We get a lot of questions about revocable living trusts and some prospective clients wonder whether they really need a trust. They say, “After all, I’m not a Warren Buffet or a Kennedy. Do I really need a trust?”
Whether you need a trust (or not) depends upon your assets and your goals; mainly your goals. You do not need to be wealthy to benefit from a trust.
You Need to Consider a Revocable Living Trust if you…
- Want to avoid probate
- Want to avoid court interference, through the conservatorship process
- Want to stay in control of your assets
- Want to minimize costs
- Want to minimize time delays
- Want to lessen the burden on loved ones
- Want to protect the assets you leave to your surviving spouse and children
- Want to keep your affairs private
- Want to avoid having your assets, debts, and beneficiary and trusted helper contact information published at the courthouse.
- Want to minimize or eliminate federal estate taxes
- Want to provide for your pet
Where to Get Help Creating a Revocable Living Trust
Estate planning is not appropriate for the do-it-yourselfer (i.e., no downloaded or formbook documents, with no legal counseling.) The potential for failure and its consequences are too high. You should also avoid bargain basement trusts prepared by non-lawyers, paralegals and even attorneys selling cut-rate plans. Estate planning involves many complex considerations involving topics such as a multitude of tax issues. As with most things in life, with estate planning, you’ll likely get what you pay for.
To fully provide for yourself and your loved ones, consult with an experienced and qualified estate planning attorney who will design, draft, and implement your revocable living trust, according to your individual goals and needs.
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