Quote:
Originally Posted by Rainger99
I have spoken to a few attorneys about estate planning and trying to keep costs down such as legal fees; court fees; executor fees; trustee fees; etc. My primary assets are my house, my Fidelity accounts, my Vanguard accounts, and two small checking accounts. That is about 98% of my assets.
Some of them tell me that a living trust is the way to go; others say that probate is a way to go; and others say that I should set up a TOD or POD for the Fidelity, Vanguard, and checking accounts because this will bypass probate. I have been told that if you go through probate, the lawyers will take about 5% of your entire estate. Other people have told me that if you use a living trust, that the lawyers will still take a sizeable portion of your entire estate - but less than 5%
I am more confused now than I was before I started talking to the lawyers. Can someone who has had the actual experience of going through probate or using a living trust or using TOD or POD describe how the process actually works? What were the general costs or fees involved? How long was the process? How difficult was it? Did you have to hire a lawyer? Were the attorney or trustee fees based on the entire value of the estate - or were you able to reduce the amount of the estate for attorney or trustee fees? Thanks.
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If you have a Trust and your trustee handles it there will be no need to use a lawyer because there will be no probate hearing. The key is fully funding your trust. If anything get left out that’s when the problems begin with settling a trust. The key reason for the trust is your beneficiaries can settle the estate in their time line without courts and lawyers. Yes it can be a pain for the trustee but better than court.
Also a trust makes your inheritance creditor and predator proof for you plus your beneficiaries