Reply to Wills vs trusts vs neither

Forum Index » Money and Finances

Reply to "Wills vs trusts vs neither"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[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]

Read the book, "Beyond the Grave: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others) by Jeffrey Condon for an understanding of why a trust is in everyone's best interest. At the bare minimum a will, but a trust makes things so much simpler for your kids, avoids probate, and ensures the bulk of your money goes to your heirs and not taxes. My husband and I went through the process of creating a trust last year - it's a bit of homework to get everything in place, but the peace of mind is priceless.[/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