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[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]

Yeah I am neither a lawyer nor a financial planner, but my basic understanding is that it's not really about amounts, per se, that make a trust necessary, it's about complexity of assets (and estate taxes in different states).  If you have homes in multiple states, have ownership shares of private companies, have significant physical assets (say expensive art, jewelry), those sorts of circumstances make a trust a good idea- again, generally speaking.

Feels like some people end up with a trust because of a lawyer trying to boost their billable hours, or because they like the "idea" of a having a trust. It somehow can feel prestigious or something.[/quote]

People who have all of these assets you list and are high NW wouldn't be concerned about the cost to establish instruments to protect them so much. Clearly OP isn't as loaded to have to worry about spending extra few thousands. [/quote]

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