Q&A: When a living trust can save money

Dear Liz: Here’s another advantage to a living trust. If the person owns real estate in more than one jurisdiction and just uses a will, there will be a probate in the resident jurisdiction and ancillary probates the other location or locations, with the attendant time, costs and delays — all of which could be avoided with a living trust. All properties would have to be transferred into the trust, of course, and it’s always wise to have a pour-over will to make sure that anything inadvertently left out of the trust is included and protected from probate.

Answer: Good points. Living trusts are more expensive to set up than wills but can save money in the long run in such situations.

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