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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Net value of around $2 million, we have two adult kids. We're trying to update an old will but all the lawyers are telling us we should get a trust. Apparently trusts cost $6000+, which is not in our budget. Why do we need even need a trust or a will? Why can't we just name our kids as beneficiaries on our bank accounts and retirement accounts, write a letter telling them to sell the house and then divide everything up 50-50? [/quote]

Our trust cost no where near that amount, was done by a well respected law firm and provides privacy. We didn't want vultures to know amounts and try to target our young adult kids at that time. My opinion is that the trust makes it easier for your decedents if you set it up correctly.[/quote]

+1. After my BIL passed away, we advised SIL to signup for the legal plan with her company ($10/pp). She worked with the lawyer to add specific language to set aside an amount for medical needs (one kid needs it), withdrawal amounts restricted to a certain % per year with full payout at a certain age, etc. She paid an extra $1000 or so for that. $1,240 in total for a complex setup. [/quote]

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