Ask Liza: When does a Will Make Sense?

Ask Liza: When does a Will Make Sense?

Dear Liza: A friend of mine is considering a living trust.  The only property he has is a coin collection maybe worth around $15,000.  He has an adult daughter who he doesn’t communicate with and does not want her to get anything.  He would like to leave the collection to me.  Is a living trust a good way to go listing me as the trustee or the beneficiary?  Or is doing a Will just as good? If the only property that your friend has is a coin collection, a simple Will should accomplish his goals.  A Will allows your friend to clearly state who should receive that collection upon his death. Assuming that $15,000 falls below the probate threshold in his state (called the “Small Estates Limit”), no probate would be required upon his death to transfer the collection to you. A living trust is just a way to avoid probate, but really serves no purpose in an estate that’s below the probate limit anyway. To determine the probate threshold in your friend’s state, start here.

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