Q: I often see trusts being recommended especially for blended families. I am wondering at the reasoning behind that recommendation.
Edited to Add: We are in Wisconsin
Background: We are a married couple (58 & 60), both with children from previous marriages. Our 4 children are all adults. In researching estate planning, I see it is nearly always recommended that blended families (those with children from previous marriages) should be using trusts instead of wills. I would like to know the reasoning behind such recommendation to see if it would apply to our own situation.
We have met with a local atty specializing in estate planning and the fees seem rather excessive: Simple will, POA, health care directive would run about $1000, Simple trust about $4500, and a more extensive trust designed to limit personal and long term care liabilities would run about $8000. Seems pretty expensive to us (in relation to our current portfolio).
My wife would like to go the simple will route (even DIY using appropriate software). I am unsure but am certainly balking at the quoted trust pricing.
Edited to Add: We are in Wisconsin
Background: We are a married couple (58 & 60), both with children from previous marriages. Our 4 children are all adults. In researching estate planning, I see it is nearly always recommended that blended families (those with children from previous marriages) should be using trusts instead of wills. I would like to know the reasoning behind such recommendation to see if it would apply to our own situation.
We have met with a local atty specializing in estate planning and the fees seem rather excessive: Simple will, POA, health care directive would run about $1000, Simple trust about $4500, and a more extensive trust designed to limit personal and long term care liabilities would run about $8000. Seems pretty expensive to us (in relation to our current portfolio).
My wife would like to go the simple will route (even DIY using appropriate software). I am unsure but am certainly balking at the quoted trust pricing.
Statistics: Posted by Badgered — Wed Sep 18, 2024 12:33 pm — Replies 9 — Views 291