Legal Question in Wills and Trusts in California
Trusts and who should have them
My husband and I are worth approx. $75,000. and our son say we should have a trust. WIll this benefit them when we die and us while we're living? Sandee
Asked on 9/27/08, 6:47 pm
1 Answer from Attorneys
R.C. Lim
The Law Offices of R.C. Lim
Re: Trusts and who should have them
Contrary to what many believe, trusts are not solely for the rich.
$75,000 is not enough assets to pay the extra that it'd require to have a bank trust department look after them, but living trusts do not require another to manage to trust assets (no fee).
The key benefit is that you avoid probate. Probate is expensive, slow, and public, and so many prefer to avoid it altogether.
Not to complicate things too much, but there are other ways to avoid probate, if this is something that interests you.
Answered on 9/28/08, 9:56 am
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