Everybody can have a will and you do not need a lawyer to write a will. You need witness and notary.
But a will still goes through probation, which means willed assets will be public information, willed assets will not be distributed to your needy children until probation is over, and inheritance tax will be paid in full.
Trusts can avoid probation, avoid assets becoming public information, and save some and maybe huge inheritance tax. Trusts must be setup by good lawyers and may be forfeited if not setting up properly. Typically, a set of trusts will be set up. Trusts make sense only if your inhertance taxable net assets exceed at least half a million.
401K and IRA are all actually trusts. At a person's death, the money will go to beneficiary directly without probation. "oncej1" must be referring to this kind of trust that a bank can easily set up. There are also investment trusts, charity trusts, and etc that banks can easily do.
$2000 for a set of trusts is not expensive.
But a will still goes through probation, which means willed assets will be public information, willed assets will not be distributed to your needy children until probation is over, and inheritance tax will be paid in full.
Trusts can avoid probation, avoid assets becoming public information, and save some and maybe huge inheritance tax. Trusts must be setup by good lawyers and may be forfeited if not setting up properly. Typically, a set of trusts will be set up. Trusts make sense only if your inhertance taxable net assets exceed at least half a million.
401K and IRA are all actually trusts. At a person's death, the money will go to beneficiary directly without probation. "oncej1" must be referring to this kind of trust that a bank can easily set up. There are also investment trusts, charity trusts, and etc that banks can easily do.
$2000 for a set of trusts is not expensive.
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