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Old 05-16-2019, 10:33 AM
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Quote:
Originally Posted by Elinor Dashwood View Post
We are, um, behind with that stuff. Don't even have wills yet. Definitely something we need to look into.

I thought you didn't need to mess with trusts unless you were likely to be hit with the inheritance tax though, is that right? We don't have enough assets for that to be a problem. At least not yet. Edward has a fat pension coming to him, so we don't have as much in retirement savings as other couples in our age / income bracket. We do have a lot, but not inheritance-tax-level.
The trust is way more than about inheritance taxes. Our wills are part of it, as well as power of guardianship for our kids and a distribution schedule for the kids to get our money if we die. Also it has directions for what to do if you or your spouse become incapacitated and are not able to make decisions anymore.

greenwoman's work offers legal services as a work benefit, so she signed up for it for 1 year. When then met with a lawyer a couple times for maybe an 1 hour each time, did the trust, and it cost us about $200. It was a pretty quick and easy process.

https://www.investopedia.com/article...ivingtrust.asp
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