The Moneyist: ‘We have no children’: My attorney says avoid probate. Should I put my $850K estate in a trust, and split it between family and charity?

by | Oct 19, 2022 | Stock Market

Dear Quentin, My husband and I are in our early 40s, and we recently met with an attorney to begin estate planning. We now have assets worth $850,000 that we would like to go to our nieces, nephews and charitable organizations upon our death. We have no children. When we recently met with an estate-planning attorney, she gave us several options. 

The option she recommended is to establish a trust, which would allow us to avoid probate court. Is probate court really that bad? After all, we will be deceased! I ask because the cost difference of establishing a trust is $3,000 versus $500 for creating a will. We’re wondering if creating a trust is really a necessary expense? Confused About ProbateDear Confused, There are no rules to say how much you should leave to charity and how much you should leave to extended family. By all means set up a trust and a will for any assets that are not part of the trust. If you died intestate — without a valid will — your estate would go through the probate process in accordance with state …

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