. Go one step further and do a trust, OP.

Hoping that we will inspire my ILs who insist they will simply have "the kids handle all that stuff" (and it's just DH and his recently divorced sister, embroiled in a custody battle and always skating on the edge of joblessness and financial ruin).

My parents set up a trust and we've already experienced the simplicity and easy transition that occurs with a trust after my parent died. [/quote]

The additional expense and hassle of setting up a trust is worth it in some jurisdictions, but not others.  Please don't take legal advice on this forum. Talk to a a estate planning attorney in your jurisdiction for advice.  [/quote]

Curious where this wouldn't be worth it or under what circumstances.

Dealt with a huge headache and years-long issue with elderly, never married relative who lived at subsistence level in Maryland. [/quote]

I'm the pp that mentioned that trusts can have drawbacks -- I've been through probate 4 times in different jurisdictions, and I'm a lawyer, but -- seriously -- don't take legal advice from this forum.  There are several different types of trusts, and they have different legal and tax consequences.  We have testamentary trusts that are triggered in certain situations when we die, but would not avoid probate.  Probate is not a big deal where we live.  There are states where probate should be avoided at all costs.  Some people have non-revocable trusts that were set up when the estate exclusion amount was much lower that are actually not advantageous from an overall tax standpoint now (although that could change).  Setting up a trust costs $$, and putting your house in a trust can be a hassle if you want to refinance (some banks don't want to lend to a trust).  Also, trusts don't necessarily avoid litigation, and a probate attorney in a state where trusts are popular told me that, in contested situations, it is sometimes better to be in probate court rather than fighting over a trust. This is a long way of saying that each jurisdiction and situation is different, so, if you have an estate worth fighting over, you need a really good attorney who will give you good advice based on YOUR situation and jurisdiction.  [/quote]

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