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[quote=Anonymous][quote=Anonymous][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]

Most of the “cost” of probate is fees that the executor can seek so if a relative in the executor you are just moving money from the estate to them.

Also the question isn’t “should there be a trust to hold money for the benefit of my minor dependents”— anyone can protect their kids that way.

The question (for purposes of this discussion) is “should I set up a trust while I am living or do I only need it once I pass”. [/quote]

You think the state is doing that for free? Also, what is the downside to someone with $15M spending $5K to set up a revocable trust? [/quote]

Probate fees are scaled— for example an estate of $1 million - $2.5 million in the probate estate (say the house but not retirement accounts with a beneficiary) would be $2000. That’s not free but it’s 0.08%, not 4-7%.

[b]One downside of revocable trusts are that you have to title things in the name of the trust which can be a pain (and slow down refinancing a mortgage, for example), but if you don’t do it then there’s no point to the trust. [/b]

If you have $15 million by all means talk to your lawyer and decide what’s right for you but be clear that any advice you offer is intended for people who have $15 m and don’t mind spending extra and doing more paperwork now to avoid paperwork later. [/quote]

How is this a downside? People here are claiming the only way out of probate is a Transfer of Deed, which people could also screw up and "is a pain." And, if you change your beneficiaries, you'd have to re-record it.

So bizarre. This is definitely a [b]hot-bottom[/b] issue for DCUM, which is odd because everyone here suddenly has $15M. [/quote]
Hot bottom indeed![/quote]

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