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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Trusts can often wind up in Court as many trustees don’t know how to decant the trust. Also, Trustees often don’t do annual reports as required and may distribute incorrectly. Any minors damaged can sue when they reach the age of majority & inheritance is depleted. There’s risk being a Trustee. Some attorneys add to the Trust document a requirement that another person be appointed in a ‘verifying transactions’ role. Each recipient is also due a copy of the yearly report/audit of the Trust.
Also, Check unclaimed property in all states decedent lived in or could have funds due. Some states want proof of Probate filed to release unclaimed funds.