One of the biggest questions in estate planning today, is whether a trust is the best option for your family.
If you were to conduct a representative poll of middle class Americans about the best way to plan for your estate, it is almost certain that the majority of respondents would suggest getting a living trust.
It is the first piece of advice you will find almost anywhere you look for estate planning information. The reason for that is complex.
One reason is that many internet companies who sell trust creation documents have been very active in pushing the benefits of trusts to get more customers. Trusts are also often the best estate planning option for people.
Nevertheless, the key is to determine what the best estate planning option is for you personally, not for society generally, as Madison.com points out in "Is a Living Trust Right for You and Your Family?."
Trusts do have many benefits over wills.
Trusts do not have to go through probate and, therefore, are not subject to the commonly cited costs and delays associated with probate.
Trust provisions do not have to be made public, as most wills do. Trusts are also a great way to control what your heirs might do with their inheritances, but “testamentary trusts” under wills do so as well.
If you really want to know whether you should get a trust, the best thing to do is to ask an estate planning attorney. Tell the attorney what your needs are and let the attorney suggest the best ways to meet those needs.
Reference: Madison.com (June 27, 2017) "Is a Living Trust Right for You and Your Family?."
Suggested Key Words: Estate Planning, Trusts, Wills