From: "Don" 
Newsgroups: misc.invest.financial-plan
Subject: Re: wills and trusts
Date: Fri, 20 Apr 2007 11:32:15 -0500
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"Tad Borek"  wrote in message 
news:4LMVh.16936$JZ3.4601@newssvr13.news.prodigy.net...

> John, the most common would be a revocable trust, also called a living 
> trust. These types of trusts can be used to avoid estate taxes but even if 
> that's not an issue, they simplify the administration of your estate, and 
> depending on your state, may save a lot of money too. So many people who 
> don't need a trust for estate-tax purposes use them.

It was my understanding that living trusts do NOT avoid taxes, but only the 
cost and inconvenience of probate. Perhaps more important than cost is the 
time it takes for probate to run its course, the hassle of assembling 
documents, etc. Another advantage is that the living trust is not open to 
inspection by others, while wills and probate procedures are matters of 
public record. So the living trust avoids legal challenges if someone 
doesn't agree with how a will distributes assets.