will or living trust

[Pete]

It is my understanding that a will between a mother and son would incur probate costs upon execution whereas a living trust would eliminate probate costs and possibly minimize estate taxes. Is this correct? If so, is there any downside to a living trust? Thanks.

[stan03]

Are both spouses alive or so just the mother alive? Also, a lot depends of the value of the estate.

[Pete]

Just mother. Value is only around $400,000.

[stan03]

In your case a living trust will have no tax savings benefits as the estate is too low to trigger Federal Estate tax, NJ Inheritance or NJ Estate tax. As for probate costs, they are very low for an estate of 400k in NJ. As simple will is the most cost effective and simplest solution for your estate plan.