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My mother's estate is contained in two trusts…a decedent's trust created when my dad died 34 years ago, and a survivor's trust created to meet my mom's needs until she passes. Both are already set up to pay out in 1/3 shares to my two brothers and me when my mom passes. There’s not going to be any fighting over it. Probate in this case…even in California…is pretty much limited to however long it takes for a death certificate to be issued and received by the bank holding the funds (in this case, Merrill Lynch). The lawyer, financial advisor, and taxes are already taken care of, and having the estate in a trust also affords considerable tax advantages. Both trusts have been carefully managed, and we'll end up having to pay a small amount of capital gains on the increase in value in the decedent's trust earned since my dad's passing.

I’m no lawyer, but the experience has been positive enough that as soon as my share of the estate's assets transfer to me, I will be setting up something similar to protect my wife's and son's interests against the time when I leave this body and go home.

I lived most of my early life like the grasshopper in the tale of the grasshopper and the ant. I never made enough money that I could salt away any significant amount, so I enjoyed what I could, when I could. It never occurred to me to consider how to protect any legacy I might have. Today, in the final 10 or 20 years of my life, I wish I had paid more attention to these things, but I am VERY blessed that my parents did. I can’t take credit for it, but I am thankful, and I would heartily recommend to anyone considering end-of-life financial issues to give trusts of various kinds a good hard look.