Many people incorrectly believe that they do not need a trust because they do not have a large estate full of expensive assets. However, a trust is an estate planning tool that can be extremely beneficial for estates of all sizes. Don’t simply assume that you do not need a trust. Let us review your individual circumstances and help you create the best estate plan to fit your unique needs and goals. It’s rare that a person cannot benefit from the use of a trust.
In determining whether a trust would be a good estate planning option for you, it is important to consider numbers factors such as:
- Do you own real property, a business or other type of significant real estate asset?
- Do you want to avoid your estate being used to pay taxes?
- If you have a disabled family member, would you like to provide for him/her without disqualifying him/her from government assistance?
- Does your estate have a net worth of at least $100,000?
- Do you want to direct who inherits from you and when your estate is paid to them?
- If you spouse should become disabled, do you want to provide for him/her and avoid guardianship proceedings?
- Do you want to provide for your spouse while he/she is living, but be able to dictate who receives the remainder of your estate after your spouse dies (often used in a second marriage and you want your children to inherit)?
- Do you want to avoid the expense of a probate action?
- What will happen and who will manage your assets for you if you become incapacitated? Do you want to avoid probate court conservatorship proceedings?
- Do you own property in more than one state?
The above list is not exhaustive, but it gives you an idea of the factors that should be considered when creating a comprehensive estate plan. Let an experienced estate planning attorney help you decide if a trust would be beneficial to you and your family.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.