BubbaChris
Recycles dryer sheets
I heard second hand that a friend in our RV resort is stressed and hamstrung because she has to go through probate after her husband died last year.
My first-hand experience with a trust makes me grateful DW and I created ours shortly after guiding mom through the process.
One benefit I experienced, but may not have been mentioned, is the executor (me) becoming the sole trustee as mom's vascular dementia progressed. When we were co-trustees she never truly enjoyed me taking her to various institutions to open or close accounts, etc. This likely stems from me having to quickly get some of those steps taken right after my father died. I needed to be put on all the accounts as she didn't have the desire or capability to take over her finances.
Once I was sole trustee (with my sister as successor) day-to-day activities didn't feel much different from managing my own finances. And once mom passed, there was a very minimal amount of administrative work to be done.
Kind regards,
Chris
My first-hand experience with a trust makes me grateful DW and I created ours shortly after guiding mom through the process.
One benefit I experienced, but may not have been mentioned, is the executor (me) becoming the sole trustee as mom's vascular dementia progressed. When we were co-trustees she never truly enjoyed me taking her to various institutions to open or close accounts, etc. This likely stems from me having to quickly get some of those steps taken right after my father died. I needed to be put on all the accounts as she didn't have the desire or capability to take over her finances.
Once I was sole trustee (with my sister as successor) day-to-day activities didn't feel much different from managing my own finances. And once mom passed, there was a very minimal amount of administrative work to be done.
Kind regards,
Chris