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[quote=Anonymous]I posted a question on testamentary trusts (TT) and of course, no lawyer responded (as is normal).

Digging around and piecing things together, it looks like for Virginia your primary residence can avoid probate whether or not you have a Trust and financial accounts avoid probate if you have named a beneficiary (or TOD).

Now let's say you create a will and incorporate a Trust within it (Testamentary Trust(TT)). According to one post here you should not name a beneficiary for your financial accounts (since the beneficiary designation will supersede the will). Assume $5mil in financial assets and a primary residence. The residence avoids probate but they will milk you to death on the $5mil, not to mention your kids won't have access to the money until probate is complete.

Also, the lawyer will have to spend the same time and effort to craft your TT as they would your revocable trust anyways. Wouldn't it cost you the same? The only reason i can think of for lawyers pushing a TT is that they expect you'd go back to them for the probate process..kinda like back-end fees in crappy mutual funds.

So.. TL;dr - 
- Create a Trust and a 'pour over' will. Use boilerplate templates. It's not like every family is in feud mode that you need high priced lawyers for this. Of course, with complicated estates (financial assets, private equity, businesses, etc.) or feuding family situations you should use a good lawyer.
- Real estate and vehicles - Do a TOD.
- Financial assets - Title in the name of your trust or make your trust the beneficiary.

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