Morbid topics seem hot on the 'fire just now. We made a new will a few years ago.
Trusts are something I do not understand so well. There must be many types, what is gained by a trust?
JoeBob is right above that there are simpler ways to do it if you just want to avoid probate but There can be some other benefits such as delaying when taxes are due or just making sure that grandsons inheritance goes to pay tuition and not for strippers and blow. They’re very good when you want to give someone the benefit of a piece of property but not necessarily the responsibility of deciding what should be done with it or if you want to make sure that a certain person gets something for their lifetime and then it’s passed on to another family member.
We did a trust for our family place several years ago and it’s worked out well, Mostly as Cummins cowboy said in that it keeps spouses out of it and prevents a partition suit the first time someone gets hard up for money
