Quote:
Originally Posted by retiredguy123
I agree with seeking legal advice regarding changing your deed. But, I don't agree with paying thousands of dollars for a revocable trust that you don't need. A friend of mine passed away last year. He had a trust document that was almost 2 inches thick, and during the time I knew him, he spent more than $5K preparing and modifying the trust. Every time he bought a new asset, he would call the attorney and pay him a fee to modify the trust. When he died, his son, the trustee and only heir, came to The Villages. He cleaned out the house, sold it and everything in it, and went home within a few days. I think the trust was a waste of money. I am just saying, that when an attorney suggests a trust, ask questions, and buyer beware.
|
Whether to do a trust or not depends on the circumstances — like almost everything else in life — and death.
A trust sure can make the surviving trustee’s work easier because everything is clearly spelled out. The trust is the driver. The trustee just follows directions. A trust can also provide a certain amount of privacy re. assets of the deceased.
But there was a time, maybe 30 or so years ago, in Ohio, when some slap-dash, boiler plate, trust writing companies sprung up and were doing high pressure sales routines…..
I remember being shocked when I knew one of the people selling those trusts. He was not an attorney, but he sure was a natural salesman and knew a lot of people. In fairness to him, I will cut him a little slack because he was actually a pretty nice guy, was very young at the time, and might have thought he was helping people…..or convinced himself he was.
I don’t know what happened to those “trust” things. A lot of naive people bought them — and I think sometimes some naive people sold them.
Boomer