JML, In my semi retired law practice I do quite a bit of work in the areas of Probate, Estate Planning, Wills, Real Estate etc. and let me begin with this:
Take that question to a local competent experienced professional Real Estate and Estate Planning ATTORNEY and dont hang your hat and risk that kind of an important major decision on ANYTHING any lay or even professional person posts here (including myself, not having thoroughlly researched and studied your situation)!!!!!!!!!
Ive done several small estate plans AND NO TWO HAVE BEEN ALIKE. Whats best and perfect for one person or someone here who claim its right and they love it (By golly they had a free lunch at Holiday Inn and got a nice leather binder to hold their Trust and all for only $3500) MAY NOT be best for your situation. Your plan should be tailored to you NOT other persons or Billy Bob or your know it all brother in law down the road lol. Perhaps a Living Trust is in order as one of many tools to avoid probate or perhaps other less expensive less cumbersome methods may be best suited to YOUR (NOT someone here) SITUATION. For example, I had clients come to my office last year thinking because their deceased Dad had a Living Trust they could all sell the farm no problems no hassle no legal work required WRONGGGGGGGGGGGGGGGGGG It was the biggest mess I ever saw it would have been much easier and cheaper had dad did nothing. It was BOTH a Probate and NON probate mess grrrrrrrr
THAT BEING SAID (Lawyers love disclaimers) its generally true a conveyance of real estate (IF DONE CORRECTLY) to Joint Tenants with full rights of survivorship makes for an easy non probate event upon the death of one tenant. Title now vests in the survivors.
SO YESSSSSSS talking to "some" people or posters here a Living Trust is the way to go and theirs may indeed BE PERFECT FOR THEM but whether or not its perfect for you should be made with the help of a professional trained experienced ATTORNEY in my professional opinion instead of any lay persons.
Its your money and you're the one that bears the risk so deciding who to take advice from is YOUR CALL
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