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You May Not Need a Trust but It Should Be Considered

Posted by Nina Whitehurst | Apr 30, 2018 | 0 Comments

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A trust is a good estate planning tool.  However, it is not necessarily for everyone and every plan.

Despite extensive advertising by non-attorneys selling trusts, the real fact is that not everyone needs one. If they do need a trust there are many important decisions that need to be made to avoid a disaster. There are some times when trusts are the best option, according to the Wills, Trusts & Estates Prof Blog discusses in "Estate Planning, Is a Trust Beneficial?"

Sometimes a trust is not a necessity, because in some states the process of going through probate for relatively small estates is inexpensive and easy. Therefore, there is no reason to avoid it with a trust, other than to keep one's estate private, because probate is a public matter. Another potential problem with trusts is that choosing the wrong person as a trustee can result in a disaster which is difficult to fix, if the attorney who created the trust is not knowledgeable enough to create provisions to address that contingency.

Situations where a trust is a good idea include when you have a blended family and want to leave assets for your spouse, while making sure that your children from a previous marriage will still have something to inherit. Another reason a trust might be a good choice, is if your intended beneficiary is not responsible enough to handle money or has a lot of creditors. Trusts can also be used to help with estate tax issues.

An estate planning attorney can advise you on when a trust is right for you and when it may not be necessary.

Reference: Wills, Trusts & Estates Prof Blog (March 28, 2018) "Estate Planning, Is a Trust Beneficial?"

About the Author

Nina Whitehurst

Attorney at Law Nina has been practicing law for over 30 years in the areas of estate planning, real estate and business law She is currently licensed in Alaska, Arizona, California, Colorado, Oregon and Tennessee. Her Martindale-Hubbell attorney rating is the highest achievable: 5 stars in peer...

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