Business Meeting Notes

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 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 certain states the process of going through probate for relatively small estates is inexpensive and easy. Therefore, there is no reason to avoid probate with a trust. Another potential problem with trusts is that choosing the wrong person as a trustee can result in a disaster difficult to fix.

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?

For more information on asset preservation and estate planning, please visit my estate planning website.

Mr. Amoruso concentrates his practice on Elder Law, Comprehensive Estate Planning, Asset Preservation, Estate Administration and Guardianship.