Reply to Setting up a trust questions about moving home into trust

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The money lawyers make off Trusts is very minor compared to what they can make off a probate process.  Hence the push in these lawyer infested waters to avoid setting up a Trust.  Do a trust. Most employers have a legal plan that allows one to get a free attorney to setup a trust. Pay that same lawyer a bit more if your situation is complicated.  You can have a for between $0 - 2K along with a durable POA, healthcare POA, will, etc.  [/quote]

This was my concern. Single parent with serious health issues and children are very young adults. Why would I want them to deal with probate and lawyers who might take advantage of them?[/quote]

An estate has an executor, which is someone you trust, who handles the process.  A trust doesn’t solve this problem, as you still need a Trustee to do basically the same thing. A[b]n estate actually has more protections, since everything is public and the probate court reviews all assets and transactions. [/b] Because trusts are private, they are subject to abuse. You need to have absolute trust in your Trustee. [/quote]
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Which can make for a nightmare if you don't have issues with trusting you executor.[/quote]

+ 1. And, the courts and the lawyer will charge you fees to the extent of 5-10% of assets under probate for their "service"! [/quote]

and in this area with home values what they are, this would be significantly more than the cost of a trust. How disingenuous of the lawyer posting here. [/quote]
If you have a straightforward will and a list of assets... I'm not understanding why you would need a lawyer for probate in a state like VA for this situation?  The court fees are ~$1.33 per $1000 of estate.  Accounts with beneficiaries or TOD do not go through probate.  [/quote]

In my case those costs would be more than twice the cost of the trust. [/quote]

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