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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Wouldn't the will need to go through probate before the testamentary trust kicks in? Doesn't that negate the idea of a trust to avoid probate?[/quote]

Yes but the point is that for this size estate in this area probate isn’t a big deal. You will spend more avoiding probate than going thru it.  [/quote]

[b]Lawyers say this because it means more money for them.[/b]

I set up a trust just a few years ago and the cost was nowhere near what op quoted. With young kids and covid around I wanted things spelled out more clearly. Also trusts are private. Wills are not. [/quote]

That's what I suspect as well. In our case, we setup a Trust, pour over will, etc. and all the other documents about 20 years ago when DC2 was born. Very straightforward Trust, names a trustee and who they will distribute assets to (my kids). I didn't even have an insurance policy them and my assets were under $1m + a house with about $400K equity. Cost us next to zero since the lawyer came through a legal plan that we paid for through benefits. All my accounts (incuding insurance policy) are joint, titled in the name of the trust or have the Trust as the beneficiary, except for retirement accounts of course.

Since then, I've seen more and know more. My BIL didn't have a will and passed away suddenly at 50. While it was a royal PIA to deal with document requests from various institutions, I don't think she went through probate (only house and vehicles did not have a named beneficiary). My SIL has since setup these documents through a company deal but had to pay about $1K to set up something a bit more complex.. Limits on withdrawal per year, setup a fund for healthcare for her kids (one of them has health issues), full payout after a certain age, etc.

I would absolutely recommend everyone setup a Trust and title their assets to the trust or at least name it as the primary beneficiary. [/quote]

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