Is avoiding probate a good enough reason to set up a living trust?
No. Probate is not a big deal in New York State. It also does not take a lot of time to go through the court process, sometimes as little as a week, if all family members comply. The most it could cost in court fees is $1,000. You would also need to hire an attorney to probate the will. But you would still need an attorney to prepare a living trust, so that ends up being a wash. There need to be other reasons to create a trust, such as a strong concern of someone objecting, who either has reason to object or has deep pockets and/or just wants to aggravate your proposed executor. If you know that finding your closest living relatives will be a problem, setting up a revocable trust is a good idea.
