Apologies if this has already been covered, but I couldn't find any discussion on this. My wife and I are wondering if we should set up a trust or just wills for dealing with our assets after our deaths. We have assets right now of around 600 to 700 k, (half of it is home equity), and in my reading of California estate law, found that estates valued over 100 k not in a trust would have to go through a probate process which would entail some kind of costs. Also, over the next few years, I'm hopeful that our assets will continue to grow. We have two children who we'd want as our heirs, and our assets are pretty simple, home, IRA's, business stocks, brokerage accounts. We are in our 40's, but want to get this process started, as one never knows what the future holds. I'd rather not set up a trust, but wonder if our estate size makes that the best option.
Also, how easy is it to set up a will or a trust without a lawyer, through the online process? And should my wife and I both set up individual trusts/ and or wills?