Revocable Living Trust

Dave thinks that it would be really stupid for Lynn's parents to do a revocable living trust on their estate.

QUESTION: Lynn’s parents have gone to an estate planning workshop and are discussing a revocable living trust. Their entire estate is worth about $500,000. Dave thinks there’s been a big-time mess up here.

ANSWER: This is absolutely stupid. It’s tremendous overkill. With an estate that size, all they need a basic will and that’s it. This workshop they took is just one of those weekend gimmick deals to get them to spend money. They are being ripped off. All it does is help you with probate, that’s it.