I’m no legal expert, but we have both a trust and a will. I don’t think they are

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Jan 21, 2023
12:26:20pm

blackandblue Truly Addicted User

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blackandblue

Bio page: blackandblue
Joined: Aug 12, 2011
Last login: Apr 25, 2024
Total posts: 24,481 (2,572 FO)

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Messages

Author

Time

Do you have a Family Trust? What are the advantages/disadvantages?

squidmark

1/21/23 12:21pm

I’m no legal expert, but we have both a trust and a will. I don’t think they are

blackandblue

1/21/23 12:26pm

Right you still need a will for the assets not held by the trust. But I’m no lawyer either

cheezedawg

1/21/23 12:30pm

But did you stay in a Holiday Inn last night?

Hinta

1/21/23 12:31pm

RE: But did you stay in a Holiday Inn last night?

cheezedawg

1/21/23 12:33pm

Do you have a pour over will?

justAnotherCoug

1/21/23 12:47pm

Yes. It outlines payments to beneficiaries at different increments and times

blackandblue

1/21/23 2:28pm

The main advantages of holding assets in a living trust are that the assets in the trust avoid probate which is

cheezedawg

1/21/23 12:29pm

This is the main reason for us. Things transfer without having to go through

BluebloodOR

1/21/23 12:56pm

Short answer. You need both.

WizeGuise

1/21/23 12:32pm

follow-up: are there yearly maintenance costs/filings with a family trust?

squidmark

1/21/23 12:34pm

No. Once it exists, it exists.

chem031

1/21/23 12:41pm

I have a trust for my kids and I'll inherit funeral costs from my parents. Highl

vagabonder

1/21/23 1:26pm

The main advantage of a trust is that your heirs get to avoid probate. I Amy be

CougBlu

1/21/23 4:32pm

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