Originally Posted by
max8222
A pilot at the majors that has a family should have a family Trust set up. Most assets should be in the trust for a smooth transition when the time comes plus having your major assets in the trust limits your liabilities in the event some one tries to sue you.
I am not an attorney so you should consult a Trust attorney. Hopefully your union has setup a legal firm that you pay a small monthly fee. A solid trust can cost over $4K. If you have a legal plan at work only about $20 a month.
I’m of the opinion the usefulness of a trust varies state to state and depends on the complexity of assets and heirs. If you have property in multiple states, a Brady bunch collection of kids, heirs that will fight, heavily specific itemized bequeaths, or live in California… than yes a trust helps.
OTOH, property held in joint tenancy goes to the other person, retirement and life insurance goes to the beneficiaries. In some states, probate isn’t so bad.
Company gives us free will preparation through Hyatt Legal Services. I would go talk to them first, and see if the trust upsell is worth it.