revocable trust

[sassylottie]

What is the name of your state? Oh

I have talked to a financial planner who suggests that I set up a revocable trust for myself. I do have insurance money from my husband's death and have a future inheritance from my dad. I was told I could avoid probate by doing a trust. Should I see an attorney or continue with the financial planner.

 

[anteater]

What are the financial planner's credentials? Did he/she explain why a trust is desirable? Does the planner sell trust creation services or have a referral relationship to an attorney? Did the planner really explain probate? Give a hypothetical cost comparison? Or was it just the "big, bad probate" scare tactic?

Maybe you can tell that I am skeptical. Totally personal, subjective opinion: 80% of people calling themselves financial planners don't know their rear from a hole in the ground when it comes to taxes and estate planning.

 

[curb1]

Why do you need a trust? Do you have kids? Do you have out of state property? I think you are being sucked into a $1500. expense you don't need. But we don't know your situation.

 

[Dandy Don]

Financial planners are not necessarily good estate planners. They can help manage your money while alive, but you need to be consulting with an estate planner or trust attorney to get a trust drafted. If using an estate planner, use a certified one and double check the credentials.


If you don't want your probate documents public and the amounts you paid to beneficiaries, then a trust would protect your privacy and the privacy of your heirs since it would not be public record.

DANDY DON IN OKLAHOMA ([email protected])

 

[seniorjudge]

What is the name of your state? Oh

I have talked to a financial planner who suggests that I set up a revocable trust for myself. I do have insurance money from my husband's death and have a future inheritance from my dad. I was told I could avoid probate by doing a trust. Should I see an attorney or continue with the financial planner.

Hire an attorney who knows estate planning.