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Reply to "Wills vs trusts vs neither"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We have more but under $5m, and I have a will with a straightforward testamentary trust. Everything but the house would avoid probate because we have beneficiaries/successors listed. The house has a mortgage with a due-on-sale clause, so it's not going into a trust any time soon. Until someone can convince me otherwise, I see no need for a trust. [/quote] We have similar (slightly higher) NW, 3 ski condos, and a primary home with a tiny mortgage. We set up a trust to avoid probate on the ski condos - one for each kid. Our investments other than our 401ks and Roths are in our trust account. So one family trust and small trusts for each kid. [/quote] Why don’t you transfer the condos to you and each individual child as joint tenants. The condos then go to each child named as joint owner. [/quote] Because that would be a incredibly dumb idea. Not least because they won’t get a stepped up basis on death.[/quote]
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