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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Must have:
Will
POA
Medical directive
Beneficiaries on retirement accounts, insurance policies.  TOD/POD on brokerage accounts, bank accounts etc.
Also, DO NOT put children on any of your real estate titles.  They will lose stepped up basis and it will be an expensive mistake.

Also, organize your accounts, policies etc.  Handling an estate is a alot of work and it is really hard when it is sh&t show in terms of organization.

Optional
Trust.  This is for people who want privacy and "control" from the grave.  Most people do not need.

[/quote]

"Control" from the grave. Funny. I would be concerned about not have a trust for young kids. I could see a lawyer taking advantage of young 20 somethings dealing with probate. [/quote]

PP is correct. If you’re concerned about heirs being taken advantage of, the probate of a will has much more oversight than the transfer of trust assets. This board is full of stories of people being ripped off by trustees. If you think your kids can’t handle the money and need a trust long term, you can set up a testamentary trust in the will.

I am a lawyer, and I’ve had several excellent estate specialists tell me I do not need a trust. Lawyers sell them to people because they like them —  it makes them feel “rich” to refer to “the trust.” [/quote]

This 💯. My mother-in-law fell for it hook, line, & sinker. She has no shame and loves telling anyone who’ll listen how well she’s doing as she’s now a millionaire ($500k house with $500k in a savings account, lol). At a neighborhood party, her “rich” friends convinced her that she needed a trust ASAP to protect all her hard-earned wealth. Quite conveniently, their son was a lawyer and could make it happen. $5k later and she’s the proud owner of her very own “trust”. (I hope he tipped his parents $1k for the easiest lead ever.)

Mind you, my wife is an only child and gets everything, so it was completely pointless but the ridic things MIL says now [i]almost[/i] makes it worth it. *Imagine Lucille Bluth saying these lines, lolol* When visiting mother-in-law’s house, “Daughter, you have nothing to worry about, this is [i]ALL IN THE TRUST[/i].” While chatting with a relative who likely lives 100% off of Social Security, “Cuz, how could you possibly leave your family unprotected [b][i]WITHOUT A TRUST?[/i][/b]” And when showing me who’s boss, “Son-in-law, whatever may happen to you, daughter can always rely on [b][i][u]THE TRUST[/b][/i][/u].”

Gee, thanks, MIL. We did gross $600k last year, I think we’ll be fine. And my wife maybe receiving a million bucks sometime in the future would be wonderful and we’d be very thankful, but it wouldn’t exactly be life-changing. After doing my own research, trusts definitely seem to be a product that’s sold, not bought…quite similar to unnecessary and often bad life insurance policies.[/quote]

You sound like a huge a hole. [/quote]

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