Monday, January 30, 2012
Should you have a trust as part of the estate planning process?
Many people have heard of living trusts and other types of trusts, but they are not sure if they need one. There are good reasons to have a trust or not to have a trust which an attorney can explain in a consultaiton based on your particular facts. Some of the situations where people frequently choose to create a trust are where there are minor children or a disabled family member, where long term care is a concern, where they want to avoid probate, where there is a concern that someone might contest a will, or where there is a desire for managment and consolidation of assets. Often where one or both person in a couple have children by a prior marriage a trust can be a good idea. A trust may or may not involve tax planning. You do not need to be wealthy to need a trust, but where wealth is involved, tax considerations may come into play in designing an estate plan and trust that is right for you. Consultation with an estate planning attorney can help you determine what plan best fits your needs.