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Russian (RU) Thu, Sep 11, 2025, 8:21 AM 8 min read
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If you will, allow us to present the hypothetical case of Pete Moneywise, a married, 78-year-old father of three who wants to get his financial affairs in order before his passing.
Though he exists only in the confines of this article, his situation reflects what countless retirement-age people face as they draw up their wills and create their trusts.
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“I hate probate,” Pete tells us in an exclusive interview (what else did you expect? We created him). “I went through it when my father died, and my family spent the next year talking to lawyers, trying to get things squared away.”
He shares how the probate process caused tension between his siblings. He also harbored frustration over one unanswerable question: “Why didn’t Dad create a living trust? It would’ve made things so much simpler.”
Credit Pete for following his own advice. He has set up a living trust. Now, he must decide what, if anything, to leave out of it. He has done the homework for you: Here are five things to consider as you structure your living trust.
Many folks don’t even know what the word “probate” means until they’re in the thick of it.
Sometimes, not always, when a person dies — even if they left a will — a legal process is required to validate the will, name an executor to administer the estate if there isn’t one already, pay off liabilities, and then distribute the remaining assets.
The process can sometimes take years, not to mention the piles of paperwork and legal fees. For example, when the beloved entertainer Prince passed away in 2016, the legal dogfight over his estate continued in probate until August 2022.
If you are “of sound mind and body,” then you can make a will — and it’s a good idea to do that, so you don’t leave your friends and family scrambling and trying to guess at your wishes.
If you want an extra layer of security and peace of mind, you can create a revocable living trust. A trust would have helped Pete’s family avoid probate, protect their privacy, and minimize estate taxes when his father died. A trust is a document that allows you to keep control of your money and property and designate who receives it once you die.
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