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Posted: 3/6/2006 9:15:41 AM EDT
[Last Edit: 3/6/2006 9:24:08 AM EDT by Dance]
What are the advantages/disadvantages of having a will versus having a trust?

I heard about not needing an attorney for probate, being able to give money with conditions (age, etc), but not much else.

Specifics: Middle Class/Upper Middle Class leaving property and money to their children. Why would they want a trust over a will or vice-versa?
Link Posted: 3/6/2006 11:37:29 AM EDT
Trust: your trust administrator will steal everything out of it and leave you penniless while still alive.

Will: your executor's lawyer will drag things out and charge outrageous fees until everything is gone, leaving your heirs penniless.

Take your pick.

BTW, the first actually happened to someone I know. There are a lot of scam artists setting up fake "trusts" for people nowadays.
Link Posted: 3/6/2006 11:44:05 AM EDT
Trusts can own machine guns and suppressors.
Link Posted: 3/6/2006 11:48:11 AM EDT
You need to have both. The will appoints guardians for the children and catches any assets that missed getting in the trust.
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