86-year-old not sold on living trust

Homeowner, daughter disagree on financial future

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DEAR BOB: During the December holidays, my adult son and daughter, along with their spouses and my three grandchildren, visited me at my home for several days. My daughter, a big-time New York City lawyer, suggested I "consider" putting the title to my house and two investment properties into a living trust to avoid probate when I pass on. I am 86, in relatively good health, but death might not be too far away. When I explained I might want to sell or refinance my house, or perhaps get a reverse mortgage, she really didn't have any good reason why I should consider a living trust. However, I don't want to burden my daughter and son after I pass on (or become senile) with Probate Court because I saw what happened to a good friend of mine whose estate was tied up there for about four years. What do you think of living trusts? --Ralph E. DEAR RALPH: I highly recommend revocable living trusts for everyone who owns a home or other major assets. A living trust has two primary benefits: (1) ...