| Do I need a Trust? :: Epilawg

I field this question every day. ?My response is always the same, it depends. ?So, when should someone consider a Trust-based estate plan*? ?Well, here are a few things to consider:

1. Do you own property in another state? If so, a trust may be a good way to prevent the need for multiple probate proceedings.
2. Are you concerned about the fact that probate is a public and sometimes expensive process? If the answer is yes, then you may want a trust to help avoid the probate process.
3. Do you want a professional fiduciary to assist with the management of your assets if you become incapacitated? ?If so, then a trust could be an important part of your incapacity plan.
4. Is there a possibility that someone might contest your will? ?If so, then you may consider establishing a trust to increase privacy and limit the opportunites for a lawsuit.

Of course, this list is NOT exhaustive and there are other reasons to recommend a revocable trust. Conversely, there are many situations where a revocable trust is?unnecessary, or maybe even a bad idea. It all depends upon a clients individual situation: the client?s goals, the fiduciaries named in an estate plan, the intended beneficiaries, and the type of assets owned by the client. For a more in depth analysis of whether a trust is right for you, read this article by Jayne Sykora. ?You should also consider calling your legal advisor to discuss the pros and cons to having a revocable trust.

*Trust-based estate plan in this article means a revocable trust?(also known as a revocable living trust) with a pour-over will.

Source: http://epilawg.com/2013/04/do-i-need-a-trust/

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