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Husband, wife either we need to update our will or do a trust. We are both in our 70 age group. Have are house in reverse mtg., have 2 vehicles, small savings, checking account. Husband has pension plus we both have soc. sec. We have 2 adult children. Didn't know if will would be the way to go or a trust.
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Asset Protection and Medicaid Planning Attorney serving Cuyahoga Falls, OH
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Hello Linda,
The cost of a trust can vary significantly from attorney to attorney. I would caution you not to choose your attorney based on cost alone. When dealing with an estate mistakes can be very costly and it's important to ensure you work with someone who understands estate planning and implications to other areas of law, such as taxes.
As to your question about a Will v. Trust, this will require a more detailed analysis of your family's situation and goals. Trust can be a great tool to help an estate avoid probate, remain private and be administered easier and more quickly. However, not everyone needs a Trust. I suggest sitting down with an estate planning attorney to go through your situation and give you some advice.
Answered on Jan 11th, 2021 at 6:02 AM