Talk of The Villages Florida - View Single Post - Trusts
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Old 07-17-2025, 01:27 PM
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The answer depends on what state you live in. The purpose of a trust would be to avoid probate and the related costs.
One way to avoid probate is to have all your financial account list your child as beneficiary. These avoid probate. So, what other assets do you have. Probably Car, home furnishings etc. Your state laws are important. In Florida there is Summary Administration. Your home, if a homestead property and left to your child would avoid formal probate. Two cars would also avoid probate. Your remaining assets passing under you will would have to be under 75,000. Read up on Fl Summary Administration and then see if your state has something similar. By the way the power of attorney is null and void at your death.