Be wary of “free" lunches sponsored by high-pressure salespeople. Usually, these events are nothing more than come-ons for paying a lawyer (or other service) charging $1,000 or more to write up some type of trust document. Sponsors often try to push the idea that much of your estate is likely to be gobbled up by estate tax and probate costs unless you set up trusts now to avoid these costs. They may also encourage you to buy life insurance to pay estate taxes and new investments, such as high-cost annuities, to fund the trust.

In truth, most people don’t have estates large enough to owe federal estate tax, and probate procedures in many states are simple and don't require the establishment of a trust. Be sure to get a second opinion with a long-standing legal or financial adviser before taking any action.

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