Quote Originally Posted by frugal-one View Post
I don’t understand your need for a trust. If you have POD and TOD (paid on death or transfer on death) on accounts, your home set up as joint tenants, the same for vehicles (or if your state does not allow… an affidavit to that effect… why do you need a trust? These vehicles will avoid probate, as would any insurance policies.

I would rather have a trust set up for real estate than have heirs sharing joint ownership with me.And in our case we spread assets among many heirs. Joint ownership amoung 10-12 heirs of our real estate results in mayhem.

i don’t know about an “affidavit” to transfer ownership of automobiles. Is that a legal vehicle? That’s what a will is for.

But for anyone who has significant assets held in several ways, getting legal advice from an experienced attorney covering your own state laws is the way to go.

Also, trusts for heirs (created at the same time as ours) gives them protection from, for instance, court judgements taking the money. I can’t say I’m very concerned about that, but that was an outcome of our trust. If I was leaving assets to children I would take that more seriously.