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Good evening. The problem with a testamentary trust is that your estate
must go through probate with respect to probate assets
. This would include your house, but would not include your IRA or life insurance which have designated beneficiaries and pass outside probate. If you do a living revocable trust and transfer your house and any other assets that don't have survivorship
clauses or designated beneficiaries, then you avoid probate and its costs altogether. The trust is revocable until your death and you can make any changes you want; then, upon your death, it becomes irrevocable and your assets are governed by the trust agreement outside probate.
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