Reply to Trust (Cost)

Forum Index » Money and Finances

Reply to "Trust (Cost)"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here. We spoke with a small law firm. Turns out we don't need a trust and can go the will route. Total price:

Last Will and Testament - $650
Power of Attorney (Couple) - $175
Medical Directive (Couple) - $175
Total Cost of Estate Plan - $1000[/quote]

Yeah, most people with holdings like yours (one house, basic retirement accounts) don't need a trust. People on DCUM who respond to posts like this are disproportionally richer, with more complex holdings, so you will see more responses of people who should probably have a trust.  Most people don't need one.[/quote]

We have a NW of est $15M and our attorney continues to assure us we don't need a trust.  The attorney is estate planning specialists, well regarded so we trust her.  [/quote]

This board is very anti-trust. If you want to your kids to deal with probate and have creditors or spouses come after them then you do you. [/quote]

Why would someone with $15 million have creditors?  And avoiding probate is very simple with things like setting up beneficiaries for your accounts. If you want a trust, go for it!  As stated above, for most people with adult children and basic asset types, it's not necessary.[/quote]

You do know probate costs $$. It's a percentage of your estate, depending on what state you live in around 4-7%. Does PP want to lose $750K and the time to do probate. I like to do a cost benefit analysis, including time, so for me a trust is the clear winner. [/quote]

Why would investment accounts with beneficiaries designated go into probate?  It's filling out an online form that takes 30 seconds. I don't know why the constant claim that the only way to avoid probate is a trust.[/quote]

It depends if the dependents are minors. Again, this board is deeply anti-trust, so I will see myself out of here.[/quote]

There are multiple posts confirming that a trust does make sense when you have minor children. That's the whole point- there are certainly situations where a trust makes sense and is worth the extra cost.  But how many families do you know where both parents died before the kids were 18?  Of course it happens, but it's very rare.

I think it's funny that someone could be considered "anti-trust"! I, for one, certainly believe in breaking up big companies.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics