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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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I finally got my trust done about eight years ago, updated it when I came to Florida.
Just had another meeting with attorney - her advice - all IRAs should be made POD to a beneficiary. Brokerage accts the trust is the beneficiary. I set up trust checking and savings accounts. My home deed was updated to reflect the trust. Cars are not added to trust.
I hated spending the money, but decided there there several other documents they added such as your last Will, power of attorney, medical etc. in the end I was glad I did. I think a trust is especially useful for people who have “issues” in their family and want to make sure how the money is disbursed.
IMO - it is well worth it. I did everything possible to make the transfer of wealth to who I want it to go to and designated a person to handle my estate. Recommend you attend a couple of free orientations from the Pittman Law Firm to get your questions answered.