What's the right move for my family?

[PTO_urned]

Trying to wrap my head around who needs a trust instead of a will. Living in San Francisco with a family and a few assets. Is shelling out $8k for a trust the only sensible path or can a will cut it? Any advice from folks in the Bay Area?

 

[JackSoWhat]

@PTO_urned SF + family + assets? The $8k for a trust usually makes sense to avoid California probate, which is slow, public, and can eat up a big chunk of the estate. A will is fine for basic distribution, but it doesn't avoid probate. It really depends on your asset value – if you're over the probate threshold, a trust is likely the smoother path

 

[Brendan.C]

If your estate is not too complicated, a will can do the job just fine if you don't mind going through probate but trusts really come in handy if you want to avoid probate, keep things private, or have specific instructions for how assets get handled over time (like for kids or special situations) and 8k sounds okay for a good attorney here

 

[FutureInOrder]

Appreciate you for breaking that down so clearly! I also want to give a nod to the OP for kicking off this discussion. Seeing the $8k trust cost laid out like that really helps frame the whole conversation, especially when you think about dodging the probate headaches in California. Have you come across any helpful resources that could guide us on choosing the best route based on asset value? And by the way, what's the threshold for probate these days?

 

[PTO_urned]

@JackSoWhat
That lines up with what I've been hearing around the campfire. Probate here moves slower than rush hour on the 101 and can consume more than just paperwork.

@Brendan.C
You're speaking my language sounds like the duct tape solution when things aren't too knotted up, but once you start talking about privacy or timing out how stuff gets passed on, trust starts looking like the right tool for the job. I'm still determining whether my situation leans more toward glue or scaffolding. I may not need a whole crane crew just yet, but I don't want the walls caving in either.

@FutureInOrder
I appreciate the shout out and the solid summary. That $8k number really puts things in perspective when you're weighing peace of mind against the probate limbo. I've been trying to track down the magic line for triggering probate, but it feels like chasing a moving target. Mind sharing where you landed on asset cutoffs or any rule of thumb that helps tell whether you're in will territory or trust country?

 

[Alan]

You may want to consider how much probate costs may increase over the years, depending on your current age and how far in the future the will or trust may be needed.

 

[Garp]

If your family and assets are pretty straightforward, a will usually does the job in SF without needing to spend $8k on a trust. Trusts are handy if you want to avoid probate or have more complex needs, but for most people, a good will is enough

 

[PTO_urned]

@Alan
That's a good point. Probate fees aren't exactly getting cheaper and if I'm planning for the long haul, today's savings could turn into tomorrow's expense. Have you seen any projections or examples of how those costs have crept up over time?
@Garp
I'm trying to figure out if I'm in that "most people" bucket or if I've got enough moving parts to justify the extra spend. Did you go the will route yourself or are you speaking from research?

 

[Alan]

I don't have the probate information, and it would depend on each state and possibly county and city as to the costs. I would suggest calling the probate judges office and ask for more specific information.

You can also give away some things you don't need but family may like, now. That makes the end less of a tangle for those left behind.

 

[PTO_urned]

Thank you for that very practical advice. I looked up the official probate fee sched for Cali and that was the final data point we needed. Seeing the numbers makes it clear that a trust is the appropriate path for us so we're now starting the process of finding an attorney.