Posted by JMS/.MN on April 01, 2013 at 22:46:29 from (209.237.125.241):
In Reply to: Re: OT---Trusts posted by George Marsh on April 01, 2013 at 17:01:48:
We put everything in a revocable trust a couple of years ago. Created two trusts, each spouse has an undivided half interest in the assets. Surviving spouse has control of the entire trust, which goes to the children after the death of the surviving spouse.
Yes, if the minor stuff of personal property, not in the trust, exceeds $50,000, it does go into probate court. So....just include all the little stuff so it does not exceed 50 grand. There were trust fees at the County, along with lawyer fees, total was about two grand, but simplifies the kids expense and issues.
Bottom line, without us doing the trust.....kids would lose big-time when settling the estate. We eliminated probate and much more for them. We also set up the trust so each of the kids has responsibilities in the settlement.
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