Living Trust or will for your property?

[Lämmchen]

My sister recently told me she's changing things up and instead of putting her children in her will for her house, that's she's going to do a living trust. She said that with a will, the estate goes into probate and that takes time and money. So with a living trust, she drew up the legal documents (she is a paralegal) and had her boss look things over for her, which normally would cost a few hundred dollars, and when my sister dies, the house IMMEDIATELY goes to the kids.

I'm thinking of switching from a will to a living trust for my home to make things easier on our daughter. I just have to convince my husband to spend the money on a lawyer since we don't live in the same state my sister does to get the free legal work done.

 

[Busybee]

Other than the legal charges that is involved in a living trust, it is better than having a will. Every loving parent wants to secure things for their children and help them enjoy their property with minimum legal headaches.

 

[Billy]

My sister recently told me she's changing things up and instead of putting her children in her will for her house, that's she's going to do a living trust. She said that with a will, the estate goes into probate and that takes time and money. So with a living trust, she drew up the legal documents (she is a paralegal) and had her boss look things over for her, which normally would cost a few hundred dollars, and when my sister dies, the house IMMEDIATELY goes to the kids.

I'm thinking of switching from a will to a living trust for my home to make things easier on our daughter. I just have to convince my husband to spend the money on a lawyer since we don't live in the same state my sister does to get the free legal work done.

Honestly am not sure which of the two is the best for me. But i would personally go for a will. They seem more specific and legally binding.

 

[Nomad]

Living trust or a will is not a standard practice in our home country. Generally speaking, all the properties owned by the parents will go equally to the children. Sometimes parents decide to divide properties when they are still alive and the standard practice is distributing properties equally among the children. If someone who does not have kids die, his immediate relatives will benefit.