When it comes to hiring an estate attorney, I agree with the idea in principle, especially for larger estates with potential contingencies to address. However, for smaller estates with only one heir and assets totaling $2 million, where $1.5 million is already designated to a beneficiary without the need for a trust or will, it may be practical to handle the remaining property and vehicles similarly to minimize probate time and costs.
Each person's situation is unique, and not everyone necessarily requires a trust. It's common for estate attorneys to recommend trust instruments, often because it's their primary area of expertise. However, trusts involve initial costs as well as ongoing maintenance and administration expenses, whether fixed fees or a percentage of assets. Additionally, the legal landscape varies by state, with different regulations regarding Transfer on Death (TOD), Life Estate Deed, etc.
In my case, I've already consulted with a title attorney and am awaiting feedback from an estate attorney to ensure all details are carefully addressed. As someone who prefers a do-it-yourself approach to financial matters, I believe that with proper pre-planning, a similar strategy can be applied to end-of-life issues, making things easier for surviving loved ones.
Engaging with this group and gathering responses is part of my due diligence and ongoing education on this subject, and I appreciate everyone's comments.