Living trusts avoid the expense of guardianship. While a living trust may avoid the expense of a guardianship in case of your future incapacity, a durable power of attorney is a simpler and less costly alternative to achieve the same goal. If your family wishes to hire the services of an attorney to assist with a probate, your family may agree upon a reasonable attorney fee. That fee may be based on an hourly charge or upon a percentage of your estate. Recent surveys by the University of Montana indicate that an average fee, if measured by a percentage, is less than three percent of the estate.
Probate takes years to complete.
Misleading and very unlikely. There are rare circumstances where families and others clash for an extended period after a death. Such disputes can cause delays in the administration of either a probate or a living trust. In other circumstances, disputes with the Internal Revenue Service can cause more delays. However, in most circumstances the administration of a living trust is no more time efficient that the administration of a will in probate.