Yes, a trust keeps assets from going through probate (the courts). Here in California the probate process is so expensive that trusts are highly recommended for anyone with an estate of any size. I'm divorced with a minor child, so having the trust let me dictate who would be the financial decision maker (separate from guardianship) for the assets I leave to her.

I don't know of any cons other than the cost to set one up (estate planning attorney).

I have a trust - self directed so I can wheel and deal, buy and, sell, add and subtract. I can't think of much in the way of assets that can't be used to fund a trust, save for Social Security and any pensions. My whole package was under $1500 with a will, healthcare directive, POA's, etc. And it'll be a quick trip by executor get the discharge going once I'm gone - no getting splayed out in probate.

I didn't make any provisions for tangible property; good dishes, personal possessions of any note just to keep things simple and I'm trying to take care of much of that while I'm alive.

Money well spent for peace of mind.

My father set up a revocable ? trust years ago, Dad died first, and 10 years later Mom passed. Settling her estate, selling her house and splitting the savings and brokerage accounts among the kids was easy and quick thanks to the trust. I then set up my own for my kids. Well worth it.

We have had a trust for many years. We sought the services of a well-respected estate planning attorney, on the advice of our financial planners. It was money well spent. At the time we had young children, and our primary concern was their education, in the event of our deaths (we were doing some travelling.) We also decided what we thought were the appropriate ages for our children to receive their share of the trust fund, believing that they should be self-sufficient, launched in a career, etc. before receiving any funds.

Now that college and grad school is behind us, our focus has changed. All three are living independently and have good jobs. They are, by our terms "launched"! We are "on hold" at this point, but plan on helping with college if we have grandchildren. We also plan on "gifting" yearly in the future. We feel they are a bit too young for that at this time.

There are many advantages to a trust. I encourage you to find a good estate-planning attorney to help you with this.

We were fully prepared to set up a trust but upon talking with an attorney learned that in our state it is absolutely unnecessary. My parents had set one up and it worked so well that we just assumed that is what we should do. However, they lived in California where it is highly recommended, but that is not the case in our state.

You need a good estate attorney. You can read peer reviews for attorneys in your area, by searching on Martindale.com. http://www.martindale.com/Products_and_Services/Peer_Review_Ratings.aspx

A revocable trust is important because it allows you to make changes. Once the trust is set up it must be funded. Everything you own needs to be named in the trust. I was widowed at 40 with dependent children, so also had to name a guardian in case something happened to me. The attorney took care of every single account being placed into the trust, including my house. Make sure the trust gives you permission to sell possessions including your house. I had my trust set up to provide for my children in stages. My mother was the Trustee so that they would have money for education and support in addition to the stated ages for trust money. If one of my children died before receiving all of the trust it would pass to their children. Spouses were completely excluded from receiving trust money, such as in a divorce. Lots of things to think about, including the estate tax laws of your state. I know an elderly couple who had a trust set up, but it has never been funded. The attorney did not do the work, but told them they had to name all their accounts as the trust name. Even talking about it together, they told me the attorney has told them to fund the trust, and yet they never bothered. Carry through, it is not at all difficult. It is a very good idea.

Talk to an attorney who does both or a couple of attorneys and get the pros ad cons of doing a trust. My parents had a trust they really didn't need. True, I didn't have anything I had to take to probate court, but three attorneys I talked to about the attorney who prepared the trusts all told me probabte would have been faster (1-2 months vs 9 months to a year or more) and a fraction of the cost. Apparently probate is pretty simple in TX.

On the other hand, the trust was complicated by the fact that it directed all assets into residual trusts, which meant the attorney had to be paid for creating the new trusts and we all waited for months for that to happen. It doesn't need to be that way. Chances are you don't need it to be that , at least if you are in the 99%. Just make sure you know what the trust is providing and what your heirs will be dealing with, what is required, what it is likely to cost and the time required and why.

Generation skipping trusts can also nice in certain situations and, while you're alive, you can still benefit from the trust. The next generation can benefit from its earnings, but the trust/assets pass to the second generation and they pay estate taxes.

A lot of this is controlled by state law, so check and see what your state does. Mom had a trust set up which was good in that I could manage all the assets after she died without needing probate. However, her lawyer failed to set up a pour over will which says that anything outside the trust becomes part of the trust upon her death. As a result, I had to probate her vehicles. So, even though she was not a full-time resident of our state (she was a snow bird), because one of her cars which was outside the trust, was registered in our state and had to be probated, the probate court stepped in and set fees based on the full value of her estate, including her home in FL and all the assets in the trust. So I didn't avoid probate, but only managed to get immediate control of her assets.

Thanks to all of you who took the time to comment. I appreciate all of your responses. We have been to an attorney who specializes in Estate and Senior Planning. He did our wills, POA, etc. He came recommended, but it might be a good idea to get another opinion. We have no minor children. Our eldest son would be the estate manager. According to this attorney, we would still be in control of the trust as far as controlling the stocks, etc., and we could continue to put money in. However, getting money out would require the permission of our son, which we would have no problem with. All of our money would not be in this trust anyway.

We need to revisit this whole thing again. We had met with him in the Spring, so my mind is foggy - it is also not cheap, it will be $2,000 so we need to carefully consider. Thanks again for your responses.

Things vary a lot ased on where you are located, but if $2000 isn't cheap, I tend to think you don't need a trust. I do remember that CA is different, but in TX, 3 out of 4 attorneys told me probate was easier and cheaper until your assets reach millions -- like 5 or 10.

Make sure you are talking about a revocable living trust that allows you to be the trustee of your own estate while living (unless you become incapacitated). E revocable living trust becomes irrevocable (can't be changed) once you pass -- and it provides for how things will pass to your heirs -- the trusts' beneficiaries. I would expect your son to be a successor trustee (replaces you at death or incapacity) and do not understand having him as a third party manager while you are living. As long as you and your son agree on everything and he is completely honest and selfless -- thinking only about your needs first and foremost, it should be fine. But it sounds like a situation that could be abused and you'd be sunk and powerless to change it. You might want to travel and he might want a luxury car for himself. Be careful.

I also don't understand the benefit of creating a trust for only some of your assets unless you have a lot of property -- and even then it seems that would be all the more reason to have everyting in a trust to get the full benefit. But talking to people on the internet and where you get replies from folks all over the country, the continent and abroad. You need local advise that is tailored to the laws of the state you live in, your level of assests, your living needs and your wishes when you are gone. You need to talk to people near you and more than one attorney. You should be able to get a free or minimal cost consultation -- at least 30 minutes to an hour for no charge to $100 or so -- and you could ask for that to aply to any further work you have them do. If you don't understand it for now and later and if it doesn't gie you independence as long as you are physically and mentally able, it doesn't sound like a good deal.

When myself and now deceased DH made out our trust, the attorney fee was $2500, and that was 14 years ago in the state of Ca. At the time I didn't feel an urgency since I was only 59, ahd he was only 60, but with the uncertainties of life, he passed away 9 years later. It was HE who had the forsight to know the importance of a trust, as well as a *trusted* financial advisor. I can't imagine what I would have done if these things would not have been previously set up! Please do not put off what can secure your future.

As lascatx has suggested, when the trust is put into writing, make yourself the trustee rather than your son. I know a woman who at the time the trust was written, agreed when her DH wanted to make their 3 sons the trustees. He passed away a few years ago, and she's finding it very difficult to draw money out of the trust without her sons having a meeting giving 'permission' re:money she is entitled to. She was going to try and change the trust agreement, but I never heard from her, and each time it is changed costs more $$$. Just something you may want to rethink.

We met with an estate planning attorney thinking we should get a trust but our experience was the same as dsg2015. She said it wasn't really necessary. In my state we have unsupervised probate so you don't have to spend a lot of time or expense dealing with the court.