[retiredguy123]

Originally Posted by manaboutown

I would interview at least three attorneys as hereinabove mentioned. I would also educate myself as much as possible. Those library seminars sound like a good start! People's needs vary. Some only need simple transfer on death accounts and perhaps a Lady Bird deed. Others may need only a simple will. Yet others could require multiple legal documents due to extensive and/or complex financial interests, beneficiaries incapable of managing money, estate tax minimization and other factors.

Trusts can be quite beneficial for many reasons: protection from creditors of the beneficiaries through a spendthrift provision (a beneficiary could go bankrupt yet not lose a dime of trust funds.), protection from financial loss due to liability lawsuits and from greedy ex-spouses-to-be in the event of divorce. If a beneficiary qualifies for or is on disability or perhaps public assistance a properly drafted trust can be used to provide the beneficiary with additional income without the trust being considered an asset of the beneficiary in order to deny or diminish their entitlement.

Another reason to have a trust is to assure one's assets go to one's own issue. I have heard of cases where an individual inherited money then at some point died, perhaps intestate, and the money went to his/her spouse and eventually that spouse's children from a another spouse.

I partially agree. But, I would not want to protect my beneficiaries from their creditors.